Aurcanna continues impressing
In their Q1 release for 2012, Aurcanna continues to impress me with their growth and earnings. In short, Q1 highlights are:
*Revenues increased 6% to 11.6 million in Q1, 2012 from 10.9 million in Q1, 2011.
* 186% increase in net income, $2.0 million in Q1, 2012 compared to $0.7 million in Q1, 2011.
* 21% increase in operating cash flow before movements in working capital, to $5.7 million in Q1, 2012 compared to $4.7 million in Q1, 2011.
* Earnings from mining operations increased 2% in Q1, 2012, $5.5 million compared to $5.4 million in Q1, 2011.
*20% increase in silver production of 287,486 ounces (258,767 ounces sold) in Q1 2012 compared to 240,275 ounces in Q1, 2011 (218,701 ounces sold).
*The upgrade of the La Negra mill was completed on March 31, 2012, increasing production from 1,500 tpd to 2,000 tpd, a 33% increase in production capacity.
Their production is growing fast and efficiently now that the Shafter mine in Texas was completed 2 months early. They have no debt! And I would think/hope that they will have a listing in the U.S. Exchange in the next year or so, though I am no expert so I won't hold my breath.
So, if they are not a screaming buy right now...when would they be?
Disclaimer: I am long AUNFF and have been for some time now