Great Panther Silver Reports $11.5 Million in Earnings on $57.8 Million in Sales

Great Panther Silver (NYSE-Amex: GPL; TSX: GPR) increased revenue for fiscal year 2011 by 37% to $57.8 million.  The Company’s gross profit or earnings from mining operations increased by 64% to $26.9 million for 2011, and net earnings increased 8% to $11.5 million.  Additional highlights from 2011 include:

  • 64% increase in Adjusted EBITDA (refer to “Non-IFRS Measures” below) to $24.7 million;
  • 70% increase in net cash from operating activities to $19.1 million for 2011;
  • Cash and cash equivalents increased to $39.4 million at December 31, 2011, from $14.0 million at December 31, 2010;
  • Working capital increased to $53.8 million at December 31, 2011 from $18.8 million at December 31, 2010;
  • 19% increase in mined and processed ore to 216,181 tonnes from 182,393 tonnes for 2010; and
  • Closed bought deal financing with a syndicate of underwriters for $22.5 million in net proceeds.

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