SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Breakwater Resources (T.BWR)
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Stephen O who wrote (941)8/4/2004 11:36:17 PM
From: Stephen O  Read Replies (1) of 962
 
Breakwater Resources (BWR : TSX : C$0.46) - Hold - Target: C$0.70
Greg Barnes
Comment: Breakwater reports Q2/04 results - in line with CCC expectations
Breakwater reported Q2/04 earnings of C$0.01/share compared to Q2/03
earnings of C$0.05/share. Q2/03 results included a one time gain of C$10.3
million related to the Lapa sale - excluding this one time gain, Breakwater
reported flat earnings for the second quarter last year. Second quarter
results this year came in line with our expectations and slightly below
consensus expectations of C$0.03/share. The year-over-year improvement in
earnings was mainly due improved operating performance, which resulted in a
decline in cash costs. Cash costs dropped from US$0.32/pound of zinc
produced in Q2/03 to US$0.30/pound in Q2/04. While the realized zinc price
improved between the two quarters (Q2/04 had a realized zinc price of
US$0.46/pound compared to US$0.35/pound in Q2/03), this was offset by a
drop in sales volumes. Sales volumes dropped from 116,366 tonnes in Q2/03
to 76,061 tonnes in Q2/04, which consequently led to a drop in sales
revenues from C$61.7 million in Q2/03 to C$52.8 million in Q2/04. We
currently have a HOLD recommendation and 12-month target price of
C$0.70/share for Breakwater. Our target price is 1.4 times our NAV and 4.5
times our 2004 CFPS estimate.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News