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Gold/Mining/Energy : Breakwater Resources (T.BWR)
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To: Wayne Finucan who wrote (610)4/15/1999 5:45:00 PM
From: John Sladek  Read Replies (2) of 962
 
Wayne,

Stock closed up $0.11 at$1.36. This is an increase from less than
$1.00 3 days ago... looks like maybe the 1st quarter results might
have something to do with it...some excerpts from the PR follow...

Regards
John Sladek

                                       
First Quarter
                              1999            1998     Change
Gross Revenue               $56,182         $43,463         29%
Earnings                     $1,640          $1,590          3%
Earnings per share            $0.02           $0.02          0%
Cash Flow                    $5,791          $4,303         35%
Cash Flow per share           $0.08           $0.06         33%
(thousands 
other than per share numbers)


Average realized metal prices for the first quarter of 1999 and
1998,net of hedging activity, are shown in the following table:


                              1999            1998    % Change
Zinc (US$/lb.)                 0.44            0.51        -14%
Lead (US$/lb.)                 0.23            0.28        -18%
Silver (US$/oz.)               5.17            6.21        -17%


The increases in revenue, earnings and cash flow occurred despite a
substantial decline in realized metal prices and was due to a 36%
increase in zinc production, a 23% increase in lead production and a
16% reduction in unit minesite cash operating costs to US$0.38 per
pound of zinc in the first quarter of 1999 as compared with US$0.44
per pound of zinc in the 1998 first quarter. The increase in zinc and
lead production was due primarily to the inclusion of the Bougrine
mine which was not in operation during the 1998 first quarter. The
decrease in unit operating costs was due to a turnaround in
operations at the El Toqui mine in Chile and improvements in
productivity and costs at all of the other operations.

Capital expenditures during the first quarter of 1999 were $3.2
million, down substantially from the $11.2 million spent during the
same period in 1998.
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