Comstock Mining (LODE) saw its loss narrow to $2.77 million, or $0.01 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.05 million, or $0.02 a share.
Revenue during the quarter plunged 99.05 percent to $0.02 million from $2.02 million in the previous year period.
Operating loss for the quarter was $2.44 million, compared with an operating loss of $3.83 million in the previous year period.
Corrado De Gasperis, executive chairman and chief executive officer of the Company stated, "Our first quarter was a watershed quarter where we completed a strategic refinancing, established a precise goal of delivering $500 million of accretive share value in the next 2-3 years, accelerated joint venture discussions and land sales, with anticipated transactions in the second quarter and remarkably, even commenced metallurgical column tests for the feasibility of the Dayton Mine."
Operating cash flow remains negativeComstock Mining has spent $1.96 million cash to meet operating activities during the quarter as against cash outgo of $0.70 million in the last year period. Cash flow from financing activities was $2.16 million for the quarter, up 8.23 percent or $0.16 million, when compared with the last year period.
Cash and cash equivalents stood at $0.39 million as on Mar. 31, 2017, down 89.17 percent or $3.20 million from $3.59 million on Mar. 31, 2016.
Working capital turns positive
Working capital of Comstock Mining has turned positive to $4.74 million on Mar. 31, 2017 from negative $3.24 million on Mar. 31, 2016. Current ratio was at 3.62 as on Mar. 31, 2017, up from 0.70 on Mar. 31, 2016.
Days sales outstanding went up to 57 days for the quarter compared with 4 days for the same period last year.
At the same time, days payable outstanding went up to 74 days for the quarter from 54 for the same period last year.
Debt moves up marginallyComstock Mining has witnessed an increase in total debt over the last one year. It stood at $11.36 million as on Mar. 31, 2017, up 4.80 percent or $0.52 million from $10.84 million on Mar. 31, 2016. Total debt was 34.47 percent of total assets as on Mar. 31, 2017, compared with 25.42 percent on Mar. 31, 2016. Debt to equity ratio was at 0.93 as on Mar. 31, 2017, up from 0.55 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
