Endeavour Silver Corp. (NYSE:EXK)’s second quarter report were understated


Dallas, Texas 07/16/2013 (Financialstrend) – Endeavour Silver Corp. (NYSE:EXK) announced that the second quarter 2013 revenues reported on July 19, 2013 were understated previously by 12%, primarily because of the mark-to-market process involved in certain concentrate sales of the company that have already received the final fixation of prices during the quarter.  Hence, the company announced the revised revenues for Q2, 2013 at $71.3 million, posting a new quarterly record for the company, namely a gain of 76% from the revenues for Q2, 2012. Realized metal prices which had also been understated were further revised upwards to $21.38 per ounce (oz) of silver and $1,297 per oz of gold sold.

The reported revenue for the company and the realized prices of the commodities include adjustments made prior to the quarter sales on final settlement.

Endeavour Silver Corp. (CAN) (NYSE:EXK) is engaged in the evaluation, acquisition, development and exploitation of silver mining properties in Mexico and in exploration in Chile. Since its founding in 2004, Endeavour has continuously posted 8 consecutive years of accretive growth in the operations at its silver mining properties. The organic expansion programs which are now underway at the company’s three silver-gold mines located in Mexico, along with the strategic acquisition and exploration programs, will facilitate the company’s goal to become a premier senior silver producer.

Intraday range was from a low price of $3.52 to a high price of $3.70. The share price of Endeavour Silver Corp. (CAN) (NYSE:EXK) currently trading at $3.61 decreased by 0.28%. The price range of Endeavour Silver for the past 52 weeks was from $2.88 to $10.73. The stock opened at the price of $3.67 with a market capitalization of $360.07 million and 99.74 million outstanding shares. With an institutional ownership of 22%, the trading volume for the day of Endeavour Silver was 0.751 million and average trading volume amounted to 1.14 million shares.