Endeavour Silver Corp. swung to a profit in the third quarter on production increases and revenue nearly doubling.
In the three month's ending Sept. 30, the Vancouver-based reported net income of $3.1 million, or four cents per share, compared to a loss in the year-earlier quarter of $9.57 million, or 15 cents per share.
Excluding one-time items, Endeavour Silver earned $8.9 million, or 10 cents per share, compared to a loss of $4.8 million, or 10 cents per share.
There were a higher number of shares outstanding in the recently completed quarter compared to the third quarter of 2010.
Revenue soared to $38.78 million from $20.09 million. The company's realized silver price jumped 120 percent to $40.72 per ounce and its realized gold price climbed 35 percent to $1,679 per ounce.
The highlight for operations during the quarter was the completion of the Guanajuato (Mexico) plant expansion on time and budget by the end of the third quarter, 2011, which facilitated a 60 percent increase in the production rate in October, said the company, which has a market capitalization of $944 million.
The new 1,000 ton-per-day plant circuit is now operating at capacity and the old 600 ton-per-day circuit will continue to be utilized from time to time to top up the fourth-quarter production rate to 1,100 tons per day until yearend.