U.S. Silver Corp.'s third-quarter profit skyrocketed on higher silver prices and increased production, the Toronto-based company said Monday.
Net income jumped to $4.9 million, or two cents per share, compared with $319,000, or nil per share, in the year-earlier quarter.
The Toronto-based company, which operates in the U.S. state of Idaho, had a higher number of shares outstanding in the recently completed quarter compared with the 2010 third quarter.
Revenue more than doubled to $28.3 million from $12 million in last year's third quarter.
Silver production rose to 645,543 ounces from 507,368 ounces in the 2010 third quarter.
Strong operating performance and pricing continued through the third quarter and we are pleased with the resulting financial performance for the company, said CEO Tom Parker. These results have provided the company with strong revenues and cash flows and a further strengthened balance sheet providing the resources to invest in and expand our asset base.