Hecla Mining Co.
Precious metals miner
| Stock symbol: HL |
| Reporting period: 1Q |
| Earnings:
Profit of $12.4 million 4 cents per share Versus 1Q 2011: Profit of $43.2 million 16 cents per share |
| Revenue: $91.2 million |
| Analysis: Work continues on shaft rehabilitation at Hecla’s Lucky Friday Mine, where the company spent $11.7 million during the first quarter. Production halted at the underground silver mine in January as a result of shaft safety issues identified by federal inspectors. About 1,500 feet of work has been completed on the 6,100-foot-long shaft, with the work expected to be finished in December. Hecla’s stock price has dropped by about one-third since the Lucky Friday’s closure. The board of directors authorized a buyback program of up to 20 million shares of common stock. |