Malaga Inc Reports Earnings Results for the First Quarter Ended March 31, 2012; Provides Production Guidance for the Second Quarter of 2012; Reports Operating Results for the First Quarter Ended March 31, 2012
Malaga Inc. reported earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported net income of $0.1 million compared to $0.8 million a year ago. The decrease is mainly the result of a decrease in tungsten sales as well as copper sales, which were partially offset by a 19% increase in the APT selling price during the first quarter of 2012 compared with first quarter of 2011. Sales amounted to $3.6 million compared with $5.3 million a year ago. EBITDA was $0.6 million against $1.3 million a year ago. Cash flow from operating activities of $1.1 million compared to $0.7 million a year ago.
For the quarter, the company's production was 11,943 per MTU compared to 17,493 per MTU for the same period a year ago.
The company production levels expected to return to 350 tpd during the second quarter of 2012.