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Endeavour Silver's fourth quarter profit climbs 81%, but trails estimates

Published: 17:15 22 Mar 2011 GMT

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Endeavour Silver (TSE:EDR)(AMEX:EXK) said Tuesday its fourth quarter profit climbed 81%, helped by record silver production and lower cash costs, but still fell short of analyst earnings estimates.

For the quarter ending December 31, the Mexico-focused silver and gold producer reported earnings of $5.6 million, or 9 cents per share.  That was up from $3.1 million, or 5 cents per share, for the year-ago period, helped by a 5% fall in cash costs to $4.72 per ounce silver produced.

However, earnings still fell short of the 11 cents per share estimated by analysts.

Meanwhile, revenue rose 18% year-over-year to $28.5 million as silver prices reached all time highs, beating analyst estimates of $27.3 million. Silver production for the quarter climbed 15% to 895,931 ounces, while gold production rose 6% to 4,871 ounces.

For the entire 2010, the company’s earnings improved to $7.1 million, or 11 cents per share, from a loss of $1.9 million, or 4 cents per share, for 2009. Revenues climbed 70% year-over-year to $86.5 million.

Looking to fiscal 2011, the company said silver production will be relatively flat in the first two quarters as it focuses on mine development and plant expansion programs.

Endeavour expects 2011 revenues to come in at $113.9 million, while producing 3.7 million ounces of silver. In 2010, it produced 3.3 million ounces.

The company's shares fell roughly 0.6% to $9.39 as of 12:47 pm EST.

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