Breakwater Resources, symbol BWR on Toronto, mainly produces zinc. The Canadian mining stocks operations include the Myra Falls mine in B.C., the Mochito mine in Honduras and the Toqui mine in Chile. Work is on schedule to restart the Langlois Mine in Quebec in the first quarter of 2012.
We analyze Breakwater in Stock Pickers Digest, our newsletter for aggressive investing
In the three months ended March 31, 2011, Breakwater earned $30.8 million, or $0.39 a share. Of this, $19.0 million, or $0.24 a share, was from an income-tax recovery. In the first quarter of 2010, the company earned $24.9 million, or $0.36 a share.
The Canadian mining stock’s revenue fell 29.9%, to $76.2 million from $106.6 million.
Delays in zinc shipments, unfavourable exchange rates and other operating problems held back results. That was partly offset by lower operating costs and higher metal prices. The shipping delays and operational issues have now been resolved.
Breakwater holds cash of $116.5 million, or $1.47 a share, and has just $5.4 million of long-term debt.
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