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Wednesday, May 14, 2008 12:50:16 PM
Vancouver silver mining company announces record earnings and management shake-up
Pan American Silver Corp. (TSX:PAA) has reported a 47% increase in first-quarter net income to US$30.2 million compared with the Vancouver-based company's previous first quarter.
Quarterly sales jumped 126% to US$108.8 million and silver production increased 36% to 4.5 million ounces.
Pan American also announced changes to the company's senior management:
Steven Busby has been appointed chief operating officer;
Andres Dasso will replace Andrew Pooler as senior vice-president of mining operations after Pooler resigned to pursue other career interests; and
Joe Phillips has been appointed senior vice-president of project development.
Pan American, which has mines in Bolivia, Peru and Mexico, focuses on silver production. It also produces gold, zinc, lead and copper.
Pan American's share price range during the past week: between $34.33 and $35.06; 52-week high: $43.66; 52-week low: $22.44.
Burnaby biotech suffers first-quarter loss, aims to complete merger by the end of May
Tekmira Pharmaceuticals (TSX:TKM) recorded a $0.4 million loss for its current first quarter. The Burnaby company had a net income of $.07 million for the same quarter last year.
Tekmira's first-quarter revenue was $1.9 million compared with $2.9 million for 2007's first quarter.
The company also reported that it's on track to complete its business merger with Protiva Biotherapeutics Inc. by the end of May. The deal will also see Alnylam Pharmaceuticals Inc. and Roche Finance invest $5 million in Tekmira.
The biopharmaceutical company is developing and commercializing drugs to treat cancer and other diseases.
Tekima's share price range during the past week: between $1.21 and $1.24; 52-week high $1.99; 52-week low: $0.65.
