First Majestic Silver Corp. (TSX:FR) has reported a net income of $1.5 million for this year's first quarter compared with a $1.4 million loss for the same quarter last year. Revenue increased to $13 million, which is up from $10.2 million for 2007's first quarter.
First Majestic completed a public offering on March 25. The company sold 8.5 million shares sold for net proceeds of $43 million.
First Majestic owes $13.3 million, plus interest, for the purchase of First Silver Reserve, but anticipates withholding payment until litigation against a former director of First Silver for breach of fiduciary duty is resolved.
First Majestic, based in Vancouver, is involved in the development, production, exploration and acquisition of mineral properties. It focuses on silver in Mexico.
Majestic's share price range during the past week: between $4 and $4.18; 52-week high: $5.75; 52-week low: $2.81.