IKN

Let’s see how they got on.

This from the NR dated October 14th:

As a result of this weakness, the Company decided to temporarily suspend silver sales in an attempt to maximize future profits. This suspension of sales will result in lower revenues and earnings for the third quarter, however, it is likely that these inventories of unsold ounces will instead be sold in the fourth quarter. As of September 30, 2014, approximately 934,000 ounces of silver were held in inventory.

This from today’s 3q14 financials announcement NR:

Subsequent to quarter end, the Company sold all 934,000 ounces of silver that it held over from the third quarter for an average price of $17.29 per ounce increasing the cash balance by $16.1 million

Moral: Don’t give up your day job, Keith.

As for the rest of the financials, have to say that they weren’t quite as bad as I’d modelled. For example the net loss at $10.5m compared to my guesstimate of negative $12m. Still crappy though, FR will have to deliver on the now highly signalled cost reductions for Q4.

PS: Just one more small thing about that silver futures speculation, with table taken from the Kitco page here: