Great Panther Silver Limited (TSX:GPR, NYSE:GPL) announced their first quarter 2013 results.

As quoted in the press release:

For the three months ended March 31, 2013, the Company earned revenues of $12.6 million, compared to $13.6 million for the same period in 2012, a decrease of 7%. The decrease was the result of a 9% decrease in average realized silver prices (US$29.71 compared to US$32.65) and a negative revaluation adjustment for lower silver prices on shipments which were still subject to final settlement at the end of the quarter. These factors offset an increase in metal sales on a silver equivalent ounce basis. The Company also had a significant in-transit shipment of concentrate at the end of the quarter which was not included in revenue. The shipment contained 162,178 silver equivalent ounces representing revenue of approximately $4.5 million. For the three months ended March 31, 2013, the Company recognized revenue on shipments representing 506,637 silver equivalent ounces compared to 475,046 silver equivalent ounces for the same period in 2012.

Great Panther Silver’s CEO, Robert Archer, said:

The Company also had a significant in-transit shipment of concentrate containing 162,178 silver equivalent ounces and representing approximately $4.5 million at the end of the quarter which was not included in revenue. While the concentrate shipment will be booked in the second quarter and grade and site cost issues are being addressed, the Company is reviewing the impact of this on its cash cost guidance for 2013.

To view the whole press release, click here.