After a rough fourth quarter last year on the back of operational issues and a hefty impairment charge, Trevali Mining Corp.'s net income and operations rebounded during the first quarter of 2019.

Trevali returned to profitability in the quarter, reporting US$16.1 million in net income after booking a US$312 million impairment charge in the fourth quarter of 2018 that drove a US$251.8 million net loss. Net income was down 44% from US$28.6 million in the first quarter of 2018.

Overall, first-quarter revenue was US$130.8 million, up 14% year over year and up 6% from the prior quarter, Trevali said. Payable production during the period totaled 100.6 million pounds of zinc, 11.5 million pounds of lead and about 400,000 ounces of silver.

Meanwhile, zinc operations recovered from a tough fourth quarter on the back of underground issues at Trevali's Caribou mine in New Brunswick. Mining and milling volumes at Caribou increased 16% and 21%, respectively, over the prior quarter to 214,089 tonnes and 210,785 tonnes. In the second half of last year, unstable ground conditions at Caribou had cut off access to some areas of the mine.

"At Caribou, the mine is returning to normal production levels and development rates have started to catch up to where we expect them to be," incoming President and CEO Ricus Grimbeek said during a May 6 earnings call. First-quarter production at Caribou, one of Trevali's four mines, still fell 10% and 11% short of mined and milled output, respectively, from the same quarter a year earlier.

The call was Grimbeek's first at Trevali, which he joined in April amid a slew of management and board changes. Trevali's COO Bryant Schwengler resigned May 6, and in March, Trevali named Jessica McDonald as its new chairwoman.

Grimbeek did not outline major operational or strategic changes for Trevali during the call but said he would address the topic later in the year after he gets a better handle on Trevali's operations.

"We started conversations at a board level around where we want to take Trevali," he said. "And you can expect me to come back to you in the next quarter or second half of this year with a review."

Commenting on the results, Cormark Securities analyst Stefan Ioannou said they were positive for Trevali, in part because of the absence of operational hiccups. Ioannou described the management and board changes as a reset that may help boost its share price and investor confidence.

"I think it's going to be a new story under Ricus' watch," Ioannou said. "It was a much-needed refresh in the eyes of some investors."

Trevali's share price lost steam over the past year, falling from more than C$1 a share in early 2018 to the mid-30-cent price range in recent trading.