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Pan American Silver corrects error in February 14, 2017 earnings release
Pan American Silver corrects error in February 14, 2017 earnings release Canada Ne...
About this update from Pan American Silver Corp.
[{"type":"text","content":"\n\n\n\nPan American Silver corrects error in February 14, 2017 earnings release\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Feb. 15, 2017\n\n\n\nAll amounts are expressed in US$ unless otherwise indicated. Financial information is based on International Financial Reporting Standards (\"IFRS\") as issued by the International Accounting Standards Board. Results are unaudited.\n\nThis news release refers to measures that are not generally accepted accounting principle (\"Non-GAAP\") financial measures, including adjusted earnings (losses). Please refer to the section titled \"Alternative Performance (non-GAAP) Measures\" contained in this news release for further information on these measures.\n\n\n\nVANCOUVER, Feb. 15, 2017 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAAS) (\"Pan American\", or the \"Company\") today reported that the press release issued by Pan American Silver Corp. on February 14, 2017 announcing unaudited results for the fourth quarter ended December 31, 2016 (\"Q4 2016\") and full year 2016 contained an error.\n\nThe error related to adjusted earnings (a non-GAAP measure) for the fourth quarter of 2016 (\"Q4 2016\") and for the full 2016 year. The error is due to net realizable value adjustments on the heap pad inventory at the Dolores mine. The impact of this error, after adjusting for the effect on taxes, was to overstate adjusted earnings for Q4 2016 and for the full 2016 year by $8.6 million.\n\nAfter correcting this error, adjusted earnings for Q4 2016 were $19.0 million, or $0.12 per share (previously reported as $27.5 million, or $0.18 per share). For the full 2016 year, adjusted earnings were $86.6 million, or $0.57 per share (previously reported as $95.2 million, or $0.63 per share).\n\nThere is no change to the Company's reported unaudited net earnings of $22.3 million and $101.8 million for Q4 2016 and full year 2016, respectively, or any other financial information contained in the February 14, 2017 press release.\n\nAbout Pan American SilverPan American Silver Corp. is one of the largest pr...