Business
Pan American Silver generates $38.3 million in operating cash flow during the third quarter of 2014 and declares fourth dividend of the year
(Unaudited Results. All amounts in US$ unless otherwise stated. Approximate production figu...
About this update from Pan American Silver Corp.
[{"type":"text","content":"\n\n(Unaudited Results. All amounts in US$ unless otherwise stated. Approximate production figures.)\n\n\n\nVANCOUVER, Nov. 13, 2014 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAA) (the \"Company\", or \"Pan American\") today announced its unaudited financial and operating results for the three and nine months ended September 30, 2014. The Company also announced that its Board of Directors has approved its fourth quarterly cash dividend of 2014 in the amount of $0.125 per common share, which will be payable on or about Monday, December 8, 2014 to holders of record of common shares as of Tuesday, November 25, 2014. \n\n\n\n\n\n\n\nThird Quarter 2014 Highlights (unaudited)(1)\n\n\n\n\nSilver production of 6.19 million ounces \nGold production of 34,100 ounces \nCash Costs(2) per ounce of $12.29, net of by-product credits \nAISCSOS(3) of $20.50, including an unfavorable net realizable value (\"NRV\") adjustment on inventories of $2.47 per ounce \nRevenue of $178.3 million \nMine operating loss(4) of $12.4 million, including an unfavorable NRV adjustment on inventories of $15.4 million \nNet loss of $20.2 million or $0.13 per share \nAdjusted loss(5) of $14.3 million or $0.09 per share \nNet cash generated from operating activities of $38.3 million, or $0.25 per share \nTotal dividends paid to common shareholders of $18.9 million\n\n\nFinancial Position at September 30, 2014\n\n\n\n\nCash and short term investments of $377.5 million \nWorking capital of $606.9 million \nTotal debt of $57.3 million\n\n\n\n(1)\n\n\nFinancial information in this news release is based on International Financial Reporting Standards (\"IFRS\"); results are unaudited; percentages compare the third quarter of 2014 against the third quarter of 2013.\n\n\n\n(2)\n\n\nCash costs per payable ounce of silver produced, net of by-product credits (\"Cash Costs\"), is a non-GAAP measure. Cash Costs does not have a standardized meaning prescribed by IFRS as an indicator of performance. Investors are cautioned that Cash Costs per ounce should not be construed as an alternative to production costs, depreciation and amortization, and royalties determined in accordance with IFRS as an indicator of performance. The Company's method of calculating Cash Costs may differ from the methods used by other entities and, accordingly, the Company's Cash Costs may not...