Business
Pan American Silver produced 6.2 million ounces of silver and 29,900 ounces of gold during the second quarter of 2013
(Unaudited results - All amounts in US dollars unless otherwise stated and all production fig...
About this update from Pan American Silver Corp.
[{"type":"text","content":"\n\n\n(Unaudited results - All amounts in US dollars unless otherwise stated\n and all production figures are approximate)\n\n\nVANCOUVER, Aug. 15, 2013 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAA) (the \"Company\", or \"Pan American\") produced\n 6.2 million ounces of silver and 29,900 ounces of gold during the\n quarter ended June 30, 2013, generating revenue of $175.6 million and\n operating cash flows before interest and income taxes of $23.7\n million.  Given the sharp decline in precious metals during the\n reporting quarter, the Company incurred a net loss of ($187.1) million\n or ($1.23) per share, which included a $185.2 million non-cash\n impairment charge mainly against the goodwill that arose from the\n purchase of the Dolores mine last year.\n\n\n\n\n  Second Quarter 2013 Highlights (unaudited) (1)\n\n\n\n\n\n\nSilver production of 6.2 million ounces.\n\n\nGold production of 29,900 ounces.\n\n\nConsolidated cash costs (2) of $12.09 per ounce of silver, net of by-product credits.\n\n\nMine operating earnings (3) of $3.8 million.\n\n\nNet loss of ($187.1) million or ($1.23) per share.\n\n\nAdjusted net loss(4)of ($9.9) million or ($0.07) per share.\n\n\nOperating cash flows(5), before interest and income taxes, of $23.7 million or $0.16 per share.\n\n\nNet cash generated from operating activities of $0.5 million.\n\n\nRecorded an impairment charge of $185.2 million mainly against the\n goodwill that arose from the purchase of the Dolores mine last year. \n The post-impairment carrying value of Dolores is $872.5 million.\n\n\nRevenue of $175.6 million.\n\n\nPaid $18.9 million in cash dividends to holders of common shares.\n\n\nInvested $1.3 million to repurchase 80,000 common shares.\n\n\n\n\n\n\n\nFinancial Position (at June 30, 2013)\n\n\n\n\n\n\nCash and short term investments of $440 million.\n\n\nWorking capital of $701.1 million.\n\n\n\n\n\n\n\n\n\n\n\n\n(1)\n\n\nFinancial information in this news release is based on International\n Financial Reporting Standards (\"IFRS\"); results are unaudited;\n percentages compare period-on-period.\n\n\n\n\n(2)\n\n\nCash costs per payable ounce of silver is a non-GAAP measure. The\n Company believes that in addition to production costs, depreciation and\n amortization, and royalties, cash costs per ounce is a useful and\n complementary benchmark t...