Business
Pan American Silver Reports Net Earnings of $14.2 Million or $0.09 Per Share for the Third Quarter of 2013
Cash Costs Decrease 25% While Silver and Gold Production Rise 7% and 48% (Unaudited re...
About this update from Pan American Silver Corp.
[{"type":"text","content":"\n\n\nCash Costs Decrease 25% While Silver and Gold Production Rise 7% and 48%\n \n\n\n(Unaudited results - All amounts in US dollars unless otherwise stated\n and all production figures are approximate)\n\n\nVANCOUVER, Nov. 14, 2013 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAA) (the \"Company\", or \"Pan American\") reported\n net earnings of $14.2 million or $0.09 per share for the third quarter\n of 2013.  Adjusted earnings for the same period were $12.2 million or\n $0.08 per share.  Cash flow generated from operating activities was\n $40.7 million or $0.27 per share.  Year-to-date silver and gold\n production are on track to meet the Company's full year 2013 production\n forecast, at significantly lower than forecast cash costs.\n\n\n\n\n\n\n  Third Quarter 2013 Highlights (unaudited)(1)\n\n\n\n\n\n\nSilver production of 6.7 million ounces, up 7% over Q3 2012 and 8% over\n Q2 2013\n\n\nRecord gold production of 41,600 ounces, up 48% over Q3 2012 and 39%\n over Q2 2013\n\n\nProduction costs were $130.0 million, down 8% from Q3 2012 and 4% down\n from Q2 2013.\n\n\nConsolidated cash costs(2) of $10.40 per ounce of silver, net of by-product credits, down 25% from\n Q2 2012 and 14% from Q2 2013.\n\n\nAll-in sustaining costs per silver ounce sold (\"AISCSOS\")(3) of $16.26 per ounce of silver sold, down 33% from Q3 2012.\n\n\nMine operating earnings(4) of $33.9 million.\n\n\nNet earnings of $14.2 million or $0.09 per share.\n\n\nAdjusted net earnings(5) of $12.2 million or $0.08 per share.\n\n\nNet cash generated from operating activities of $40.7 million or $0.27\n per share(6)\n\n\nRevenue of $213.6 million.\n\n\nCash dividends of $18.9 million paid to holders of common shares.\n\n\n\n\n\n\n\nFinancial Position (at September 30, 2013)\n\n\n\n\n\n\nCash and short term investments of $421.0 million.\n\n\nWorking capital of $699.3 million.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(1) Financial information in this news release is based on International\n Financial Reporting Standards (\"IFRS\"); results are unaudited;\n percentages compare period-on-period.\n(2) Cash costs per payable ounce of silver, net of by-product credits, is a\n non-GAAP measure. The Company believes that in addition to production\n costs, depreciation and amortization, and royalties, cash costs per\n ounce is a useful and complementar...