Business
Pan American Silver reports on fourth quarter and full year 2013 financial results
(Unaudited Results.  All amounts in US$ unless otherwise stated.  Approximate prod...
About this update from Pan American Silver Corp.
[{"type":"text","content":"\n\n\n(Unaudited Results.  All amounts in US$ unless otherwise stated. \n Approximate production figures.)\n\n\nVANCOUVER, Feb. 20, 2014 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAA) (the \"Company\", or \"Pan American\"), posted a\n net loss of $293.1 million, or $1.94 per share during the fourth\n quarter of 2013, which included a non-cash impairment charge of $218.1\n million (net of tax) on the carrying value of the Dolores mine, due to\n lower assumed long-term metal prices and increased taxes, and a\n non-cash deferred tax charge of $86.0 million,  due to the recent tax\n changes in Mexico.  Net cash flow from operating activities during the\n current quarter was $46.2 million or $0.30 per share, reflecting the\n excellent fourth quarter production results and continued cost control\n efforts.  Cash and short term investments increased over the previous\n quarter to $422.7 million at December 31, 2013 even after the payment\n of our normal quarterly dividend of $18.9 million in early December,\n clearly exhibiting Pan American's ability to continue to generate\n positive cash flows at current silver prices.\n\n\n\n\n\n\n\n\nFourth Quarter 2013 Highlights (unaudited)(1) \n\n\n\n\n\n\n\nSilver production of 6.8 million ounces\n\n\nRecord gold production of 46,200 ounces\n\n\nConsolidated cash costs(2) of $9.56 per silver ounce, net of by-product credits, down 19%\n year-on-year\n\n\nAll-in sustaining costs per silver ounce sold (\"AISCSOS\")(3) of $17.03, net of by-product credits, 33% down year-on-year\n\n\nRevenue of $192.4 million\n\n\nMine operating earnings(4) of $19.0 million\n\n\nNet loss of $293.1 million or $1.94 per share, including a non-cash\n impairment charge of $218.1 million (net of tax) on the Dolores mine\n and a $86 million deferred tax charge due to tax rate changes in Mexico\n\n\nNet cash generated from operating activities was $46.2 million, or $0.30\n per share\n\n\nQuarterly dividend of $0.125 per share maintained\n\n\n\n\n\n\n\n\n\n\n\nFull-year 2013 Highlights (unaudited)(1) \n\n\n\n\n\n\n\nRecord silver production of 26 million ounces\n\n\nRecord gold production of 149,800 ounces\n\n\nConsolidated cash costs(2) of $10.81 per silver ounce, net of by-product credits, down 10%\n year-on-year\n\n\nAISCSOS(3) of $18.33, net of by-product credits, down 18% year-on-ye...