PR Newswire
VANCOUVER, Nov. 8, 2017
Reduces Estimate for 2017 Cash Costs for the Second Time this Year
All 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.
This news release refers to certain measures that are not generally accepted accounting principle ("Non-GAAP") financial measures, including cash costs per payable ounce of silver, all-in sustaining costs per silver ounce sold, adjusted earnings and total debt. Please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures.
VANCOUVER, Nov. 8, 2017 /PRNewswire/ - Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAAS) ("Pan American", the "Company", or "we") today reported unaudited net earnings of $17.8 million ($0.11 basic earnings per share) for the third quarter ended September 30, 2017 ("Q3 2017") compared with $43.4 million ($0.28 basic earnings per share) in the third quarter of 2016 ("Q3 2016"). Adjusted earnings were $23.3 million ($0.15 basic adjusted earnings per share) compared with $46.7 million ($0.31 basic adjusted earnings per share) in Q3 2016.
"We continued to generate strong earnings in Q3 2017. In addition to fully funding our operations and growth capital projects, we repaid all of our bank debt and ended Q3 2017 with $186.3 million of cash and short-term investments," said Michael Steinmann, President and Chief Executive Officer of the Company. "We see potential for robust cash flow generation with the ongoing ramp-up in production from our mine expansions in Mexico."
Highlights for Q3 2017:
Consolidated Financial Results
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Unaudited in thousands of U.S. Dollars, except per ounce and per share amounts | Three months ended | |
2017 | 2016 | |
Revenue | 190,791 | 233,646 |
Mine operating earnings | 47,818 | 88,495 |
Net earnings for the period | 17,826 | 43,440 |
Adjusted earnings for the period(1)(2) | 23,318 | 46,659 |
Net cash generated from operating activities | 63,793 | 102,346 |
AISCSOS(1) | 8.69 | 6.34 |
Net earnings per share attributable to common shareholders (basic) | 0.11 | 0.28 |
Adjusted earnings per share attributable to | 0.15 | 0.31 |
(1) | Adjusted earnings and AISCSOS are non-GAAP measures. Please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures. |
(2) | The impact of the unrealized foreign exchange rate changes on deferred income tax balances was added as a new adjusting item in Q4 2016, along with a modification in the quantification of the estimated effect of taxes. For comparative purposes, Q3 2016 adjusted earnings have been recalculated and are thus different from those originally reported. The effect of these new adjusting items on Q3 2016 adjusted earnings was an increase of $9.7 million from that originally reported, resulting in a $0.07 increase to adjusted earnings per share. |
Consolidated Operational Results
| Three months ended September 30, 2017 | Three months ended September 30, 2016 | ||||
| Production | Cash Costs(1) $ | Production | Cash Costs(1) $ | ||
| Ag (Moz) | Au (koz) | Ag (Moz) | Au (koz) | ||
La Colorada | 1.83 | 1.21 | 1.71 | 1.39 | 0.72 | 6.58 |
Dolores | 0.97 | 24.96 | (0.57) | 0.90 | 27.14 | (5.26) |
Alamo Dorado | — | — | n/a | 0.37 | 1.36 | 18.55 |
Huaron | 0.94 | 0.27 | 0.31 | 0.97 | 0.20 | 4.92 |
Morococha (2) | 0.63 | 1.08 | (8.16) | 0.69 | 0.41 | 4.41 |
San Vicente (3) | 0.81 | 0.13 | 12.99 Werbung Mehr Nachrichten zur Pan American Silver Corp. Aktie kostenlos abonnieren
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