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. Results are unaudited.
This news release refers to measures that are not generally
accepted accounting principle ("Non-GAAP") financial measures,
including adjusted earnings (losses). Please refer to the section
titled "Alternative Performance (non-GAAP) Measures" contained in
this news release for further information on these measures.
VANCOUVER, Feb. 15, 2017 /CNW/ - Pan American Silver
Corp. (NASDAQ: PAAS; TSX: PAAS) ("Pan American", or the
"Company") today reported that the press release issued by Pan
American Silver Corp. on February 14,
2017 announcing unaudited results for the fourth quarter
ended December 31, 2016 ("Q4 2016")
and full year 2016 contained an error.
The error related to adjusted earnings (a non-GAAP measure)
for the fourth quarter of 2016 ("Q4 2016") and for the full 2016
year. The error is due to net realizable value adjustments on the
heap pad inventory at the Dolores mine. The impact of this error,
after adjusting for the effect on taxes, was to overstate adjusted
earnings for Q4 2016 and for the full 2016 year by $8.6 million.
After correcting this error, adjusted earnings for Q4 2016 were
$19.0 million, or $0.12 per share (previously reported as
$27.5 million, or $0.18 per share). For the full 2016 year,
adjusted earnings were $86.6 million,
or $0.57 per share (previously
reported as $95.2 million, or
$0.63 per share).
There is no change to the Company's reported unaudited net
earnings of $22.3 million and
$101.8 million for Q4 2016 and full
year 2016, respectively, or any other financial information
contained in the February 14, 2017
press release.
About Pan American Silver
Pan American Silver Corp. is
one of the largest primary silver producers in the world. We own
and operate seven mines located in Mexico, Peru,
Argentina and Bolivia. Pan American also owns several
development projects in the USA,
Mexico, Peru and Argentina. Our vision is to be the world's
pre-eminent silver producer, with a reputation for excellence in
discovery, engineering, innovation and sustainable development. The
Company is headquartered in Vancouver,
B.C. and our shares trade on NASDAQ and the Toronto Stock
Exchange under the ticker "PAAS".
For more information, visit: www.panamericansilver.com.
Alternative Performance (Non-GAAP) Measures
In this
press release we refer to Adjusted earnings (loss), and adjusted
earnings (loss) per share, which are measures that are not
generally accepted accounting principle ("non-GAAP") financial
measures. The Company believes that these measures better reflect
normalized earnings as they eliminate items that may be volatile
from period to period relating to positions that will settle in
future periods, and items that are non-recurring. These
measures are widely used in the mining industry as a benchmark for
performance, but do not have a standardized meaning as prescribed
by IFRS as an indicator of performance, and may differ from methods
used by other companies with similar descriptions.
SOURCE Pan American Silver Corp.