Pan American Silver Q4 Loss Widens Significantly - Quick Facts

(RTTNews) - Pan American Silver Corp. (PAAS, PAA.TO) reported a net loss of $293.1 million, or $1.94 per share in the fourth quarter of 2013, which included a non-cash impairment charge of $218.1 million (net of tax) on the carrying value of the Dolores mine, owing to lower assumed long-term metal prices and increased taxes, and a non-cash deferred tax charge of $86.0 million, due to the recent tax changes in Mexico. This compares to a loss of $31.53 million, or $0.23 per share in the year-ago period.

On an adjusted basis, loss for the period amounted to $84.31 million.

For the three-month period, the company recorded revenue of $192.4 million, 22% lower than restated $247.34 million in the prior-year quarter, hurt by sharply lower realized prices for silver and gold, partially offset by greater quantities of metals sold.

During the recent quarter, Pan American produced 6.8 million ounces of silver and 46,200 ounces of gold. Further, the company maintained its quarterly dividend of $0.125 per share.