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Silver Wheaton Reports Record Production For The Third Quarter And First Nine Months Of 2013

A conference call will be held Tuesday, November 12, 2013, starting at 11:00 am (Eastern Time) to discuss these results. To participate in the live call, please use one of the following methods:

         Dial toll free from Canada or the US:        (888) 231-8191      Dial from outside Canada or the US:         (647) 427-7450                  Pass code:                         86400095              Live audio webcast:           http://www.silverwheaton.com

Participants should dial in five to ten minutes before the call.

The conference call will be recorded. You can listen to an archive of the call by one of the following methods:

         Dial toll free from Canada or the US:        1-855-859-2056      Dial from outside Canada or the US:         (416) 849-0833                  Pass code:                         86400095            Archived audio webcast:         http://www.silverwheaton.com

About Silver Wheaton

Silver Wheaton is the largest precious metals streaming company in the world. Based upon its current agreements, forecast 2013 attributable production is approximately 33.5 million silver equivalent ounces [ 1 ], including 145,000 ounces of gold. By 2017, annual attributable production is anticipated to increase significantly to approximately 42.5 million silver equivalent ounces [ 1 ], including 210,000 ounces of gold. This growth is driven by the Company's portfolio of low-cost and long-life assets, including precious metal and gold streams on Hudbay's Constancia project and Vale's Salobo and Sudbury mines.

    [1]            Silver equivalent production forecast assumes a gold/silver
                   ratio of 53.3:1. Production guidance was updated in Silver
                   Wheaton's November 5, 2013 news release.

CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation.  Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to the future price of silver or gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, reserve determination, reserve conversion rates, statements as to any future dividends, the ability to fund outstanding commitments and continue to acquire accretive precious metal stream interests and assessments of the impact and resolution of various legal and tax matters.  Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".  Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, operations, level of activity, performance or achievements of Silver Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: fluctuations in the price of silver or gold; the absence of control over mining operations from which Silver Wheaton purchases silver and gold and risks related to these mining operations including risks related to fluctuations in the price of the primary commodities mined at such operations, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which the mining operations are located and changes in project parameters as plans continue to be refined; differences in the interpretation or application of tax laws and regulations; and the Company's interpretation of, or compliance with, tax laws, is found to be incorrect; as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in Silver Wheaton's Annual Information Form available on SEDAR at http://www.sedar.com and in Silver Wheaton's Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C.  Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the mining operations from which Silver Wheaton purchases silver and gold, no material adverse change in the market price of commodities, that the mining operations will operate and the mining projects will be completed in accordance with their public statements and achieve their stated production outcomes, the continuing ability to fund or obtain funding for outstanding commitments, the ability to source and obtain accretive precious metal stream interests, expectations regarding the resolution of legal and tax matters, and such other assumptions and factors as set out herein.  Although Silver Wheaton has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary.  Silver Wheaton does not undertake to update any forward-looking statements that are included or incorporated by reference herein, except in accordance with applicable securities laws.

Consolidated Statement of Earnings

                                  Three Months Ended              Nine Months Ended
                                     September 30                    September 30
       (US dollars and
     shares in thousands,
       except per share
     amounts - unaudited)       2013              2012          2013              2012
    Sales                      $ 166,405         $ 161,273     $ 539,056         $ 562,319
    Cost of sales
            Cost of sales,
            excluding
            depletion          $  37,007         $  21,406     $ 101,914         $  74,541
            Depletion             38,756            14,464       104,460            53,261
    Total cost of sales        $  75,763         $  35,870     $ 206,374         $ 127,802
    Earnings from
    operations                 $  90,642         $ 125,403     $ 332,682         $ 434,517
    Expenses and other
    income
            General and
            administrative
            [1]                $   9,390         $   6,762     $  28,159         $  21,680
            Foreign
            exchange loss
            (gain)                    71                77         (115)                86
            Interest
            expense                1,653                 -         4,858                 -
            Other expense
            (income)                 858           (1,646)        10,629           (2,152)
                               $  11,972         $   5,193     $  43,531         $  19,614
    Earnings before
    income taxes               $  78,670         $ 120,210     $ 289,151         $ 414,903
    Income tax expense           (1,613)             (513)       (7,556)           (6,611)
    Net earnings               $  77,057         $ 119,697     $ 281,595         $ 408,292

    Basic earnings per
    share                      $    0.22         $    0.34     $    0.79         $    1.15
    Diluted earnings per
    share                      $    0.22         $    0.34     $    0.79         $    1.15
    Weighted average
    number of shares
    outstanding
            Basic                355,707           353,927       354,981           353,730
            Diluted              356,557           355,928       356,239           355,811
    1) Equity settled
    stock based
    compensation (a
    non-cash
    item) included in
    general and
    administrative
    expenses.                  $   2,268         $   1,521     $   6,113         $   4,849

Consolidated Balance Sheets

                                              September 30      December 31
    (US dollars in thousands - unaudited)         2013              2012
    Assets
    Current assets
                     Cash and cash
                     equivalents                 $    61,956       $   778,216
                     Accounts receivable               5,804             6,197
                     Other                             1,304               966
    Total current assets                         $    69,064       $   785,379
    Non-current assets
                     Silver and gold
                     interests                   $ 4,264,839       $ 2,281,234
                     Long-term investments            58,643           121,377
                     Other                             5,899             1,347
    Total non-current assets                     $ 4,329,381       $ 2,403,958
    Total assets                                 $ 4,398,445       $ 3,189,337
    Liabilities
    Current liabilities
                     Accounts payable and
                     accrued liabilities         $    19,814       $    20,898
                     Current portion of
                     bank debt                             -            28,560
                     Current portion of
                     performance share
                     units                             1,056                 -
    Total current liabilities                    $    20,870       $    49,458
    Non-current liabilities
                     Long-term portion of
                     bank debt                   $ 1,039,951       $    21,500
                     Deferred income taxes            14,908             9,250
                     Performance share
                     units                             2,408             2,055
    Total non-current liabilities                $ 1,057,267       $    32,805
    Total liabilities                            $ 1,078,137       $    82,263
    Shareholders' equity
    Issued capital                               $ 1,879,386       $ 1,811,577
    Reserves                                        (10,032)           (1,710)
    Retained earnings                              1,450,954         1,297,207
    Total shareholders' equity                   $ 3,320,308       $ 3,107,074
    Total liabilities and shareholders'
    equity                                       $ 4,398,445       $ 3,189,337

Consolidated Statement of Cash Flows

                                  Three Months Ended             Nine Months Ended
                                     September 30                   September 30
    (US dollars in
    thousands -
    unaudited)                   2013            2012           2013             2012
    Operating activities
    Net earnings              $    77,057     $   119,697   $     281,595     $   408,292
    Adjustments for
         Depreciation and
         depletion                 38,820          14,523         104,628          53,440
         Amortization of
         credit facility
         origination fees:
                Interest
                expense                79               -             503               -
                Stand-by
                fees                  229               -           1,657               -
                Credit
                facility
                origination
                fees re
                Bridge
                Facility                -               -           4,490               -
         Interest expense           1,574               -           4,355               -
         Equity settled
         stock based
         compensation               2,268           1,521           6,113           4,849
         Performance share
         units                      1,330             831           1,449           1,213
         Deferred income
         tax expense                1,573             361           7,442           5,927
         Loss (gain) on
         fair value
         adjustment of
         share purchase
         warrants held                  -         (1,539)           2,694         (1,937)
         Investment income
         recognized in net
         earnings                    (64)           (421)           (358)         (1,090)
         Other                       (50)               4              15            (20)
    Change in non-cash
    working capital               (2,522)         (6,724)           (904)         (6,329)
    Cash generated from
    operations                $   120,294     $   128,253   $     413,679     $   464,345
    Interest paid -
    expensed                      (1,628)               -         (4,355)               -
    Interest received                   6             398             218           1,033
    Cash generated from
    operating activities      $   118,672     $   128,651   $     409,542     $   465,378
    Financing activities
    Bank debt repaid          $ (103,000)     $   (7,140)   $ (1,683,060)     $  (21,420)
    Bank debt drawn                     -               -       2,675,000               -
    Credit facility
    origination fees                 (44)               -        (13,995)               -
    Share purchase
    warrants exercised             48,754               -          51,736              10
    Share purchase
    options exercised                 371           5,425           6,322           9,513
    Dividends paid               (35,629)        (35,388)       (127,848)        (99,046)
    Cash generated from
    (applied to)
    financing activities      $  (89,548)     $  (37,103)   $     908,155     $ (110,943)
    Investing activities
    Silver and gold
    interests                 $     (388)     $ (638,430)   $ (2,025,863)     $ (638,610)
    Interest paid -
    capitalized to silver
    interests                     (3,114)           (168)         (7,959)           (577)
    Acquisition of
    long-term investments               -               -               -           (395)
    Dividend income
    received                           57              23             170              57
    Other                            (43)            (43)           (218)           (105)
    Cash applied to
    investing activities      $   (3,488)     $ (638,618)   $ (2,033,870)     $ (639,630)
    Effect of exchange
    rate changes on cash
    and cash equivalents      $        63     $        10   $        (87)     $        50
    Increase (decrease)
    in cash and cash
    equivalents               $    25,699     $ (547,060)   $   (716,260)     $ (285,145)
    Cash and cash
    equivalents,
    beginning of period            36,257       1,102,116         778,216         840,201
    Cash and cash
    equivalents, end of
    period                    $    61,956     $   555,056   $      61,956     $   555,056

Summary of Ounces Produced and Sold

                            2013                           2012                 2011
                    Q3       Q2       Q1      Q4            Q3    Q2      Q1     Q4
    Silver
    ounces
    produced[2]
    San Dimas[3]   1,660    1,160    1,743   1,694       1,288   1,231   1,692  1,578
    Yauliyacu        639      668      624     616         640     606     550    583
    Peñasquito     1,636    1,440    1,093   1,445       1,940   1,822   1,365  1,633
    Barrick[4]       465      556      741     769         617     455     630    728
    Other[5]       2,418    2,570    2,038   2,345       2,251   2,378   2,335  2,212
    Total silver
    ounces
    produced       6,818    6,394    6,239   6,869       6,736   6,492   6,572  6,734
    Gold ounces
    produced[2]
    Minto          2,894    4,226    5,967   6,785       5,200   3,710   3,348  3,891
    777           18,259   16,986   16,951  19,615      11,824       -       -      -
    Sudbury        5,575    8,896    9,741       -           -       -       -      -
    Salobo         8,061    6,342    4,677       -           -       -       -      -
    Total gold
    ounces
    produced      34,789   36,450   37,336  26,400      17,024   3,710   3,348  3,891
    Silver
    equivalent
    ounces of
    gold
    produced[6]    2,130    2,273    2,089   1,432         881     218     172    202
    Silver
    equivalent
    ounces
    produced[6]    8,948    8,667    8,328   8,301       7,617   6,710   6,744  6,936
    Silver
    ounces sold
    San Dimas[3]   1,560    1,194    1,850   1,629       1,178   1,295   1,701  1,488
    Yauliyacu         13      559      149   1,097         184   1,155     497    655
    Peñasquito     1,388    1,058    1,459   1,642       1,304   1,845   1,189    851
    Barrick[4]       447      560      753     826         528     470     656    755
    Other[5]       2,257    1,771    1,741   2,153       1,592   2,024   1,885  2,029
    Total silver
    ounces sold    5,665    5,142    5,952   7,347       4,786   6,789   5,928  5,778
    Gold ounces
    sold
    Minto          5,287    3,409    6,698   4,876       6,905   2,369   3,860  3,777
    777           16,972   23,483    9,414  28,084           -       -       -      -
    Sudbury        6,534    4,184      111       -           -       -       -      -
    Salobo         6,490    2,793      720       -           -       -       -      -
    Total gold
    ounces sold   35,283   33,869   16,943  32,960       6,905   2,369   3,860  3,777
    Silver
    equivalent
    ounces of
    gold sold[6]   2,163    2,097      971   1,784         357     139     198    196
    Silver
    equivalent
    ounces
    sold[6]        7,828    7,239    6,923   9,131       5,143   6,928   6,126  5,974
    Gold /
    silver
    ratio[6]        61.3     61.9     57.3    54.1        51.7    58.7    51.2   51.9
    Cumulative
    payable
    silver
    equivalent
    ounces
    produced
    but not yet
    delivered[8]   5,289    5,022    4,051   3,824       5,195   3,212   4,166  4,127
    1) All figures in thousands except gold ounces produced and sold.
       Ounces produced represent the quantity of silver and gold contained in
       concentrate or doré prior to smelting or refining deductions.
       Production figures are based on information provided by the operators
       of the mining operations to which the silver or gold interests relate
       or management estimates in those situations where other information is
       not available. Certain production figures may be updated in future
       periods as additional information is received. The Company has been
       informed by Glencore that reported production related to the Yauliyacu
       mine may have been overstated by a total of approximately 200,000
       ounces for all or some portion of the period between April 1, 2011 and
       June 30, 2012. The required adjustments to production, if any, related
       to the Yauliyacu mine for these periods will be made once management
    2) completes a review of the timing and amount of any production variance.
       The ounces produced and sold include ounces received from Goldcorp in
       connection with Goldcorp's four year commitment to deliver to Silver
       Wheaton 1.5 million ounces of silver per annum resulting from their
    3) sale of San Dimas to Primero.
    4) Comprised of the Lagunas Norte, Pierina and Veladero silver interests.
       Comprised of the Los Filos, Zinkgruvan, Mineral Park, Cozamin,
       Neves-Corvo, Stratoni, Keno Hill, Minto, 777, Aljustrel and Campo
    5) Morado silver interests.
       Gold ounces produced and sold are converted to a silver equivalent
       basis based on either (i) the ratio of the average silver price
       received to the average gold price received during the period from the
       assets that produce both gold and silver; or (ii) the ratio of the
       price of silver to the price of gold on the date of sale as per the
    6) London Bullion Metal Exchange for the assets which produce only gold.
       Represents production for the period August 8, 2012 to September 30,
    7) 2012.
    8) Based on management estimates.

Results of Operations (unaudited)

4 of 7

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