Trinity Place Holdings Inc. Reports Second Quarter Financial Results
Second Quarter 2025 Financial Results
Revenue for the second quarter of 2025 was $0.0 million, a decrease of 100%, as compared to revenue of $0.4 million in the same period of the prior year.
Net loss was $0.5 million, or $(0.01) per share, for the second quarter of 2025, as compared to net loss of $1.7 million, or $(0.03) per share, in the same period of the prior year.
Year-to-Date 2025 Financial Results
Revenue totaled $0.2 million, a decrease of 91%, as compared to revenue of $2.7 million in the same period of the prior year.
Net loss was $4.2 million, or $(0.06) per share, as compared to net income of $7.1 million, or $0.12 per share, in the same period of the prior year.
About the Company
The Company is an intellectual property and real estate holding, investment, development and asset management company. As of June 30, 2025, we own and control a portfolio of intellectual property assets focused on the consumer sector, a legacy of our predecessor, Syms Corp. ('Syms'), including FilenesBasement.com, our rights to the Stanley Blacker® brand, as well as the intellectual property associated with the Running of the Brides® event and the An Educated Consumer is Our Best Customer® slogan.
Prior to the Trust Transfer described below, we also owned a 95% ownership interest in TPHGreenwich Holdings LLC ("TPHGreenwich"), which was accounted for as an equity method investment. As part of a series of transactions, on February 14, 2024, TPHGreenwich, a previously 100% owned subsidiary of the Company, became owned 95% by us, with an affiliate of the lender under our corporate credit facility (the 'Corporate Credit Facility' or 'CCF') owning a 5% interest in, and acting as manager of, such entity. This entity holds our previously consolidated real estate assets and related liabilities, which includes the property located at 77 Greenwich Street in Lower Manhattan ('77 Greenwich'), which is substantially complete as a mixed-use project consisting of a 90-unit residential condominium tower, retail space and a New York City elementary school.
Steel Partners Transaction
On February 5, 2025 (the 'SPA Effective Date'), the Company entered into a Stock Purchase Agreement (the 'Steel Stock Purchase Agreement') with TPHS Lender LLC ('TPHS Lender') and Steel IP Investments, LLC (the 'Steel Purchaser'), an affiliate of Steel Partners Holdings L.P. ('Steel Partners'), pursuant to which the Steel Purchaser agreed to purchase from TPHS Lender, and TPHS Lender agreed to sell to Steel Purchaser, 25,862,245 shares of Common Stock of the Company (such shares are referred to collectively herein as the 'Steel Shares') in accordance with the terms and conditions of the Steel Stock Purchase Agreement. The aggregate consideration payable to TPHS Lender was $2.6 million for the Steel Shares and certain agreements pursuant to the Steel Stock Purchase Agreement.
Trust Transfer
In connection with the Steel Partners Transaction, the Company and the JV Investor entered into an amended and restated JV Operating Agreement (the 'Amended and Restated JV Operating Agreement') which, among other things, provides that TPHGreenwich may direct, at any time after May 19, 2025, the Company to convey all of its 95% ownership interest in TPHGreenwich and its right to distributions under the Amended and Restated JV Operating Agreement, into a trust established for the benefit of the Company's shareholders of record on a date to be determined. On April 17, 2025, TPHGreenwich sent a letter to the Company directing the Company to take all actions necessary to transfer all of the Company's interest in TPHGreenwich into such trust on May 20, 2025 (the 'Trust Transfer'). On May 20, 2025, the Company announced that it had completed the Trust Transfer.
Secured Promissory Note
In connection with the Steel Partners Transaction, on February 18, 2025, the Company issued a Senior Secured Promissory Note (the 'Steel Promissory Note') to Steel Connect, LLC (the 'Steel Lender'), an affiliate of Steel Partners and Steel Purchaser, pursuant to which the Company may borrow up to $5.0 million from the Steel Lender. The Steel Promissory Note is secured by a pledge of all of the assets of the Company. As of June 30, 2025, approximately $1.3 million, including accrued interest, was outstanding under the Steel Promissory Note.
Termination of Asset Management Agreement
In connection with the Steel Partners Transaction, the parties to the Asset Management Agreement mutually agreed to terminate the Asset Management Agreement, effective 45 days following the closing of the Steel Partners Transaction, or April 4, 2025.
Steel Services Agreement
As of March 19, 2025, Steel Services Ltd. ('Steel Services'), an affiliate of Steel Partners, and the Company entered into a management services agreement (the 'Steel MSA') pursuant to which Steel Services agreed to provide certain managerial services to the Company. Pursuant to the Steel MSA, for a period of one year (which shall renew automatically for additional one-year terms unless otherwise terminated), Steel Services shall provide certain managerial services to the Company, including general assistance with legal, finance & treasury, internal audit, human resources, IT and tax functions and obligations. In consideration for the services rendered under the Steel MSA, the Company shall pay Steel Services $10,000 monthly.
Pension Settlement and Plan Asset Reversion
During the six months ended June 30, 2025, the Company recognized a non-cash settlement charge of $2.6 million due to the purchase of annuity contracts related to the termination of the legacy pension plan, as well as $0.5 million excise tax on the estimated reversion of pension plan assets.
In July 2025, the Company received the pension asset reversion of approximately $0.9 million. In August 2025, the Company expects to pay the excise tax of approximately $0.4 million on the pension asset reversion.
Net Operating Losses
At June 30, 2025, the Company had carryforwards of federal net operating losses ('NOLs') of approximately $330.4 million available to reduce future federal taxes. Of the Company's federal NOLs, $226.9 million were generated prior to 2018 and may expire if unused by 2037, and $103.5 million were generated in 2018 and later years and can be carried forward indefinitely subject to an 80 percent taxable income annual limitation.
Based on management's assessment, it is more likely than not that the deferred tax assets associated with the NOLs will not be realized by future taxable income or tax planning strategies. Accordingly, the Company has a valuation allowance of $91.4 million as of June 30, 2025. If our assumptions change and we determine that we will be able to realize these NOLs, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets would be recognized as a reduction of income tax expense and an increase in the deferred tax asset.
Note that our certificate of incorporation includes a provision intended to help preserve certain tax benefits primarily associated with our NOLs. This provision generally prohibits transfers of stock that would result in a person or group of persons becoming a 4.75 percent stockholder, or that would result in an increase or decrease in stock ownership by a person or group of persons that is an existing 4.75 percent stockholder.
Forward-Looking Statements
Certain information in this press release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated. Such forward-looking statements do not guaranty future performance and are subject to various factors that could cause actual results to differ materially. Undue reliance should not be placed on such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to provide updates on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.
TRINITY PLACE HOLDINGS INC.
(in thousands, except par value and share amounts)
June 30, 2025
(unaudited)
ASSETS
Cash and cash equivalents
$
261
$
277
Restricted cash
—
126
Prepaid expenses and other assets, net
266
267
Pension asset
409
2,802
Accounts receivable, net
—
146
Right-of-use asset
—
109
Total assets
$
936
$
3,727
LIABILITIES
Steel Promissory Note payable
$
1,283
$
—
Accounts payable and accrued expenses
113
454
Accrued professional fees
230
954
Lease liability
—
118
Total liabilities
1,626
1,526
Commitments and Contingencies
STOCKHOLDERS' (DEFICIT) EQUITY
Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding at June 30, 2025 and December 31, 2024
—
—
Preferred stock, $0.01 par value; 2 shares authorized; no shares issued and outstanding at June 30, 2025 and December 31, 2024
—
—
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at June 30, 2025 and December 31, 2024
—
—
Common stock, $0.01 par value; 79,999,997 shares authorized; 73,447,413 and 72,487,481 shares issued at June 30, 2025, and December 31, 2024, respectively; 66,247,266 and 65,314,726 shares outstanding at June 30, 2025, and December 31, 2024, respectively
735
725
Additional paid-in capital
150,713
150,183
Treasury stock (7,200,147 and 7,172,755 shares at June 30, 2025, and December 31, 2024, respectively)
(57,678
)
(57,676
)
Accumulated other comprehensive loss
—
(729
)
Accumulated deficit
(94,460
)
(90,302
)
Total stockholders' (deficit) equity
(690
)
2,201
Total liabilities and stockholders' (deficit) equity
$
936
$
3,727
Expand
TRINITY PLACE HOLDINGS INC.
(in thousands, except per share amounts)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Revenues
Rental revenues
$
—
$
—
$
—
$
798
Other income
—
373
239
493
Sales of residential condominium units
—
—
—
1,439
Total revenues
—
373
239
2,730
Operating expenses
Property operating expenses
6
20
30
437
Real estate taxes
—
—
—
363
General and administrative
421
1,886
1,404
2,992
Pension related costs
—
135
—
265
Cost of sales - residential condominium units
—
—
—
1,437
Depreciation and amortization
—
4
1
766
Total operating expenses
427
2,045
1,435
6,260
Operating loss
(427
)
(1,672
)
(1,196
)
(3,530
)
Non-cash pension settlement expense and estimated excise tax on plan asset reversion
(55
)
—
(3,123
)
—
Gain on contribution to joint venture
—
—
20,976
Equity in net loss from unconsolidated joint ventures
—
—
—
(5,962
)
Interest expense, net
(25
)
—
(33
)
(3,883
)
Interest expense - amortization of deferred finance costs
—
—
—
(334
)
(Loss) income before taxes
$
(507
)
$
(1,672
)
$
(4,352
)
$
7,267
Income tax (expense) benefit
—
(54
)
194
(140
)
Net (loss) income attributable to common stockholders
$
(507
)
$
(1,726
)
$
(4,158
)
$
7,127
Other comprehensive (loss) income:
Reclassification of loss on pension settlement
—
—
729
—
Unrealized gain on pension liability
—
120
—
240
Comprehensive (loss) income attributable to common stockholders
$
(507
)
$
(1,606
)
$
(3,429
)
$
7,367
(Loss) income per common unit - basic and diluted
$
(0.01
)
$
(0.03
)
$
(0.06
)
$
0.12
Weighted average common shares outstanding - basic and diluted
66,270
65,588
66,269
59,222
Expand
TRINITY PLACE HOLDINGS INC.
(in thousands)
(unaudited)
Common Stock
Additional
Paid-In
Capital
Treasury Stock
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
(Deficit)
Balance at December 31, 2024
72,487
$
725
$
150,183
(7,173
)
$
(57,676
)
$
(90,302
)
$
(729
)
$
2,201
Net loss attributable to common stockholders
—
—
—
—
—
(3,651
)
—
(3,651
)
Settlement of stock awards
960
10
537
(27
)
(2
)
—
—
545
Other comprehensive loss
—
—
—
—
—
—
729
729
Stock-based compensation
—
—
(7
)
—
—
—
—
(7
)
Balance at March 31, 2025
73,447
735
150,713
(7,200
)
(57,678
)
(93,953
)
—
(183
)
Net loss attributable to common stockholders
—
—
—
—
—
(507
)
—
(507
)
Balance at June 30, 2025
73,447
$
735
$
150,713
(7,200
)
$
(57,678
)
$
(94,460
)
$
—
$
(690
)
Expand
Common Stock
Additional
Paid-In
Capital
Treasury Stock
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
(Deficit)
Equity
Shares
Amount
Shares
Amount
Balance at December 31, 2023
44,965
$
450
$
145,301
(6,766
)
$
(57,637
)
$
(95,905
)
$
(2,257
)
$
(10,048
)
Net income attributable to common stockholders
—
—
—
—
—
8,853
—
8,853
Sale of common stock
25,112
251
4,235
—
—
—
—
4,486
Settlement of stock awards
659
7
—
(177
)
(28
)
—
—
(21
)
Other comprehensive income
—
—
—
—
—
—
120
120
Stock-based compensation
—
—
60
—
—
—
—
60
Balance at March 31, 2024 (as revised)
70,736
708
149,596
(6,943
)
(57,665
)
(87,052
)
(2,137
)
3,450
Net loss attributable to common stockholders
—
—
—
—
—
(1,726
)
—
(1,726
)
Sale of common stock
—
—
(94
)
—
—
—
—
(94
)
Settlement of stock awards
296
3
—
—
—
—
—
3
Other comprehensive loss
—
—
—
—
—
—
120
120
Stock-based compensation
—
—
73
—
—
—
—
73
Balance at June 30, 2024
71,032
$
711
$
149,575
(6,943
)
$
(57,665
)
$
(88,778
)
$
(2,017
)
$
1,826
Expand
TRINITY PLACE HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended June 30,
2025
2024
Cash flows from operating activities:
Net (loss) income attributable to common stockholders
$
(4,158
)
$
7,127
Adjustments to reconcile net (loss) income attributable to common stockholders to net cash used in operating activities:
Depreciation and amortization and amortization of deferred finance costs
1
1,100
Other non-cash adjustment - paid-in-kind interest
—
1,466
Settlement of stock awards and stock-based compensation expense
530
133
Gain on contribution to joint venture
—
(20,976
)
Deferred rents receivable
—
12
Non-cash pension settlement expense
2,605
—
Other non-cash adjustments - pension expense
—
240
Equity in net loss from unconsolidated joint ventures
—
5,962
Net change in operating assets and liabilities:
Residential condominium units for sale
—
2,201
Receivables
146
(178
)
Prepaid expenses and other assets, net
626
176
Accounts payable and accrued expenses
(1,150
)
(3,108
)
Net cash used in operating activities
(1,400
)
(5,845
)
Cash flows from investing activities:
Transfer of restricted cash
—
(6,904
)
Net cash used in investing activities
—
(6,904
)
Cash flows from financing activities:
Proceeds from loans and corporate credit facility
—
2,526
Proceeds from Steel Promissory Note
1,250
—
Settlement of stock awards
8
(18
)
Sale of common stock, net
—
4,393
Net cash provided by financing activities
1,258
6,901
Net decrease in cash and cash equivalents and restricted cash
(142
)
(5,848
)
Cash and cash equivalents and restricted cash, beginning of period
403
8,345
Cash and cash equivalents and restricted cash, end of period
$
261
$
2,497
Cash and cash equivalents, beginning of period
277
264
Restricted cash, beginning of period
126
8,081
Cash and cash equivalents and restricted cash, beginning of period
$
403
$
8,345
Cash and cash equivalents, end of period
261
854
Restricted cash, end of period
—
1,643
Cash and cash equivalents and restricted cash, end of period
$
261
$
2,497
Supplemental disclosure of cash flow information:
Cash paid during the period for interest
$
—
$
915
Cash paid during the period for taxes
$
15
$
117
Supplemental disclosure of non-cash investing and financing activities:
Transfer of real estate and condominium assets
$
—
$
244,477
Transfer of loans, credit facility and line of credit
$
—
$
(251,325
)
Transfer of operating assets and liabilities, net
$
—
$
(14,797
)
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Pan American Silver Reports Unaudited Second Quarter 2025 Results
BUSINESS WIRE)-- Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reports unaudited results for the quarter ended June 30, 2025 ("Q2 2025"). "Record free cash flow of $233.0 million in Q2 resulted in a record high cash balance of $1.1 billion at the end of the quarter," said Michael Steinmann, President and Chief Executive Officer. "We will invest $500.0 million of that cash as part of the consideration for our acquisition of MAG Silver Corp., with the high-margin Juanicipio mine in Mexico immediately contributing to free cash flow upon the transaction closing. Juanicipio is expected to increase our silver production by roughly 35% on annualized basis and meaningfully reduce all-in sustaining costs, while offering excellent exploration potential for future growth. This top-tier asset further positions Pan American as the leading investment name in the silver space." "We are also pleased to announce a 20% dividend increase from $0.10 to $0.12 per common share with respect to Q2 2025. In conjunction with our share buyback program, we have returned approximately $103.5 million to our shareholders during the first half of 2025," added Mr. Steinmann. "Furthermore, we are on track to achieve our production and cost guidance for 2025." The following highlights for Q2 2025 include certain measures that are not generally accepted accounting principles ("non-GAAP") financial measures. Please refer to the section titled 'Alternative Performance (Non-GAAP) Measures' at the end of this news release for further information on these measures. Consolidated Q2 2025 Results: Silver production of 5.1 million ounces. Gold production of 178.7 thousand ounces. Revenue of $811.9 million. Record net earnings of $189.6 million, or $0.52 basic earnings per share, largely driven by record mine operating earnings of $273.3 million. Adjusted earnings of $155.4 million, or $0.43 adjusted earnings per share. Record cash flow from operations after non-cash working capital changes of $293.4 million, net of $68.3 million in cash taxes paid ($287.9 million before changes in non-cash working capital). Record free cash flow of $233.0 million. Sustaining capital of $60.4 million and project capital of $13.3 million. Silver Segment All-in Sustaining Costs ("AISC") (1) of $19.69 per silver ounce, excluding net realizable value ("NRV") inventory adjustments. Gold Segment AISC (2) of $1,611 per gold ounce, excluding NRV inventory adjustments. Cash and short-term investments increased by $186.2 million to a record $1,109.2 million. As at June 30, 2025, the Company had working capital of $1,310.5 million and $750.0 million available under its undrawn credit facility ("Credit Facility"). Total available liquidity was $1,859.2 million. Total debt of $820.7 million is primarily related to two senior notes, as well as certain lease liabilities and construction loans payable. The Company maintains its 2025 Operating Outlook, as previously provided in its Management's Discussion & Analysis ("MD&A") dated February 19, 2025. See the "2025 Operating Outlook" section of this news release for further detail. A cash dividend of $0.12 per common share with respect to Q2 2025 was declared on August 6, 2025, payable on or about August 29, 2025, to holders of record of Pan American's common shares as of the close of markets on August 18, 2025. During Q2 2025, the Company paid cash dividends to its shareholders totaling $36.2 million. The dividends are eligible dividends for Canadian income tax purposes. The declaration, timing, amount and payment of any future dividends remain at the discretion of the Company's Board of Directors. The Company repurchased for cancellation, 459,058 common shares in Q2 2025 at an average price of $24.22 per share for a total consideration of approximately $11.1 million. (1) Silver Segment AISC is calculated net of credits for realized revenues from all metals other than silver and is calculated per ounce of silver sold. (2) Gold Segment AISC is calculated net of credits for realized revenues from all metals other than gold and is calculated per ounce of gold sold. Expand ESCOBAL MINE UPDATE At Escobal, the Xinka Parliament ("XP"), as the representative of the Xinka Indigenous People, issued a statement and held a press conference in May 2025 with respect to the ILO 169 Consultation Process. In July 2025, the MEM delivered a response to the XP, describing the government proposals for overseeing the mining activities and the Company's proposals to address concerns raised during consultation meetings, as well as clarifying the potential impacts from the Escobal mine's activities. These documents can be reviewed on the MEM website at: The MEM has indicated that they will continue to hold working meetings and maintain dialogue with the XP in order to comply with the Constitutional Court ruling for the ILO 169 Consultation. There is no detailed timeline of activities nor a date for completion of the consultation process. MAG SILVER CORP. TRANSACTION On May 11, 2025, the Company and MAG Silver Corp. ("MAG") entered into a definitive agreement (the "Arrangement Agreement") whereby the Company expects to acquire all of the issued and outstanding common shares of MAG pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) (the "Transaction"). Under the terms of the Arrangement Agreement, MAG shareholders will be able to elect to receive the consideration as either (i) $20.54 in cash per MAG share or (ii) 0.755 common shares of Pan American per MAG share, or a combination of cash and shares, subject to proration such that the aggregate consideration paid to all MAG shareholders consists of $500.0 million in cash and the remaining consideration paid in Pan American common shares. On July 10, 2025, MAG's shareholders approved the Transaction at its special shareholders meeting. The Transaction is expected to close in the second half of 2025, subject to the satisfaction of customary closing conditions, including clearance under Mexican anti-trust laws. MAG is a tier-one primary silver mining company through its 44% interest in the large-scale, high-grade Juanicipio mine, operated by Fresnillo plc, who holds the remaining 56% interest in Juanicipio. Juanicipio is a low-cost silver mine that will meaningfully increase Pan American's exposure to high margin silver ounces. Furthermore, we see future growth opportunities through the significant exploration potential at Juanicipio as well as MAG's Deer Trail and Larder properties. This strategic acquisition further solidifies Pan American as a leading Americas-focused silver producer. (1) Cost of Sales includes production costs, depreciation and amortization and royalties. (2) Per share amounts are based on basic weighted average common shares. (3) Non-GAAP measure; please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures. The AISC are excluding NRV inventory adjustments. (4) Project capital relates to expenditures at the La Colorada Skarn Project, and the Huaron, Timmins, La Colorada and Jacobina mines. (5) Metal prices stated are inclusive of final settlement adjustments on concentrate sales. Expand Q2 2025 OPERATING PERFORMANCE Silver Production (thousand ounces) Gold Production (thousand ounces) AISC ($ per ounce) (1) Silver Segment La Colorada (Mexico) 1,507 1.3 24.18 Cerro Moro (Argentina) 488 16.1 (0.47) Huaron (Peru) 844 -- 22.73 San Vicente (Bolivia) (2) 755 — 23.39 Total Silver Segment (3) 3,594 17.3 19.69 Gold Segment Jacobina (Brazil) 1 47.6 1,296 El Peñon (Chile) 968 27.9 1,284 Timmins (Canada) 3 24.5 2,420 Shahuindo (Peru) 60 33.7 1,551 Minera Florida (Chile) 176 17.7 2,403 Dolores (Mexico) 291 10.1 811 Total Gold Segment (3) 1,500 161.4 1,611 Total Consolidated (3) 5,094 178.7 Expand (1) Non-GAAP measure; please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures. The AISC are excluding NRV inventory adjustments. (2) San Vicente data represents Pan American's 95.0% interest in the mine's production. (3) Totals may not add due to rounding. Expand 2025 OPERATING OUTLOOK The Company reaffirms its 2025 Operating Outlook for annual production, AISC, and capital expenditures, as summarized in the table below. Management now expects gold production to be more heavily weighted to the fourth quarter of 2025 than originally indicated in its 2025 Quarterly Operating Outlook, as some production from the third quarter is expected to be deferred. Please see Pan American's MD&A dated February 19, 2025, for further detail on the Company's 2025 Operating Outlook. Please also refer to the Cautionary Note Regarding Forward-Looking Statements and Information at the end of this news release. 2025 Annual Guidance Silver Production (million ounces) 20.00 - 21.00 Gold Production (thousand ounces) 735 - 800 Silver Segment AISC (1) ($ per ounce) 16.25 - 18.25 Gold Segment AISC (1) ($ per ounce) 1,525 - 1,625 Sustaining Capital Expenditures ($ millions) 270.0 - 285.0 Project Capital Expenditures ($ millions) 90.0 - 100.0 Expand (1) AISC is a non-GAAP measure. Please refer to the 'Alternative Performance (Non-GAAP) Measures' section of this news release for further information on these measures. The AISC forecast assumes average metal prices of $30.00/oz for silver, $2,650/oz for gold, $3,000/tonne ($1.36/lb) for zinc, $2,000/tonne ($0.91/lb) for lead, and $9,500/tonne ($4.31/lb) for copper; and average annual exchange rates relative to 1 USD of 20.00 for the Mexican peso ("MXN"), 3.75 for the Peruvian sol ("PEN"), 1,177.00 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), 1.38 for the Canadian dollar ("CAD"), 950.00 for the Chilean peso ("CLP") and 5.75 for the Brazilian real ("BRL"). Expand AISC, adjusted earnings, basic adjusted earnings per share, sustaining and project capital, free cash flow, working capital, and total debt are non-GAAP financial measures. Please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures. This news release should be read in conjunction with Pan American's Unaudited Condensed Interim Consolidated Financial Statements and our MD&A for the three and six months ended June 30, 2025. This material is available on Pan American's website at on SEDAR+ at and on EDGAR at About Pan American Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS". Learn more at Alternative Performance (Non-GAAP) Measures In this news release, we refer to measures that are non-GAAP financial measures. 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. These non-GAAP financial measures include: Adjusted earnings and basic adjusted earnings per share. Pan American believes that these measures better reflect normalized earnings as they eliminate items that in management's judgment are subject to volatility as a result of factors, which are unrelated to operations in the period, and/or relate to items that will settle in future periods. All-in Sustaining Costs ("AISC") per silver or gold ounce sold, net of by-product credits. Pan American believes that AISC, calculated net of by-products, is a comprehensive measure of the full cost of operating our consolidated business, given it includes the cost of replacing silver and gold ounces through exploration, the cost of ongoing capital investments at current operations ("sustaining capital"), as well as other items that affect the Company's consolidated cash flow. AISC excludes capital investments that are expected to increase production levels or mine life beyond those contemplated in the base case life of mine plan ("project capital"). Total debt is calculated as the total current and non-current portions of: debt, including senior notes and amounts drawn on the Credit Facility, and lease obligations. Total debt does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the financial debt leverage of Pan American. Working capital is calculated as current assets less current liabilities. Working capital does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate whether Pan American is able to meet its current obligations using its current assets. Total available liquidity is calculated as cash and cash equivalents plus short-term investments, plus undrawn amounts under the Credit Facility. Total available liquidity does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the liquid financial resources available to the Company. Project capital relates to expenditures at the La Colorada mine, the La Colorada Skarn, and the Huaron, Timmins and Jacobina mines. Project capital does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate capital investments that are directed at increasing production levels or mine life beyond those contemplated in the base case life of mine plan. Free cash flow is calculated as net cash generated from operating activities less sustaining capital expenditures. Free cash flow does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the profitability of Pan American and identify capital that may be available for investment or return to shareholders. Readers should refer to the "Alternative Performance (non-GAAP) Measures" section of Pan American's Q2 2025 MD&A for a more detailed discussion of these and other non-GAAP measures and their calculation. Cautionary Note Regarding Forward-Looking Statements and Information Certain of the statements and information in this news release constitute "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 provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: future financial or operational performance, including our estimated production of silver, gold and other metals forecasted for 2025, our estimated AISC, and our sustaining and project capital expenditures in 2025; any anticipated benefits resulting from project capital expenditures; the anticipated dividend payment date of August 29, 2025; the anticipated closing of the Transaction with MAG and any anticipated benefits therefrom, including a meaningful increase in Pan American's exposure to high margin silver ounces, and future growth opportunities; the development of the La Colorada Skarn, or the consultation process for Escobal, and any anticipated benefits to shareholder value or financial or operational performance that may be derived therefrom; expectations regarding the ILO 169 consultation process with respect to Escobal; and Pan American's plans and expectations for its properties and operations. These forward-looking statements and information reflect Pan American's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate Credit Facility or otherwise, to sustain our business and operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions; fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the PEN, MXN, ARS, BOB, GTQ, CAD, CLP and BRL versus the USD); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala, Chile, Brazil or other countries where Pan American may carry on business, including legal restrictions relating to mining, risks relating to expropriation and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; unanticipated or excessive tax assessments or reassessments in our operating jurisdictions; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near- and longer-term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation, to update or revise forward-looking statements or information to reflect changes in assumptions or in circumstances or any other events affecting such statements or information, other than as required by applicable law.
Business Wire
43 minutes ago
- Business Wire
DATA Communications Management Corp. Reports Q2 2025 Financial Results
BRAMPTON, Ontario--(BUSINESS WIRE)--DATA Communications Management Corp. (TSX: DCM; OTCQX: DCMDF) ('DCM' or the "Company"), a leading Canadian provider of print and digital solutions that help simplify complex marketing communications and workflow, today reported second quarter 2025 financial results. MANAGEMENT COMMENTARY 'Despite challenging market conditions and stronger than expected revenue headwinds in the second quarter, we continued to deliver solid operating performance with essentially flat adjusted EBITDA and higher adjusted EBITDA margin compared to last year,' said Richard Kellam, President & CEO of DCM. 'Uncertainty about trade policies, including tariffs, the direction of the economy, and the ongoing labour issues at Canada Post have driven continued market headwinds. These factors have negatively impacted business confidence, resulting in client budget reductions, delayed orders, and inventory drawdowns. As such, revenues in the quarter were down 9.5% compared to last year. Given this ongoing uncertainty, the Company has decided to withdraw all financial guidance until there is greater clarity on these external challenges.' 'We are well-positioned financially to manage through the current market conditions with our strong cash flow, a disciplined focus on maintaining margins, and managing overhead costs. We continue to be encouraged by our strong and growing pipeline of new business opportunities, the highest level of which we've seen in years. We expect to more fully realize these efforts as market conditions improve. Additionally, we have the flexibility to pursue M&A opportunities to strengthen our product and service offerings and create more value for our clients,' added Kellam. DCM continues to be guided by four strategic priorities for 2025: Maintain our focus on profitable organic growth Deliver a return on our new capital investments Continue to drive gross margin improvement through operating efficiencies Demonstrate agility and adaptability to effectively navigate an uncertain environment. OTHER BUSINESS HIGHLIGHTS Dividend Declaration On August 6, 2025, DCM's board of directors declared a quarterly dividend of $0.025 per common share, payable on September 24, 2025, to shareholders of record at the close of business on September 10, 2025. This dividend is designated as an 'eligible' dividend for the purpose of the Income Tax Act (Canada) and any similar provincial legislation. Normal Course Issuer Bid Commenced On June 10, 2025, DCM announced that the Toronto Stock Exchange (the 'TSX') accepted a notice filed by the Company of its intention to make a normal course issuer bid with respect to its outstanding common shares (the 'Common Shares'). The notice provided that the Company may, during the 12 month period commencing June 12, 2025 and ending no later than June 11, 2026, purchase, through the facilities of the TSX, up to 4,220,210 Common Shares, being approximately 10% of the 'public float' (as such term is defined in the policies of the TSX) of such Common Shares as at May 31, 2025. In June 2025, the Company repurchased and cancelled 79,400 common shares for total consideration of $0.1 million, including transaction costs. Amended Senior Revolving Credit Facility On June 2, 2025, DCM entered into a fourth amended and restated credit agreement (the 'Bank Credit Facility') with a Canadian chartered bank, extending the maturity date of its senior secured revolving credit facility to May 31, 2028. The Bank Credit Facility also included an expanded leasing facility to finance future equipment purchases along with a number of reporting enhancements. Amended Senior Term Credit Facility On July 17, 2025, a third amended and restated credit agreement with Fiera Private Debt ("FPD") was entered into to update certain definitions and incorporate qualitative changes, with no impact to the financial terms of the FPD Facilities. Q2 2025 EARNINGS CALL DETAILS The Company will host a conference call and webcast on Thursday, August 7, 2025 at 9:00 a.m. EST Mr. Kellam and James Lorimer, CFO, will present the second quarter 2025 results followed by a live Q&A. Register for the webcast prior to the start of the event: Microsoft Virtual Events Powered by Teams All attendees must register for the webinar prior to the call. Please complete the phone field in the form at the above link (prior to the start of the event) if you wish to dial in. The Company's full results will be posted on its Investor Relations page and on SEDAR+. A video message from Mr. Kellam will also be posted on the Company's website. Footnotes: 1 Adjusted EBITDA, Adjusted EBITDA as a percentage of revenues, Adjusted net income (loss), Adjusted net income (loss) as percentage of revenues, Net Debt to Adjusted EBITDA and Free cash flow are non-IFRS Accounting Standards measures. For a description of the composition of these and other non-IFRS Accounting Standards measures used in this press release, and a reconciliation to their most comparable IFRS Accounting Standards measure, where applicable, see the information under the heading 'Non-IFRS Accounting Standards Measures', the information set forth on Table 2 and Table 3 herein, and our most recent Management Discussion & Analysis filed on SEDAR+. TABLE 1 The following table sets out selected historical consolidated financial information for the periods noted. TABLE 2 The following table provides reconciliations of net income to EBITDA and of net income to Adjusted EBITDA for the periods noted. EBITDA and Adjusted EBITDA reconciliation For the periods ended June 30, 2025 and 2024 April 1 to June 30, 2025 April 1 to June 30, 2024 January 1 to June 30, 2025 January 1 to June 30, 2024 (in thousands of Canadian dollars, unaudited) Net income for the period $ 3,714 $ 4,064 $ 8,828 $ 5,539 Interest expense, net 5,120 5,366 10,268 10,919 Debt modification gain (867 ) — (867 ) — Amortization of transaction costs 131 140 271 280 Current income tax expense 1,445 16 3,516 1,358 Deferred income tax recovery (359 ) 947 (1,270 ) (216 ) Depreciation of property, plant, and equipment 1,792 1,783 3,514 3,306 Amortization of intangible assets 326 306 709 1,034 Depreciation of right-of-use-assets 5,029 4,329 9,831 8,814 EBITDA $ 16,331 $ 16,951 $ 34,800 $ 31,034 Acquisition and integration costs — 243 — 526 Restructuring expenses 58 1,101 58 2,186 Net fair value losses (gains) on financial liabilities at fair value through profit or loss 179 (1,407 ) 298 1,807 Adjusted EBITDA $ 16,568 $ 16,888 $ 35,156 $ 35,553 Expand TABLE 3 The following table provides reconciliations of net income (loss) to Adjusted net income and a presentation of Adjusted net income per share for the periods noted. Adjusted net income reconciliation About DATA Communications Management Corp. DCM is a leading Canadian tech-enabled provider of print and digital solutions that help simplify complex marketing communications and operations workflow. DCM serves over 2,500 clients including 70 of the 100 largest Canadian corporations and leading government agencies. Our core strength lies in delivering individualized services to our clients that simplify their communications, including customized printing, highly personalized marketing communications, campaign management, digital signage, and digital asset management. From omnichannel marketing campaigns to large-scale print and digital workflows, our goal is to make complex tasks surprisingly simple, allowing our clients to focus on what they do best. Additional information relating to DATA Communications Management Corp. is available on and in the disclosure documents filed by DATA Communications Management Corp. on SEDAR+ at FORWARD-LOOKING STATEMENTS Certain statements in this press release constitute 'forward-looking' statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of DCM, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. When used in this press release, words such as 'may,' 'would,' 'could,' 'will,' 'expect,' 'anticipate,' 'estimate,' 'believe,' 'intend,' 'plan,' and other similar expressions are intended to identify forward-looking statements. These statements reflect DCM's current views regarding future events and operating performance, are based on information currently available to DCM, and speak only as of the date of this press release. These forward-looking statements involve a number of risks, uncertainties, and assumptions. They should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Many factors could cause the actual results, performance, objectives or achievements of DCM to be materially different from any future results, performance, objectives or achievements that may be expressed or implied by such forward-looking statements. We caution readers of this press release not to place undue reliance on our forward-looking statements since a number of factors could cause actual future results, conditions, actions, or events to differ materially from the targets, expectations, estimates or intentions expressed in these forward-looking statements. The principal factors, assumptions and risks that DCM made or took into account in the preparation of these forward-looking statements and which could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are described in further detail in our most recent annual and interim Management Discussion and Analysis filed on SEDAR+, and include but are not limited to the following: industry conditions are influenced by numerous factors over which the Company has no control, including: declines in print consumption; labour disruptions at suppliers and customers, including Canada Post; the impact of tariffs and responses thereto (including by governments, trade partners and customers), which may include, without limitation, retaliatory tariffs, export taxes, restrictions on exports to the U.S. or other measures, increases in our input costs, and the effect of governmental regulations and policies in general; our ability to achieve and meet our revenue, profitability, free cash flow and debt reduction targets for 2025 and in the future; while we have received consents from our lenders for the declaration and payment of the special dividend and regular recurring dividend, including the exclusion of the special dividend from our fixed charge coverage ratios, our financial leverage may increase, and there is no guarantee that we will pay such dividends in the future; and, our ability to comply with our financial and other covenants under our credit facilities, which may preclude us from paying future dividends if our outlook and future financial liquidity changes. Additional factors are discussed elsewhere in this press release and under the headings "Liquidity and capital resources" and 'Risks and Uncertainties' in DCM's Management Discussion and Analysis and in DCM's other publicly available disclosure documents, as filed by DCM on SEDAR+. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated, or expected. Unless required by applicable securities law, DCM does not intend and does not assume any obligation to update these forward-looking statements. NON-IFRS ACCOUNTING STANDARDS MEASURES NON-IFRS ACCOUNTING STANDARDS AND OTHER FINANCIAL MEASURES This press release includes certain non-IFRS Accounting Standards measures, ratios and other financial measures as supplementary information. This supplementary information does not represent earnings measures recognized by IFRS Accounting Standards and does not have any standardized meanings prescribed by IFRS Accounting Standards. Therefore, these non-IFRS Accounting Standards measures, ratios and other financial measures are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that this supplementary information should not be construed as alternatives to net income (loss) determined in accordance with IFRS Accounting Standards as an indicator of DCM's performance. Definitions of such supplementary information, together with a reconciliation of net income (loss) to such supplementary financial measures, can be found in our most recent annual and interim Management Discussion and Analysis and filed on SEDAR+ at Condensed interim consolidated statements of operations (in thousands of Canadian dollars, except per share amounts, unaudited) For the three months ended June 30, 2025 For the three months ended June 30, 2024 For the six months ended June 30, 2025 For the six months ended June 30, 2024 Revenues $ 113,794 $ 125,751 $ 237,469 $ 255,005 Cost of revenues 83,286 91,417 170,701 183,360 Gross profit 30,508 34,334 66,768 71,645 Expenses Selling, commissions and expenses 9,649 10,178 20,609 21,042 General and administration expenses 10,222 12,295 22,721 25,566 Research & development expenses 1,216 1,391 2,336 2,638 Restructuring expenses 58 1,101 58 2,186 Acquisition and integration costs — 243 — 526 Net fair value losses (gains) on financial liabilities at fair value through profit or loss 179 (1,407 ) 298 1,807 21,324 23,801 46,022 53,765 Income before finance costs and income taxes 9,184 10,533 20,746 17,880 Finance costs Interest expense on long term debt and pensions, net 1,837 2,307 3,708 4,805 Interest expense on lease liabilities 3,283 3,059 6,560 6,114 Amortization of transaction costs 131 140 271 280 Debt modification gain (867 ) — (867 ) — 4,384 5,506 9,672 11,199 Income before income taxes 4,800 5,027 11,074 6,681 Income tax expense Current 1,445 16 3,516 1,358 Deferred (359 ) 947 (1,270 ) (216 ) 1,086 963 2,246 1,142 Net income for the period $ 3,714 $ 4,064 $ 8,828 $ 5,539 Other comprehensive income: Foreign currency translation (110 ) 14 (115 ) 44 (110 ) 14 (115 ) 44 Items that will not be reclassified to net income Re-measurements of pension and other post-employment benefit obligations s 1,816 1,755 1,431 8,768 Taxes related to pension and other post-employment benefit adjustment above (461 ) (406 ) (363 ) (2,248 ) 1,355 1,349 1,068 6,520 Other comprehensive income for the period, net of tax $ 1,245 $ 1,363 $ 953 $ 6,564 Comprehensive income for the period $ 4,959 $ 5,427 $ 9,781 $ 12,103 Basic earnings per share 0.07 0.07 0.16 0.10 Diluted earnings per share 0.06 0.07 0.15 0.10 Expand Condensed interim consolidated statements of cash flows (in thousands of Canadian dollars, unaudited) For the six months ended June 30, 2025 For the six months ended June 30, 2024 $ $ Cash provided by Operating activities Net income for the period $ 8,828 $ 5,539 Items not affecting cash Depreciation of property, plant, and equipment 3,514 3,306 Amortization of intangible assets 709 1,034 Depreciation of right-of-use-assets 9,831 8,814 Share-based compensation expense 89 321 Net fair value losses on financial liabilities at fair value through profit or loss 298 1,807 Pension expense 742 943 Gain on disposal of sale and leaseback — (11 ) Loss on disposal of property, plant and equipment — 149 Provisions 58 2,186 Debt modification gain (867 ) — Amortization of transaction costs 271 280 Accretion of asset retirement obligations 54 65 Other post-employment benefit plan expense 87 298 Right-of-use assets impairment — 97 Income tax expense 2,246 1,142 Changes in non cash working capital (12,173 ) 764 Contributions made to pension plans (675 ) (604 ) Contributions made to other post-employment benefit plans (189 ) (115 ) Provisions paid (5,460 ) (6,526 ) Income taxes paid (1,448 ) (1,599 ) Total cash generated from operating activities 5,915 17,890 Investing activities Proceeds on sale and leaseback transaction 6,694 8,661 Purchase of property, plant, and equipment (2,536 ) (6,989 ) Purchase of intangible assets (23 ) — Purchase of non-current assets (143 ) (6,499 ) Proceeds on disposal of property, plant, and equipment — 431 Total cash provided by (used in) investing activities 3,992 (4,396 ) Financing activities Exercise of options — 337 Proceeds from credit facilities 53,733 30,185 Repayment of credit facilities (48,054 ) (43,726 ) Decrease in bank overdrafts (880 ) (1,564 ) Transaction costs (417 ) — Dividends paid (13,829 ) — Principal portion of lease payments (4,005 ) (3,500 ) Repurchases of shares (213 ) — Total cash (used in) financing activities (13,665 ) (18,268 ) Change in cash and cash equivalents during the period (3,758 ) (4,774 ) Cash and cash equivalents – beginning of period 6,773 17,652 Effects of foreign exchange on cash balances (128 ) 51 Cash and cash equivalents – end of period $ 2,887 $ 12,929 Expand
