FORM
6-K
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
For
the
month of February 2007
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Goldcorp
Inc.
(Translation
of registrant's name into English)
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Suite 3400
- 666 Burrard St.
Vancouver,
British Columbia V6C 2X8 Canada
(Address
of principal executive offices)
|
Indicate
by check mark whether the registrant files or will file annual reports
under
cover Form 20-F or Form 40-F.
|
Form
20-F
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....[
].....
|
Form
40-F
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....[X]....
|
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ____
|
Note:Regulation
S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if
submitted solely to provide an attached annual report to security
holders.
|
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as
permitted
by Regulation S-T Rule 101(b)(7): ____
| Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. |
Indicate
by check mark whether by furnishing the information contained in this Form,
the
registrant is also thereby furnishing the information to the Commission
pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
|
Yes
|
[
]
|
No | [X] |
If
"Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________
Signature
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto
duly authorized.
| GOLDCORP INC. | ||
| |
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Date: February
14, 2007
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/s/Anna
M. Tudela
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Name: Anna M. Tudela |
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Title:
Director,
Legal and Assistant Corporate
Secretary
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||
 |
Suite
3400 - 666 Burrard St.
Vancouver,
BC, V6C 2X8
Tel:
(604) 696-3000
Fax:
(604) 696-3001
|
| Toronto Stock Exchange: G |
New
York Stock Exchange:
GG
|
GOLDCORP
RESTATES US GAAP NOTE DISCLOSURE FOR NON-CASH CHARGES
(All
figures are in US dollars unless stated otherwise)
Vancouver,
British Columbia - February 14, 2007 - GOLDCORP INC. (GG:NYSE;
G:TSX)
Regulatory authorities have provided the Company with their interpretation
of
the US accounting rules contained in the Statement of Financial Accounting
Standards (“SFAS”) 133, Accounting
for Derivative Instruments and Hedging Activities which
determines the US accounting treatment of the Company’s share purchase
warrants.
The
Company reports in accordance with Canadian generally accepted accounting
principles (“Canadian GAAP”) and provides note disclosure in its financial
statements with respect to a reconciliation of Canadian GAAP to US
generally
accepted accounting principles (“US GAAP”). Under Canadian GAAP, share purchase
warrants are accounted for as equity. The interpretation under US
GAAP requires
that when a Company’s share purchase warrants have an exercise price denominated
in a currency other than a company’s functional currency, those share purchase
warrants must be fair valued with any resulting gains or losses being
included
in the calculation of US GAAP earnings. In these circumstances a
loss (gain)
would be recorded by the Company when the value of the share purchase
warrants
increases (decreases).
As
a
result of this interpretation, Goldcorp is required to restate the
US GAAP note
included in its financial statements for the years ended December
31, 2003, 2004
and 2005 and for the first quarter of 2006.
This
restatement only pertains to the Company’s US GAAP reconciliation note
disclosure, due to the mark-to-market losses/gains arising from the
fair
valuation of these share purchase warrants. The effect of the restatement
is as
follows; an earnings decrease of $11 million in 2003, an increase
of $7 million
in 2004, a decrease of $418 million in 2005 and a decrease of $458
million in
the first quarter of 2006. In June of 2006, substantially all the
share purchase
warrants were exercised, resulting in the cumulative impact of the
mark-to-market movements, as noted above, being reclassified into
shareholder’s
equity for US GAAP purposes. For the period April 1 to December 31,
2006, the
Company will include in its US GAAP note disclosure as a reconciling
item an
additional $83 million in losses relating primarily to the 8.4 million
share
purchase warrants which were issued in June of 2006. The share purchase
warrants
trade actively on both the Toronto and New York stock exchanges.
The
Financial Accounting Standards Board (“FASB”) has initiated a project to
determine the accounting treatment for convertible debt with elements
of foreign
currency risk. This project is expected to provide further US GAAP
guidance in
respect of accounting for share purchase warrants.
“Goldcorp’s
previously reported financial results have not changed. These are
non-cash
charges that do not impact the Company’s operations. The regulatory authorities
have just recently provided us with their interpretation of some
very complex US
accounting rules affecting a note disclosure in our previously reported
financial statements. Reflecting our commitment to transparent financial
reporting, we are providing that restatement information to the market
today. We
also plan to work with the FASB to resolve this interpretation of
US GAAP
pertaining to our share purchase warrants,” stated Kevin McArthur, Goldcorp’s
Chief Executive Officer.
Goldcorp
is one of the world’s lowest cost and fastest growing multi-million ounce gold
producers with operations throughout the Americas.
Cautionary
Note Regarding Forward-Looking Statements
This
press release contains “forward-looking statements”, within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
applicable
Canadian Securities legislation. Forward-looking statements include,
but are not
limited to, statements with respect to currency exchange rate fluctuations.
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 state 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, level of activity,
performance or achievements of Goldcorp to be materially different
from those
expressed or implied by such forward-looking statements, such as
those factors
discussed in the section entitled “Description of the Business - Risk Factors”
in Goldcorp’s annual information form for the year ended December 31, 2005,
available on SEDAR at www.sedar.com. Although Goldcorp 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 such statements will prove to be accurate, as actual
results and
future events could differ materially from those anticipated in such
statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Goldcorp does not undertake to update any forward-looking
statements
that are incorporated by reference herein, except in accordance with
applicable
securities laws.
| For further information, please contact: | ||
| Jeff Wilhoit | Melanie Pilon | |
| Vice President, Investor Relations | Director, Investor Relations | |
| Goldcorp Inc. | Goldcorp Inc. | |
| Telephone: (604) 696-3074 | Telephone: 604-696-3024 | |
| Fax: (604) 696-3001 | Fax: (604) 696-3001 | |
| e-mail: info@goldcorp.com | ||
| website: www.goldcorp.com |