Increased Production Boosts Earnings for Coeur d’Alene Mines

The strong financial results tallied up by Coeur d’Alene Mines (ME) during the second quarter of 1988 are primarily due to increased production of gold and silver from the Rochester mine, the Idaho-based company said.

During the current quarter, silver production was 1,596,793 oz and gold production amounted to 14,632 oz. During the same period in 1987, the company added up 1,105,267 oz of silver and 8,730 oz of gold.

“This production record combined with low per-ounce production costs at our mines is part of the reason our shareholders’ equity as reached a record $102.6 million (US),” said Dennis E. Wheeler, president and CEO.

The company said net income for the second quarter of 1988 increased 46% compared to the second quarter of 1987, while silver and gold production increased 44% and 68%, respectively, compared to the same quarter of the prior year.

Total revenues of $17.7 million (US) were reported for the three months ended June 30, compared to $9.9 million for the same period in 1987. Net income for this quarter of $3.6 million compared favorably to $2.5 million recorded for the same period in 1987.

Despite a sizeable increase in the weighted average number of common stock shares outstanding, the company reported a net income per share in the second quarter of 1988 of $0.35 per share compared to $0.30 per share in the second quarter of 1987.

In the first half of 1988, 2,819,969 oz of silver and 22,165 oz of gold were produced, a substantial increase over 1987 first half figures of 1,729,096 oz silver and 11,105 oz gold.