The results represent a significant improvement from the previous fiscal year when earnings were 11.1 cents per share on net income of $1.84 million.
The company’s operating revenues, derived mainly from management services and oil and gas production, rose 6% to $4.09 million in the past year. Operating expenses increased 20% to $4.02 million as a result of higher costs associated with the company’s broadening scope of activities.
The Imperial Metals Group spent $15.3 million on mineral exploration and development in the past year, an increase of $7.2 million over 1988 levels. Expenditures in the oil and gas sector reached $3.4 million, up $2.6 million from last year.
With liquid funds in excess of $7 million and long-term debt of only $578,000, Imperial Metals said it is well positioned to finance key base metal and in-situ leach uranium projects to production.
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