Spokane- based Pegasus Gold reported record net earnings for 1987 of $14,492,000 or 70 cents per share, a 3- fold increase over 1986 earnings of $4,654,000 or 35 cents per share. For the fourth quarter, the company reported earnings of $3,432,000, up from $2,665,000 the year before.
Gold production in 1987 was 228,000 oz, compared with 92,000 oz in 1986. Revenue was $110,436,000 and $35,054,000 respectively. The number of outstanding shares increased from 13.3 million to 20.8 million as a result of debt converted to equity and an equity offering in mid-1987.
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