COEUR D'ALENE MINES REPORTS THIRD-QUARTER INCOME UP 79 PERCENT
COEUR D'ALENE, Idaho, Nov. 6 /PRNewswire/ -- Coeur d'Alene Mines Corp. (NYSE, PSE: CDE) today reported third-quarter 1991 net income of $804,000, or 7 cents per share, on total revenues of $14,320,000. Third-quarter 1990 net income was $448,000, or 5 cents per share, on total revenues of $17,117,000.
For the first nine months of 1991, the company had a net loss of $472,390, or 4 cents per share, on total revenues of $41,865,000. During the first nine months of 1990, the company realized net income of $3,597,000, or 36 cents per share, on total revenues of $44,588,000.
During the third quarter of 1991, the company produced 16,397 ounces of gold and 1,472,778 ounces of silver, compared to 20,207 ounces of gold and 1,523,596 ounces of silver produced during the third quarter of 1990. Coeur d'Alene Mines' silver production increased during the first nine months of 1991 to 4,158,536 ounces, compared to 4,009,366 ounces for the first nine months of 1990. The company's gold production for the first nine months of 1991 was 43,912, compared with 47,800 produced during the first nine months of 1990.
In the first nine months of 1991, the average price of silver declined to $4.04 per ounce, compared to $5.03 for the same period in 1990. Gold prices during the first nine months of this year averaged $362.84 per ounce, compared to an average price of $384.69 during the first nine months of the previous year.
Dennis E. Wheeler, president and chief executive officer, advised that pending the necessary government approvals, the company expects the proposal to merge Callahan Mining Corp. will be submitted to a shareholder vote in December.
COEUR D'ALENE MINES CORP.
Three Months Nine Months
Ended Sept. 30: 1991 1990 1991 1990
Total revenues $14,320,000 $17,117,000 $41,865,000 $44,588,000
Total income $ 3,844,000 $ 2,225,000 $ 9,272,000 $11,899,000
Net income (loss) $ 804,000 $ 448,000 $ (472,000) $ 3,597,000
Net income (loss)
per share $ 0.07 $ 0.05 $ (0.04) $ 0.36
number of shares 11,998,906 9,992,422 11,994,381 9,988,804
/CONTACT: Arthur C. Johnson of Coeur d'Alene Mines Corp., 208-667-3511/
(CDE) CO: Coeur d'Alene Mines Corp. ST: Idaho IN: MNG SU: ERN SC-JH -- SE003 -- 1740 11/06/91 12:54 EST