Pilgrim Petroleum FY06 Profit Rises 1000%; Revenues Up 800%
Pilgrim Petroleum Corp. posted full year 2006 net income of $516 thousand, up 1000% from $38 thousand in the last year.
Exceeding expectations, the company’s net revenues for the year rose 800% to $1.47 million from $0.15 million in the prior year.
Annualized return on average assets was 43.2% and return on average equity was 47.6% for the year ended December 31, 2006.
Pilgrim’s Estimated Future net revenue, before income taxes is $102.37 million and a net present value at 10% discount rate of $52.05 million. Still the company maintains its “No Debt” condition, keeping focus on its obligations solely to its stockholders.
