Pilgrim Petroleum Corporation reported its financial results for the fiscal year ended December 31, 2007. Exceeding expectations, Pilgrim's Net Revenues for the year totaled $410,096 as compared with $1,471,507 in 2006, a decrease of 72% compared with 2006 as a result of debenture of properties last year. Net Income, on the other hand, was $33,725,949 compared with $516,814 last year, demonstrating an escalating increase year after year. On profitability and efficiency measures, Pilgrim proved to stand above average, showing a return on equity (ROE) of 94% and an ROA of 80% for the year ended December 31, 2006. On its financial leverage side, Pilgrim kept debt ratio at its minimum, reflecting just 15% while debt-to-equity ratio showed only 17%. Additionally, the company declared a 25% stock dividend to the holders of record as December 12, 2007. Additional developments worth mentioning are the board of the directors will be approving additional dividend options for holders of common stock and new additions to management.
Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "2007 results definitely exceeded our expectations. Management strongly believes that Pilgrim Petroleum is a young, fast growing company with great potential. Every year Pilgrim commits to incremental improvements and with this strong start, Pilgrim will continue its growth strategy and development of its properties for the new fiscal year."
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