Richmont Mines (TSE:RIC) Earnings Increase for Quarter

Richmont Mines (TSE:RIC) reported earnings were up for their latest quarter, as the gold mining company generated $1.8 million in earnings, or 7 cents a share, an increase from last year's $1.4 million in earnings, or 5 cents a share.

Revenue also increased slightly, coming to $20 million, a small increase over $19.9 million last year during the same quarter.

The number of gold ounces sold was down, as the total came to 15,841 ounces at $1,105 an ounce, in contrast to 16,614 ounces sold last year for $990 an ounce.

That resulted in a fall in revenue from metals from $18.8 million to $18.2 million year-over-year.

Going forward the company said they're going to continue to look for acquisitions while cutting operational costs.

One move they announced was to acquire the remaining 30 percent of the shares they don't already own in Louvem Mines Inc. (TSEV:LOV) for $6.8 million in stock.