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The company's full-year oil and gas sales escalated 47% to USD6.6m, when compared to USD4.5m in 2007. Total revenue rose 34% to USD6.6m in 2008, from USD4.9m in 2007. For the fourth quarter oil and gas sales were USD898,427, down from USD1.4m in the 2007 fourth quarter.
Operating expenses in the whole of 2008 went up 21% to USD1.9m, from USD1.6m in the previous year. Operating expenses in the fourth quarter increased from USD422,055 to USD508,614 year-on-year.
Full-year net income, which included USD304,535 in income tax benefits, was unchanged at USD1.5m (USD0.32 per diluted share). In the fourth quarter Pyramid recorded a net loss of USD932,850 (USD0.20 per diluted share), compared with net income of USD427,371 (USD0.09 per diluted share) in the same quarter a year ago.
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