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Show The National Enterprise , October 6, 1976 Pane nine Valtek Restates Earnings Downward Mineral Energy Reaches PROVO. Utah Valtek Inc. (OTC 4.50, 4,875) revised downward its earnings for the July 31 quarter to $101,299 or 6 cents per share from $120,419 or 7 cents. The company said the downward revision was due to a higher than expected loss by its 34.7 percent owned Canadian affiliate. Earnings of the affiliate are accounted for on an equity basis. The Canadian affiliates loss had been computed on the gross profit method and subsequent completion of their physical inventories resulted in a greater loss than calcu- lated, according to company president Charles Bates. Supply Agreement for U308 OREM, Utah Mineral Energy. Inc. (OTC .11, .12) plans to bring two uranium mines into production by Nov. 1 , according to company president Ted Miller. One of the company's mines, Miller said. is already producing approximately 30 tons of ore per day and with the other two on stream, production is estimated at approximately 2000 tons per month, generating between 6000 and 8000 pounds of U308. The mines are located in the White Canyon Mining District of southeastern Utah. Security Brokers, Dealers, Corporate Officials, Attorneys. Supply Agreement The company has entered into an agreement with Brooks Minerals Inc. of Denver to supply yellowcake produced from its mines. Brooks Minerals represents Wisconsin Public Service in procuring fuel for Wisconsin's nuclear power plant. The price of the U308 will be based on the NUEXCO published price in the month of delivery. Miller said. The executive also said Mineral Energy has completed the sale of nearly 40,000 acres of uranium lands in southeastern Utah to Phillips Petroleum Company. Mineral Energy held a 16 23 interest in the property. The transaction included an undisclosed amount of cash plus an overriding royalty of percent on all uranium minerals extracted from the 8-1- 2 property. Cedar Mtn. Property In addition. Miller said Mineral Energy is negotiating with Franico Corp. of Denver for the exploration and sale of its Cedar Mountain property, in which Mineral Energy holds a 25 percent interest. Indi- cated reserves of the property are 2 million pounds U308 he Framco is a wholly, said. owned subsidiary of Cogema Corp., of Paris, France, a profit oriented company stemming from the French C.E.A., an equivalent to the U.S. Energy Research and Deve- lopment Administration. Cogema is engaged in fuel, fabrication, fuel cycling and enriching, with uranium holdings in several foreign countries. Should they reach an agreement with Framco, said Miller, uranium from the Cedar Mountain properties is contemplated to be sold in the U.S. for domestic U.S. consumption. t helping hand for sweaty palms Juristics Securities Law Seminars help you avoid problems under securities regulations. Theyre education on tape to protect you and your clients. Complete, current, concise seminars covering the field of Securities Law, you learn at your leisure from experts. Listen and learn while you commute to the office, while you have lunch, in the evenings as you relax at home. Earnings for the six months ended June 30, 1976 were $584,000 ($.42 per share) Cassette Seminars in handsome album with compendium the small investment of only $1 00.00. Any one of the 1 2 sessions could save you many times its modest cost. All for JURISTICS Inc. 233 Parker, Suite 101 P.O. Box 11126 San Francisco, California 941 01 Please send me the Juristics 1 2 Cassette Seminar on Securities Law. My check for $100.00 is enclosed. 1975 earnings were $31,000 ($.02 per share) on revenue of $18,882,000. The increases in revenue 30, DENVER of Colorado, United Banks Inc., (OTC 16.875, 17.375) has extended the expiration date of the .Name Street Address State City J Bankamericard Account Number Signature on revenue of $30,262,000. For the six months ended June Master Charge Expiration Date and income were attributed to the improved residential building market, increased retail sales, the acquisition of six retail building supply centers in Colorado, Oregon and Washington, and the continuation of effective cost reduction programs. Erb Lumber Co. is a Michigan based lumber and building materials dealer operating seventeen retail building supply centers and five builder distribution centers in Colorado, Florida, Indiana, Michigan, Oregon and Washington. Expiration of Warrants Extended by United Banks of Colorado Send for your Juristics Securities Law Seminars now. Charge my BIRMINGHAM, Mich. ERB Lumber Co. (OTC 3.50, 4.25) announced earnings of $516,000 ($.37 per share) on revenue of $18,318,000 for its second quarter ended June 30, 1976. During the same period in 1975, Erb reported earnings of $3 18, 000 ($.23 per share) on revenue of $12,356,000. 12 Juristics, Improved Market Hikes ERBs Sales Zip company's warrants to purchase common stock to Nov. 1 , 1977. The warrants are presently scheduled to expire on Nov. 1. 1976. The warrants were attached to a United Banks issue in Nov. 1970 of $12 million of 9 percent subordinated debentures due Nov. 1, 1980. Holders of each $1,000 principal amount of debentures received 40 warrants with each warrant entitling the holder to purchase one share of stock at a price of $21. Since Dec. 31, 1970, the warrants have traded on the OTC market with a present quote of $31 bid and $.50 asked. Through Sept. 27, 1976, 48,717 of the 480,000 warrants had been exercised. |