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Show : Abandoned Operations and Lower Sales Cant Hold Down Coors Profits a discontinued television news service and a decline in the amount of beer sold couldn't keep the DENVER-Ev- en i 'i share, on revenues of $466.3 million for the previous fiscal year. The company noted that 35,420,000 shares of stock were outstanding in 1974 and an average 35,419,000 shares were outstanding during 1975 and the fourth quarter of 1974. The Golden, Col., brewing company reported net income of $12.1 million, or 34 cents a share, on revenues of $107.01 million in the fourth quarter, compared with net income of Adolph Coors Co (OTC 29.00, 29.50) from sharply increasing its profits during 1975. During the fiscal year ended Dec. 28, 1975, the nations fourth largest brewer reported unaudited net income of "'s Page 9 $59.52million, or $1.68 a share on revenues of $520 million, compared with net income of $41.05 million, or $1.16 a . $4.09 million, or 12 cents a share, on revenues of $103.38 million for the same period a Oil and Gas News test through Jurassic Navajo (Nugget) sandstone is to be drilled by Hanson Oil Corporation, Roswell, New Mexico, on the Cordilleran hingeline in central Utah year earlier. located between the towns of Moroni and Mt. Pleasant, Sanpete But both the full year County, according to Carlton Stowe, minerals specialist, Utah figures for 1974 and 1975 show Geological & Mineral Survey. a loss of 9 cents a share from The well is the No. 1 Moroni in section 14, township 15s, discontiued operations. That range 3e. It is on acreage owned by Phillips Petroleum, and the amounted to $3.25 million in actual drill-sit- e was determined by seismic methods. Several 1975 and $3.21 million the others have working interests in the venture which is to be previous year. And it showed drilled by the True Drilling Company, contractor; including up in the fourth quarter of Smokey Oil, Casper; Franklin, Aston & Fair, Roswell; Alberta 1974 as a loss of $750,000 or 2 Eastern Gas Company of Calgary; and Yellowknife Bear Mines cents a share. The figure isnt of Toronto, Ontario. The new well is about 20 miles condinued in statistics for the of Clear Creek gas field south of Price. fourth quarter of 1975. n Twenty-sevemiles south of the well, Phillips last year According to a spokesman abandoned it's deep exploratory test which set a new depth for the company, the discon- record for Utah at 20,450 feet. Casing was set in the well which tinued operation was the was extensively tested. firms Television News, Inc. Twenty active drilling rigs are working in Utah compared to d The Chicago-base35 a year ago, notes Mr. Stowe. Well completions are slightly subsidiary. news service was ahead of last year. So far, companies have completed 15 wells designed to present a conseragainst 8 this time last year. Independent oil and gas lease vative approach to news brokers have been active throughout the northern area of the events and news analysis state, primarily in Cache and Morgan counties. Field Coors decided to stop the development work is progressing especially in the Altamont-Bluebeoperation of the subsidiary area of Duchesne and Uintah Counties and in the last September. Aneth vicinity of San Juan County. The full year and fourth Two new exploratory wells also are scheduled. Gulf Energy & 1974 for also Minerals will drill a 15,000 foot test in the Buck Canyon area of quarter figures reflected a loss of $2.35 Uintah County, almost 50 miles south of Vernal. Skelly Oil has million, or 7 cents a share, scheduled a 6,300 foot test cast of Blanding in San Juan County. from the firms decision to halt its paper recycling project. The figure is reflected as a (continued from ptige 2) continuing operation; however more than 18 years. A gradduction, assistant treasurer according to the spokesman, uate of the Colorado School of and secretary, has been because accountants had Mines with a Geological Eng- named to the board, bringing determined it was a part of the ineering degree in 1957, he the number of board members brewery operations. was with Pan American Petroto five. Others on the board The higher profits, accordleum Corporation (Amoco are J.C. Carlile and Leonard ing to William K. Coors, Production Co.), was execuD. Johnson, both of Denver, chairman and chief executive tive vice and Weldon C. Julander, president and explorofficer, were the result of price ation manager for Inexco Oil founder of the firm. increases that were instituted Co and was special consultant, Energy Minerals currently by the brewing company in director and chairman of the produces approximately 600 late 1974. board of Rainbow Resources, barrels of oil and 3 million The actual amount of beer Inc. before establishing offices cubic feet of gas per day net to sold declined during the year, in Denver as an independent the company. The companys he continued. The decline was in 1975. stock is traded January, 6.3 percent in the fourth Minerals also Energy NASDAQ symbol quarter, compared with the announced that John W. EMIN. It is listed on the (continued on page 11) vice president of pro national QTC listing. A 20,000-foo- t west-southwe- st ll k Oil Man Joins Energy Minerals Going public is tough. Keeping your seat is even tougher. Going public can be a great opportunity for growth (stock can often facilitate acquisitions) . . . but its not much consolation if youre left on the outside looking in. We can make your company public and keep you in control. No need to worry about months of delays, either. We move quickly and precisely. Talk to us before you give your company away to a board of directors. You built it; you should keep it. - Chatham Securities Corp. Contact Richard L. Chatham, President 7 Denver (303) Salt Lake City (801) 531-033- 757-016- 5 over-the-count- er, Ju-land- er, Browning Increases Sales Force Browning Arms, a Morgan, Utah company, (OTC 4.00, 4.50) has announced changes in organizational structure, an increase in sales force and budget, and availability of a $10 million open line of credit for 19 76. Reorganization of manage ment structure is still developing, according to James W. Sines, treasurer of the corporation. Some of the changes include the appointment of Executive Vice President Harmon G. Williams as head of most operating functions. We think this will be a more functional arrangement than the one we had before, and will make this a more economic operation, Sines said. Williams was previously head of the marketing department. The sales budget has been increased 7 to 8 percent, Sines continued, and the sales force has increased 25 percent. We are reorganizing our sales territories, he explained, 'and converting them into smaller units. The individual representatives will cover smaller areas, and so will be able to do a better job, he added. He estimated Browning has 13,000 dealers throughout the United States. Four U.S. banks have ex tended a combined line of $10 million credit to Browning, Sines said. First Security Bank of Utah, Chase Manhattan Bank of New York, Michigan National Bank of Detroit and First National bank of St. Louis, Missouri arc the lending banks. We are hoping to convert this money into sales, Sines said. He added the company docs not anticipate adding any equipment or making any plant expansions in 1976. -- Offering components for complete SOLAR ENERGY HOMES DISTRIBUTION NEEDED FOR Swimming Pool Heating Systems Home Heating Systems Water Purification Systems Californiaw2020 BlHiD(eXQ)(2SSB) |