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Show The National Enterprise , February 2, 1977 Page four Formula for Profits Outlined by Marlin Oil Fountain of Youth Breaks Red Streak SALT LAKE CITY Finally sighed Fountain of Youth (OTC) president Vincent H. Brown after the firms annual meeting in Salt Lake last week. Relieved after 1975s loss, Brown told shareholders the company actually made a profit of $40,975 this year and had reached a point where accounts receivable now cover the health clubs overhead. On Jan. 21, Brown said, receivables exceeded $600,000. Both an improving economy and competition from Salt Lakes newest athletic club, the Sports Mall, stimulated Fountain of Youths revenues during 1976, he said, adding gross sales reached $350,000 during the last 12 months. After looking at the he said, Sports Mall, people began to shop around. And we were often the health club they chose. The year, though better than the previous one, was still not especially easy. Due to the tight money market in 1975 directors of the company had personally assumed the burden of financing $150,000 for the construction of the Tennis Building. Now showing significant return on the investment, however, Brown said the project has been totally financed through the company itself. Further expansion of facilities anticipated during 1977 are possibilities of DENVER Moderate depth wells and a chance for a $10 return for each dollar spent is the key to profits for Denver-base- d Marlin Oil Co. (OTC 1.875, 2.25). Jim Snyder, president of the company that does most of its work in Colorado, said wells drilled tfr a moderate depth, up to 8,000 feet, give the firm maximum drilling exposure for its funds. Speaking at the firms annual meeting in Denver, he said the philosophy helped net income grow to $153,443, or 18 cents a share during the 1976 fiscal year, which ended April 30, compared with net income of $95,116, or 11 cents a share the year before, a gain of 64 percent. Revenues during the same period more than doubled from $538,865 in fiscal 1975 to $1.39 million during the past fiscal year. Although the company doesnt publish quarterly reports, Snyder told shareholders net income during the first six months of the current fiscal year totaled $56,000 and sales from oil and gas are running between $45,000 and $50,000 a month, about the same level they were at the beginning of the fiscal year. Snyder said the company has been able to maintain its earnings in spite of a building platform tennis courts as well as additional raquetball courts, Brown said. Construction costs would run around $200,000, he estimated. Continued efforts to become the most competitive and desireable club in the Intermountain area and prospects of continued improvement in the economy should make 1977 even better, Brown concluded. Helix Announces Reorganization WALTHAM, Mass. . Helix Technology Corp. (OTC 4.00, 4.50) last week said it has established a new division to be known as the Process Systems Division. It will be comprised of activities represented by the companys design and manufacture of custom cryogenic plants, previously in the CTI-Cryogeni- Division, cs and the nuclear waste gas systems work, formerly in the companys CTI-Nucle- ar subsidiary. The new division begins with a $14 million order backlog, said Helix president Richard Cole. The company has leased additional factory space for the new division, bringing Helix total space to 250,000 square feet. In an additional move, a consolidated Corporate Development Group was established, Cole said, to be headed by Donald Hunter, The Corporate Development Group will analyze and manage new ventures, evaluate ongoing business in order to assure that corporate resources are optimally applied, manage vice president. the companys year-earli- er third-quart- er home manufacturer with operations in both the United States and Canada. In announcing results The oil well completion was in the Spindle Field in Weld County in the Denver-Julesbur-g Basin. Snyder said he couldnt predict ultimate production from the well but it produced 174 barrels of oil during a on page nine performance during the year and government legislation that was punitive toward the company and to the entire oil and gas industry. ongoing through acquisitions and mergers and coordinate planning. Near term objectives of the Group include the identification of suitable opportunities for Helix and the development of initial mare ket positions in key industries which can be the basis for enhanced growth and earnings over the longer term, Cole added. Helix sales have grown from $6 million in 1971 to about $22 million in 1976. Backlog currently stands at $25 million, according to Cole. Two Successful Wells During the first nine months of the fiscal year, Snyder explained. Marlin participated in the drilling of n A Q JJ ncuil IV7UIUw U 1 1I SM WEST FIFTH SOUTH ,11 SALT LAKE CITY 14101 (SOI) MEDICAL COMPUTER SYSTEMS and rural health services ). SJ1-77- The computer has a greater potential in Soft Canadian Market Depresses Modulines Sales CHEHALIS, Wash. Moduline International, Inc., (OTC 3.875, 4.375) earnings for the nine months ended Dec. 31, 1976, remained ahead of levels redespite a versal attributed to softness in the companys Canadian markets, L.C. Merta, president said last week. Moduline is a mobile approximately 2.3 billion cubic feet of natural gas in reserves, and he hoped the Marlin well would reach that average. The company is planning additional development on its acreage in Baca County within the next 60 days, he said. disappointing" drilling search for suitable opportunities for external growth long-rang- seven wells; only two were successful, an oil well and a gas well. The first well in this years effort, he said, was the No. 1 Mangles well in Baca County, Colo. Drilled to only 3,200 feet, the well produced 562,000 cubic feet of natural gas a day in tests, he said. The well, completed October, is still awaiting pipeline hookup. Snyder told shareholders that other wells in the same area each average patient care than any other invention, including the stethoscope and the machine. " X-r-ay for the third quarter and nine months, Merta noted that sales at U.S. plants during the period were in line with objectives and ahead of year-earliLower sales levels. at our Canadian facilities more than offset our U.S. gain, however, and forced us to operate at a loss in the third period despite the imposition of strict cost controls, he noted. Results in the period were further affected by a Continued on page eleven Mr. Ken Hanson American Medical News er healthgarde corporation Medical Computers for the Modern Hospital OUR NASDAQ SYMBOL IS HGRD |