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Show Page 10 TOSCO Loses $10 Million to Shale Project Oil Shale Corp (TOSCO) opted to take a loss of more than S10 million rather than continue its part in the federal oil shale lease program. TOSCO and Atlantic Richfield Co. both pulled out of participation in the second federal oil shale lease in Colorado, the C-- b tract, at the end of last year. The abandonment of the project, according to the Los Angeles-base- d firm, had the effect of reducing its net income by S10.05 million and throwing the firms financial statistics from a profit to a The loss. When it withdrew from the federal lease project in December, TOSCO said the reason was that the Colorado pro- perty was the most expensive oil shale property the company had and there was no realistic probability of early commercial development. Although the company, with the same partners it had on the federal tract, have private properties in Colorado that have been partially developed, TOSCO decided to concentrate funds earmarked for oil shale development on its Utah state oil shale leases, a project which the company called a more immediately profitable, near-terinvestment opportunity. A spokesman for the company in Denver said that approximately $6 million of the loss was TOSCOs share of the third federal lease bonus payment on the property. Each of the four partners in the project was committed to making the first three of the m five annual bonus payments on the lease property. The spokesman said that another $2 million of the loss was for operating expenses incurred in connection with the federal lease tract. The remainder, he added, probably is due tax benefits the company would have received if it had continued with the federal lease project. The total loss attributed to abandonment of the project is the equivalent of 56 cents a share. TOSCO reported for 1975, a net loss of $3.63 million, equivalent to 20 cents a share, on revenues of $438.73 million compared with net income of $12.56 million, or 69 cents a share, on revenues of $372.34 million in 1974. The 1974 figure included an extraordinary credit of $3.89 million for The The company also said that the 1974 earnings are restated to reflect a change from the first in, first out (FIFO) inven- tory valuation method to the last in, first out method (LIFO) and to give effect to an accounting change for the expense of research and deve- lopment costs by the com- pany. tax carryforwards. In the fourth quarter, the company reported a net loss of $9.36 million, equivalent to 52 cents a share, on revenues of $120.45 million, compared with net income of $4.89 million, or 28 cents a share, on revenues of $110.12 million for the same period a year earlier. The 1974 figure included an Big Boy Family Restaurants, Inc. (OTC 2.125, 2.625) today reported that revenues for the first twelve weeks of fiscal 1976 were $5,591,731, compared to revenues of $5,949,118 in the 1975 period. Net income for the first quarter of fiscal 1976 was $56,557, or 3 cents per share, versus $106,539, or 6 cents per share for the corresponding period last year. The decrease in revenues is attributable to the sale of seven restaurants after the first quarter of fiscal 1975. Accordingly, revenues FAIRFIELD, New Jersey, -Rapidata, Inc., (OTC .25, .75) a remote access computer company, has been awarded a computer services contract by the Federal Judicial Center. The contract has a minimum value of $102,000, and calls for York, San Francisco and Wash ington, D.C. Eventually the Center will employ COURT-RAto track, all federal district and appeals courts on its own computers. According to the Centers projections, the largest district timecourt in the system in five the sale of software, sharing and facilities manage- - years is expected to monitor ment services. annually 37,600 cases involv- The Federal Judicial Center, ing nearly 72,000 defendants an administrative agency of and 120 judges. It is further the U.S. Supreme Court, is forecasted that the total system in that period will implementing a computerized 15 to 20 times this handle control and reporting system, known as COURTRAN, to projected volume, process as track the location and disposimany as 60 million case events tion of all cases pending per year, and be accessed by 900 terminals nationwide. before the federal courts. The contract extends Initially the system will be loads to used evaluate case through June 30, 1976, and completion times of cases although it is anticipated that arising in the federal courts. a substantial portion of the The pilot version will monitor work to be performed by criminal cases before federal Rapidata will be completed in courts located in Chicago, the first quarter of the current Detroit, Los Angeles, New calendar year. Intermountain meeting of Exploration Company will be held on Friday, March 26, 1976, at the Center Strip Holiday Inn., Las Vegas, Nevada, in meeting room D at 7:30 p.m. The terms of two directors, Dudley Phillips and Anne Wyman expire this year. Both are up for reelection, N end of this quarter stood at 59 in 13 states. In addition to these two new restaurants, the Big Boy at Coronado Mall in Albuquerque, New Mexico was completely remodeled and reopened on November ' I- Were Helping Keep Americas Automobiles on the Road Gasoline is expensive and in short supply. So it's important to conserve every possible drop of this precious fuel. That's where we come in! We insulate petroleum storage and transport facilities to help prevent heat loss caused by high temperatures. Insulation of pipe lines and storage tanks makes them safer too! We're also involved in insulation projects to help protect petroleum products from extreme temperatures on the other end of the scale. We have insulated instruments for the newly developing oil program in the North Sea where temperatures reach 50 degrees -- F. There are many ways to conserve gasoline. Driving at slower speeds and keeping your automobile tuned up are a couple of them. This is how you can help. Insulation of petroleum facilities is another way. And that's the business were're in. Restaurants now under construction at the end of the first quarter included Rock Springs, Wyoming; Clearfield, Utah; and Phoenix, 25, 1975. SALT LAKE Arizona, - -- -- - - - - - - - - ' HOUSTON Weve of these seven restaurants are reflected in the first quarter of 1975 but not in the first quarter of 1976. $50,000 from an insurance policy on a former officer of the Company was received during the first quarter of fiscal 1975, which accounts for the difference in net income between 1975 and you Covered With over 1600 stock quotations, news articles, earnings reports, corporate profiles, market columns and feature stories, the National Enterprise covers the OTC securities market from coast to coast. 1976. During this past quarter, two new restaurants were opened in Sioux Falls, South Dakota and in Bozeman, Montana. The restaurant in Bose-ma- n was purchased from the current Big Boy operators in Wyoming and then reopened as a JB's on November 19, 1975. The number of restaurants in operation as of the annual Rapidata Awarded Government Contract Restaurant Sales Lower JBs Earnings JBs Intermountain Calls Meeting We make it our business to know what's going on in the industry-fro- m behind closed doors of laws securities rooms and board We'll to regulations. changing corporate keep you posted on the latest developments and abreast of current trends. The National Enterprise gives your investments the kind of coverage they deserve. Please send me a one-ye- ar subscription to the National Enterprise. Enclosed is $18.00. NAME. ADDRESS. I CITY STATE. ZIP- - Mail to: THE NATIONAL ENTERPRISE P.O. BOX 11778 SALT LAKE CITY, UTAH 84147 |