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Show The Sational Enterprise , February 23, 1977 Page four Western United Stung by Rash of Bad Business e COMMERCE CITY, president of Western United Resources, Inc. (OTC .3125, .4375) has no genuine CO-Th- explanation for the recent rash of bad business that has beseiged the herbicide, pesticide, fertilizer manufacturPhillip C. ing company. Mozer, president, would like to call it the Wrath of Government since delay by the Environmental Protection Agency in labeling one of the companys major insecticides cost them over $1.5 million in contracts and another $125,000 in legal expenses. But a lack of corporate foresight and bad money management, he said, also played a role in the $400,000 loss the company will show this year. Quite a change from last years $500,000 profit. Weve got all ducks in a row," Mozer said of the company's We financial onslaught. just put a bunch of money ($1.8 million) into our new herbicide plant in Palacios, Texas and then we incurred a big expense fighting the EPA. Besides that, we missed our sales season for the insecticide we couldnt sell without a label. Fertilizer sales, which account for approximately 20 percent of Western's total revenues, have also dropped, Mozer said, because of ill-fat- ed a temporary surplus of phos- phate and nitrogen fertilizers left on the market as a result of the economic recession. The company also has a $600,000 suit pending against Ethyl Corp. (the company that puts the lead in gasoline) for reneging on a The case will come to court in March. As Mozer puts it, We're bound to win the suit, its our turn. In January, the company filed for Chapter XI under the federal bankruptcy law. Meanwhile, the agrichemical manufacturing borrowed $1 has company million in cash from Cal Am Corp, California, to keep 1974 sales contract. operating. Regarding the future, Mozer declared, "Things have got to get better, How could they get worse? Western has already sold $1 million worth of Chlorobenzilate, the heretofore unlabelcd miticidc. Their new Texas plant will be in operation in 60 days and fertilizer prices are up 20 percent nationally. Florida Glass Notes Rise in Earnings , Sales Florida Glass MIAMI Industries Incorporated (OTC 2.00, 3.00) reported a 28 gain in net income on 24 higher sales for the nine months ended Nov. 24, 1976, compared with the corres- ponding year ago period. Net income rose to $132,747 from $103,982, or 34 cents from 27 cents per share, while sales rose to $8,759,071 from $7,058,798. Net income for the nine months nearly equalled the $138,385 earned in the entire fiscal year ended Feb. 28, 1976. The final quarter of that year marked the beginning of the company's recovery from the effects of the construction slump, and it has registered gains every quarter for the past 12 months. During the three months ended Nov. 24, 1976, Florida Glass net income increased 32 to $50,629, or 13 cents per share, from $38,348, or 10 cents per share, for the corresponding three months a year earlier. JUST PUBLISHED INVESTING IN THE GREAT NORTHWEST. NOW ... FOR THE FIRST TIME. A BOOK THAT ANALYZES EXCITING INVESTMENT OPPORTUNITIES IN THE DYNAMIC, RESOURCE-RICSEVEN STATE REGION OF THE PACIFIC NORTHWEST (INCLUDING ALASKA). DEFINITIVE our H Consolidated Capital Will Buy Back Its Shares SALT LAKE CITY Consolidated Capital Corp. (OTC 5.25, 6.00) a Salt Lake based real estate investment and development firm, announced last week a tender offer for 90,000 shares of its common stock at $6 a share. The offer expires April 31, 1977. Consolidated president Norman W. Olsen said the 90,000 shares would represent about 39 percent of the total shares outstanding. A group comprised of the seven board members of Consolidated, two of its employees and two outsiders will purchase the shares. If the offer is successful, they will control among them intended to do that." Consolidateds common stock was originally offered in 1969 at 10 cents a share. A reverse split in 1972 moved it to $10, but since then, Olsen said, its been in a downward slide. The merger with Western Fidelity was detrimental to the trading price, according to the firms controller, Richard Chitman. The acquisition of Western Fidelity brought 1,200 new stockholders into the company, he said, who were not accustomed to trading their stock. Hence, Consolidated's stock ceased active trading." 100-for- -l Earnings Rise at Murphy Motor Freight ABOUT THE AUTHORS. INVESTING ST. Minn.-Murph- y PAUL, Motor Freight Lines. Inc., (OTC 5.25, 6.00) reported record revenues and a significant improvement in earnings for the fourth quarter and full 12 months of 1976. Revenues for the year ended Dec. 31 amounted to $56,892,000 an increase of 13.7 percent over the $50,047,000 reported in 1975. In the fourth quarter, revenues THE GREAT NORTHWEST region. Discusses over 200 public companies over 2 billion shares of stock Over $30 billion annual sales Paying over $1 billion annual dividends and Interest With SHANNON P. PRATT I Editor of t Stock Guide, a ayndlcatod columnicl on North IhwreaHngand o recognlred aiparl on eoiporoto valuation. Ho holds doctorsts In honi Indiana IMvorsky, is a Chartered Financial Analyst and a North y Certlflsd Financial Flannor, and a director of ths Invaatmairt Analysis Cantor at Portland Slats U. "A reoat uwuaual book. A trad breaking aflert arlth Important malarial tor aeonomlc aophlatlcataa aa wall aa amalaur btvaatora." Hobart land-aua- r, Tha OREGONIAN. a. JluaMa ns aalAa.re a.AJ wwhis i no mnns ins Uadhaa many ismiii wny fta Mnmsn snows baaaoundandgwwtn9regtonterlnaaatmanltoiida.Thare'awBreaann ' Dan CoughHn, aattto. POSMNTEUJGENCER. t $9.95 Hard Cover STORES OR ORDER FROM: Willamette Management Associates, Inc. 220 S. W. Aidtr StrMt Portland, OR 97204 Please send mo ples of "INVESTING . hsrd cover $9.95 plus 50 mailing each. In soft cover $6.95 plus 50c mailing each. Name Address LAWRENCE R. ROSS la a nattonady known aacurSy anatyal and financial wrttar and waa Director of Raaaarch a ver i norvimsi wbcw- - a smisrigs Wm tor a n unbar at yaara. Ha la a member ot tha Berner Society at SacurRy Anatyala and haa had SB yaara aapert enca in tha twreatinant bualnaaa. Roaa la authar at tha book, In Low Rlafc Orewth rniwpanlaa Zip. City F NOT SATISFED. RETURN BOOK WITHIN X DAYS FOR A REFUND. Excessive expenses incurred through correspondence with the firms 1,700 shareholders prompted the tender offer, Olsen said. About 1,400 of them own less than 100 shares. Via a merger with First Western Fid- 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. price of the stock which hovered around $2 for over two years. Quoted at about $1.75 per share in late December, 1974, it moved to approximately $2 a year later and closed out 1976 at $4.50. It is currently trading at We make it our business to know what's going on in the behind closed doors of corporate board rooms to changing securities laws and regulations. We'll keep you posted on the latest developments and abreast of current trends. definitely "moved the price Olsen adof our stock, mitted. "Naturally, it was industry-fro- m The National Enterprise gives your investments the kind of coverage they deserve. Please send me a $5.25,6.00. "The tender offer has one-yea- r subscription to the National Enterprise. Enclosed is $24.00. NAME. ADDRESS. I CITY STATE. IN In shares, or about 80 percent of the company. consistently low trading I THE GREAT NORTHWEST:" approximately 185,000 elity, formerly a Salt Lake real estate trust company, the company gained 1,200 stockholders. The most impelling reason for the tender offer however, Olsen said, was the v ORDER TODAY $6.95 Soft Cover AVAILABLE AT MOST BOOK of $14,626,000 in 1976 compare with $13,172,000 in 1975. For the year, net earnings of $1,471,000, or 93 cents per share, increased substantially over the $784,000, or 50 cents per share, reported in 1975. Fourth quarter earnings were $534,000, or 34 cents, compared with $442,000, or 28 cents per share, in 1975. IN is a new approach to Investment guidance, bringing together In 320 entertaining and readable pages information indispensible to any businessman interested In this ZIP- - Mail to: THE NATIONAL ENTERPRISE P.O. 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