OCR Text |
Show The National Enterprise , March 2, 1977 Page three Bullock to Reorganize After Prosperous Year FB Truck Trims Expenses, DANVILLE. (Curt) Bullock, president and chief executive officer of The will head the Southern Division, Lon Slider of Mesa, Arizona will be the South- Bullock west Division Manager, and R. C. (Randy) Bullock of Springfield, Ohio will become the Eastern Region Ill.-F.- 111. C. Inc., Company, (OTC 1.50, 2.25) manufac- turers and marketers of preconstructed garages, overhead doors, cabins, homes and utility buildings, has announced a reorganization of territories to keep pace with the growth of the company. Last year sales neared Manager. No relocations or personnel changes are caused by the reorganization. In the past the managers have been plant managers of either garage or house construction mills and oversaw sales offices their throughout region. $25 million. Paul Taylor of Moline, will become the Northwest Division Manager, J. W. (Jim) Bullock of Danville, 111. oo ALL ABOUT o O O o o O "3 e Join those in the know. o. Learn about Gold and Silver in the 75 economy, finance, investment, stocks, O and mining and exploration. Read the experts have to say. g what provides the most thorough coverage o of O any publication in its field. Fattens Earnings by 448 SALT LAKE Gold Newspaper Since 1933 S 2O Your FREE choice two popular books, Gold! The Ultimate Hedge or of 33 Hedge Yourself Against Disaster o sent with subscription. O $10 per year Issued Monthly 0 O (For sample copy send $1 ) 1 o O o O Money refunded if not delighted AMERICAN GOLD NEWS qo a. q oa 0o P.O. BOX 457, DEPT.NE lone, CA. 95640 CL ao 1 Fourth quarter net income was $220,000, or 45 cents a share, compared to a loss of $55,000 for the fourth quarter last year. The company reported revenues of $4,221,000 and $3,821,000 for the period in 1976 and 1975 respectively. Late in the third quarter of 1976, FB purchased the physical assets and operating authority of Machinery Transports, an FB has received Illinois truck line. temporary operating authority but is still awaiting approval on the $3.2 million $16,475,000 in 1976. controller John Fullmer attributed a of portion the gain to the sale of FBs Pacific operating authority. The Salt Lake truck line sold their Northwest authority to Pacific States Transport, Inc. for $860,000. The sale yielded a net gain of $139,000 or 27 cents per share. The company also closed most of its dispatch and loading terminals in the Northwest and brought a number of personnel to the Salt Lake office in order to FB transaction from the Interstate Commerce Commission. The contractual agreement with Machinery Transports provides for FB disbursal of payments over a seven year (84 month) period. The acquisition of Machinery Transports will make FB a transcontinental carrier," according to Fullmer, and give the heretofore western truck line a lot more room for growth in 1977. Altex Oil Adds to Acreage , increases Revenue, Income increased ; cut expenses, he said. truck terminals in California. Washington, Oregon and Arizona and a general trimming of overhead expenses have led FB Truck Lines (OTC 6.25, 7.00) to a record earnings year. The company last week reported net income for the year ended Dec. 31, increased 448 percent to $769,000 or $1 .50 a share compared with earnings last year of $140,000 or 27 cents a share. Revenue scored a 26 percent increase over last year's $13,090,000. It amounted to VERNAL, 6 The closure of outlying -- 12 A Leading CITY Utah-Sharpl- y revenues and earnings for its first fiscal quarter ended Dec. 31, 1976 were announced by Altex Oil Corporation (OTC .625, .6875) independent explora- tion and production concern based in Denver and Vernal, Utah. The company, according to Cecil Wall, president, earned $118,476, or 1 cent per share, on revenues of $511,123 for the quarter, compared with net earnings of $58,892 or one half of one cent per share, on revenues of $329,070 for the like period in fiscal 1975. Gains in oil and gas revenues and increased sales of drilling arrangements and oil and gas leases, according to Wall, accounted non-produci- ng primarily for the company's improved results during the quarter. Altex continued to add to its undeveloped acreage position in the Utah-Idah- o Hingeline-Overthru- Belt st during the first quarter, acquiring a 35 percent interest under approximately 240,000 acres of long-teroil, gas and mineral leases in seven counties in southeast Idaho. The company's undev- eloped leaseholdings, companys undeveloped holdings are concentrated in the Hingeline Overthrust play he noted, adding that the company is exploring the behind closed doors of We'll keep you posted on the corporate board rooms to changing securities laws and regulations. latest developments and abreast of current trends. industry-fro- m The National Enterprise gives your investments the kind of coverage they deserve. ar subscription to the National Enterprise. Enclosed is $24.00'. NAME. ADDRESS. I CITY STATE. ZIP- - in- cluding applications, exceeded 900,000 gross (323,531 net) acres in seven states at Jan. 1, 1977, Wall said. Roughly 82 percent of the 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. We make it our business to know what's going on in the possibility of sale or joint venture of portions of its acreage with other opera- tors. Altex Oil Corporation net reported earnings of $380,650 or 3 cents per share on revenues of $1 ,833,410 for its fiscal year ended Sept. 30, 1976. m you Covered Please send me a one-ye- Vo Mail to: THE NATIONAL ENTERPRISE P.O. BOX 11778 SALT LAKE CITY, UTAH 84147 WECO To Expand At Estimated $450,000 Cost DENVER WECO Development Corporation (OTC 4.5625, 4.8125) last week announced that it is expanding its Fort Kent heavy oil steam project by two additional wells and also increasing production tankage facilities. The Fort Kent project is located in northeastern Alberta, Canada. The expansion, according to president Robert B. Tennison, is estimated to cost about $450,000. He said it is being undertaken to conform the economic viability of WECO's method of recovering a portion of these heavy oil reserves. Tennison said the company believes two additional wells can be steamed by existing steam generating facilities without adding significantly to the cost of the operation. WECO has been able to maintain production at a reduced rate through the inclement cold weather, Tennison said, and production currently is exceeding 300 barrels of oil per day from the entire project. The executive said the project is extremely important to WECO considering the massive amount of oil in place under the 4,960 acres, owned 100 percent by WECO, and improving prices for oil. |