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Show The National Enterprise , March 2, 1977 Page nine GranTree Vows Repeat of Record Sales Year Natural Gas Sales Increase 59 , Boost Energy Reserves Revenues WICHITA, Kan. 1976 was a highly successful year for Energy Reserves Group, (OTC 2.125, 2.25), its president and chief executive officer, Richard W. Volk, told a meeting of New York security analysts last week. Volk said, The most significant factors were the 59 increase in revenues from the sale of natural gas and the substantial increase in gas reserves. Natural gas sales for 1976 were $16.5 million, up from $10.4 million in 1975. Higher average gas prices and expected increased gas sales should have a significant impact on 1977 revenues and earnings Net earnings for the year ended Dec. 31 , 1976, w ere $5.6 million compared to $8.2 million, as restated for 1975. Net earnings for 1975 included a $6.8 million gain from sale of assets. Net earnings for the twelve months of 1976, and restated 1975, include a extraordinary item of $1.9 million and $.8 million, respectively, from elimination of income taxes resulting from utilization of net operating loss carryforwards. by Dean Alsup Enterprise Staff Writer Earnings from operations were $6.7 million, up from $3.5 million in 1975, on revenues of $60.3 million, compared to $58 million as restated for 1975. In discussing the increased gas reserves, Volk said, We sold 26.2 billion cubic feet (Bcf) of natural gas and added 44.6 Bcf of reserves for a net incease of 18.4 Bcf in 1976. Based on estimates by Netherland, Sewell & Associates, Dallas, Tex., independent consulting firm. Energy' Reserves Group's 1976 year-en- d proven gas reserves are 235.4 Bcf compared with 217 Bcf one year ago. Proven crude oil, condensate and natural gas liquid reserves, after producing 4 million barrels in 1976, are 25.9 million barrels compared with 27.2 million one year ago. Volk added, The most meaningful of new the aspect gas reserves is the selling which is price, generally in excess of $1.50 per thousand cubic feet (Mcf) and which replaces gas sold during 1976 for prices as low as 20 cents per Mcf." PORTLAND After a year of unprecedented pros- perity, GranTree Corp., (OTC 9.25, 9.75) is battling the tendency to use over- worked adjectivesto extoll the company's success. Words like monumental," "superlative," and prodigious" seem fitting descriptives to characterize a 160 percent sales increase, a 300 percent expansion in earnings per share, and the greatest geographic expansion in the history of the furniture sales and rental company. It's not that GranTree is trying to maintain a lowly posture: No, the corporate heirarchy considers the gains of 1976 to be only nominal." Just wait till "CUT LOCAL TAXES is a 'do it yourself' handbook that could d save the American taxpayer tens of millions of dollars." Senator William Proxmire hard-presse- next year, they say. Walter Treece, Gran Trees chairman and president, attributes the companys record success to an increased demand for rental furniture. The strongest market for the furniture, Treece claims, is divorcees, military families, relocated sales personnel, students and anyone living in an apartment. Through the emphasis of style, service and the appeal of fashionable furnishings, GranTrees 300 member sales staff (doubled since last year) is bearing down on the apartment market. In its nine state market areas (Arizona, California. Vancouver B.C., Colorado, New Mexico, Nevada, Oklahoma, Oregon and Washington) GranTree has increased its market share of apartments by 70 percent. The company now furnishes apof 24,000 proximately 450,000 apartment units in their western sales region. No Competition A lack of genuine competition in the furniture ren- You CAN Cut Local Taxes Once in a while, a book appears that promises to have a direct impact on politics. Cut Local Taxes is such a book. Taxpayers across the country today are angry about rising assessments and property taxes. They have expressed their feelings by voting down bond issues and new spending proposals. Yet taxes continue to soar and citizens are looking with increasing concern for a solution to the problem. Cut Local Taxes shows that taxpayers can find relief. The author, professional consultant Robert breakPoole, Jr., has sifted through the throughs created by some communities. He highlights the best and most effective of these changes, with particular emphasis on reforms that can be by most local governments, large or small. In some cases, indeed, the savings can be startling. Medium size cities report average savings of about 70 percent after switching from municipal to private contract garbage collection. Thirteen communities in Arizona enjoy a new system of quality iire protection that costs half that in nearby communities which use conventional techniques. Large economies can also be obtained in the school system and the public works department. Virtually none of the reforms described in the handbook entails a drop in the levels of services. Some actually improve the quality of services provided, by shaking the local government bureaucracy from habits. This aspect makes lethargic or the breakthroughs attractive to voters who want to preserve existing services at less cost to the taxpayer. The descriptions in this book are clearly worded and simple to understand. You do not have to have a degree in public administration to profit from Cut cost-cutti- ng self-defeati- ng Local Taxes. If you are a taxpayer looking for ways to economize in local government, you will find them here. A special reference section shows where you can get additional hard facts once you have targetted an area for your efforts. And a chapter discusses the potential rewards and pitfalls of different ways ideas into public deto introduce the cost-cuttibate in particular, how to launch a political campaign or start a taxpayers' group. tal business seems to have spurred GranTree in that direction. Small companies like Aaron Rents, Atlanta; Mohasco Rental, Texas; and Abbey Rents, San Diego and Los Angeles are taking up only a small portion of the furniture rental business. It has taken GranTree over six years to expand to 60 rental and sales outlets and the company has no immediate fears of another rental giant beating down the corporate door. Instead, Treece believes some stiff competition would help the company, even lead to more $23 million revenue years, - like 1976. If you want your local taxes to keep rising, you have only to do nothing. On the other hand, if you want to keep what you have earned and prevent your community from succumbing to fiscal ailments, you will find the ideas in this handbook most with the useful. They can do the work of a meat-ax- e precision of a scalpel. Very few people realize that renting furniture is often more convenient and economical than buying, Treece said. I think a little bit of competition would do much to advance the rental business, which would do a lot for the furniture sales business, which would help the entire furniture Plans for 1977 As for 1977, the com- pany's optimism appears well founded. In October, the last month of Gran Trees fiscal year, the com- REASON PRESS Box 40105 E Santa Barbara, CA 93103 YES I want to stop wasteful spending. Send me the Cut Local Taxes handbook. ( ) ( ) ( ) 1 enclose a check for: $2 for single copy $1.50 per copy for two to ten $1.20 per copy for larger quantities Name Address ng CityStateZip pany acquired Gamble Rents, (a subsidiary of Gamble Skogmo, Inc. of Minneapolis), and the assets of its furniture rental operation in Albuquerque, Denver, Oklahoma City and Tulsa. The purchase in rental accounts brought producing more than $100,000 in monthly revenue Continued on page ten |