OCR Text |
Show Texasgulf Lists Sales-Earnings Sales-Earnings for Quarter Texasgulf Inc. announced today sales and earnings for the first quarter of 1977. Net income for the first quarter of 1977 amounted to $14,429,000 compared with $15,957,000 for the first quarter of 1976, a reduction of 10 percent. This compares with $9,904,000 earned in the fourth quarter of 1976, an increase of 46 percent After providing for the dividend of. $2,250,000 on the preferred stock in the first quarter of 1977, net income per share on a primary basis amounted to 40 cents per share in the first quarter of 1976 when there was no preferred stock outstanding. Net income per common share on a fully diluted basis amounted to 40 cents for the first quarter of 1977. Sales in the first quarter of 1977 amounted to $199,722,000 compared with $110,549,000 in the first quarter a year ago. The increase in sales was largely the result of increases in the sales volume of phosphate and potash, sales of soda ash which began in late 1976, and higher prices for and new production of oil and gas. Contributing to the decrease in operating income were reduced sales volume for copper, zinc, zinc concentrates and sulphur. The increases in phosphate and potash sales volume were more than offset by lower prices for these products and higher costs for nearly all products. Income before taxes in the first quarter of 1977 was increased by $2,073,000 as a result of foreign currency translation compared with a charge to income before taxes of $2,450,000 in the same , period of 1976. |