OCR Text |
Show Texasgulf's Sales-Income Set Record NEW YORK, April 15 Texasgulf Inc. reported today that the company's sales and net Income for the first quarter quar-ter of 1975 were the highest for any first quarter In the company's history. Net Income In-come of $29,875,000 or 98 cents per shai-9 for tae quarter quar-ter ended March 31, compared com-pared with net Income of $25,-868,000 $25,-868,000 or 85 cents per share for the first three months of 1974. Sales for the first quarter quar-ter of 1975 were $109,037,000 compared with $105,475,000 In the same period a year ago. Chemicals sales and operating oper-ating Income increased to more than 50 of the company's com-pany's total and more than offset the decline In metals sales and operating Income. Profits from affiliates Increased In-creased due to higher prices and Increased volume. Interest Inter-est Income also Increased due to the large shortr-term Investments In-vestments at the beginning of 1975. Income taxes for the three months of 1975 cover all taxes at an estimated annual effective effec-tive tax rate of 40 compared to 39 used in the first quarter quar-ter of 1974. Chaises In the Canadian tax laws which began be-gan In the second quarter of 1974 are fully reflected In the first quarter provision for 1975, but were not provided pro-vided for In the first quarter of 1974. The estimated annual effective tax rate of 40" for 1975 Is less than 45.3 used for the full year of 1974 because be-cause a lesser proportion of overall Income Is subject to the higher Canadian Income taxes. |