OCR Text |
Show Texasgulf sales -earnings listed Texasgulf Inc. announced Friday sales and earnings for the second quarter and first six months of 1977. Net income for the second quarter of 1977 amounted to $12,172,000 compared with $20,562,000 in the second quarter of 1976. After providing provid-ing for dividends of $2,250,000 on preferred stock, net income in-come was 32 cents per common com-mon share in 1977 compared with 67 cents per common share in 1976 when there was no preferred stock outstand- ing. Sales in the second quarter of 1977 amounted to $119,617,000 compared with $134,573,000 in the second quarter a year ago. Net income for the first six months of 1977 amounted to $26,601,000 compared with $36,519,000 in the first six months of 1976. After providing provid-ing dividends of $4,500,000 on preferred stock, net income was 72 cents per common share in 1977 compared with $1.19 per share in 1976 when there was no preferred stock outstanding. Sales in the first six months . of 1977 totaled $239,339,000 compared with $245,122,000 for the same period a year ago. The decrease in sales in the first six months of 1977 was attributable to declines in sales volume for most major products. Prices, except for oil and gas, were generally lower. Sales in the second quarter when compared to the same period of 1976 reflect large declines in zinc and phosphate volumes. Prices for zinc and copper declined in the second quarter of 1977. Operating costs in 1977 were up substantially due to higher custom smelting and refining charges, primarily in the second quarter, for copper and silver under a new contract. con-tract. Also gas costs for sulphur were higher and mining min-ing costs for phosphate increased. in-creased. The increased mining costs for phosphates resulted mainly from difficult operation opera-tion in a localized area of soft, unstable overburden, and the costs of initial dredge pre-stripping pre-stripping in a new mining area. Phosphate ore production produc-tion was reduced as a result of the mining difficulties, but the dredge pre-stripping which has been completed in a new mining block has eliminated further production problems, ore volume has been increased in-creased to high levels, and mining costs are currently normal. Foreign currency translations transla-tions in the second quarter of 1977 reduced income before taxes by $122,000. The comparable com-parable period in 1976 included in-cluded charges of $1,110,000 for foreign currency translations. transla-tions. Foreign currency translations transla-tions contributed $1,951,000 to income before tajces in the first six months of 1977 compared com-pared to a charge in the same period of 1976 of $3,560,000. |