Salt Lake Tribune | 1983-02-03 | Page 14

y '" y lym njni y y f yf W 0bf jSalt fakf tribune Thursday, February Section B Up and Down the Street The Market Parachute Creek project Tribune Business Editor Geokinctics Ine., Salt Lake City, with dollars now coming in under a Defense Department contract to produce crude- shale oil for mili- tary jet fuel,! turned a first quarter profit of Mitchell A Lekas, presi-dent, told the $49,800, f 1 an-nu- meeting! Wednesday. And depending upon approval of supplementary funding under a Department of Energy contract, it could show a profit for the year ending Sept. 30, he told The Tribune. Proposals Pending In the meantime, the company cost proposal has its low front-enbefore the U.S. Synthetics Fuel Corp., and two more pending. And it is moving ahead with its d proposal at Camp Kerogen 60 miles south of Vernal with firing up of Re- torts 27 and 28 simultaneously. Each consists of two acres. On a combined basis, the startup will be three times larger than any previous single retorting activity. The company reported a loss of $43,000 last year, minimized somewhat by carrying forward a tax loss. That compares with net income of $251,000 the previous year. Lists Three Factors Mr. Lekas told the meeting the loss resulted from three factors: an increase in Geokinetics share of costs under its DOE contract, reduced interest income and a decision not to sell any shale oil in anticipation of the DOD contract. Had Geokinetics sold from inventory in the 1982, it probably would have gotten no more than $17 a barrel for the shale oil as fuel oil. Under the DOD contract, it will get $30 a barrel for crude shale oil delivered to the Caribou Four Corners Inc. refinery north of Salt Lake City. Caribou, using about $1.5 million from the contract, is modifiying the refinery to handle the shale oil and is expected to start producing the various grades of military jet fuel in six weeks, he said. Caribou will process about 82,000 barrels of shale oil. Thirty-thre- e thousand will be supplied by Geokinetics. Also, Union Oil Company of California later this year is to start supplying shale oil to the DOD from its Beehive Units Report Loss Tribune Business Wire Beehive International and Beehive International Ltd. have reported combined fiscal 1983 first quarter results of $7,692,743 in sales, compared with $8,496,153 in the similar period last year, and a net loss of $934,791, or 31 cents per share, compared with a net profit of $319,722, or 12 cents per share, in fiscal 1982s first quarter. A portion of this first quarter SALT LAKE CITY - attributable to further in research and develop- loss is ment expenditures,' said Warren Clifford, president and chief executive rffieer of both companies. The B. worldwide economic conditions, whkh continue to plague much of the industry, are heavily impacting ivnio of our older products." The company had previously announced that it was expecting a loss in 191- i's first and second quarters. - in western Colorado, he noted. But In the interim, there will he a gap in deliveries that ipiight be filled by Geokintics, Mr. Lekas said. Its financial position, $3,600,000 in assets against $900,000 in liabilities, remains strong, he said. It also has, he said, $4 million in committed equity from seven investors, included in its proposal for a 75 percent loan guarantee and price supports from the SFC. $55 Support Price Projected on a curve, support price level comes out at about an average of $55 a barrel, he said. The proposed Seep Ridge Project, adjacent to Camp Kerogen, would produce at the rate of 1,000 barrels a day. The second proposal, at Wolf Den 14 miles to the northeast, proposes a 4,000-barrdaily project. However, while Geokinetics has no equity partner, merger is an alternative, he said. The third proposal, at Agency Draw 15 miles to the west, proposes a 16,000 barrel daily surface retort supplied by an underground mine. Geokinetics present low front-en- d cost project involves drilling wells into shallow shale deposits, blasting the bed, then using fire-el Kennecott Airs Two Key Promotions Kennecott Minerals Co. announced Wednesday two key management promotions within the company. Robert C. Cereghini, for- mer vice president of finance and administra-- j tion, has been named senior vice president of control, planning and administration while Judd R. Cool, former vice; president of hu- - Mr. Cereghini man resources and public affairs, was named senior vice president of human resources, government and public affairs. Ken Hostetler, KMC public relations, said both men have had their responsibilities expanded and the positions to which they have been promoted were created to recognize that expansion. In his new position, Mr. Cereghini will have responsibility for overall financial control for the company, including financial analysis, cash e and credit management, information planning, management systems and materials management. Mr. Cereghini, who joined Kennecott Corp. in 1977, was vice president-controlle- r of Kennecott Corp. in Stamford, Conn., before moving to Salt Lake City in Februlong-rang- ary 1982. Mr. Cool's new position includes companywide management of labor relations and all personnel activities, including:! compensation, personnel ser- - flood techniques to drive the to a recapture well. kero-gen- . Feb. 2, 1983 VOLUME s Lekas said Geokinetics also has applied to Utah to exchange certain deep bed shale leases for contiguous or nearby shallow bed acreage. Shallow bed deposits, while thinner, are more amenable to Geokinetics low front-en- d cost technique. Geokinetics chairman Henry Patton told The Tribune he felt the more conservative and cautious approach to funding by SFC under the Reagan Administration is probably d more appropriate than the posture suggested under the Carter Administration. 77,220, 00C SHARES v ISSUES 1,948 DOWN 818 N.Y.S.E. Index 82.67 Huntsman Will Acquire Polystyrene Business Huntsman Chemical Corp , Salt Lake City, announced Wednesday it will acquire the polystyrene business of Shell Chemical Co. on March 1 in a $40 million plus deal. Included are Shells Belpre, Ohio, manufacturing plant, equipment and facilities, process and product technology, licenses, patents and trade secrets, raw material and product inventory, cars and related equipment, customer lists and other properties. Huntsman-relate- d companies in the past 15 years have been involved in energy, real estate, as well as manufacture and marketing of packaging products in the United States and Europe. Increases Revenues Huntsmans senior vice president-financ- e Jack R. Calton said the acquisition increases sales revenues in businesses to about energy-relate- d $200 million a year. The Shell property is one of the nations largest polystyrene producers with capacity of more than 320 million pounds a year. Polystyrene is principal ingredient of a multitude of plastic-base- d products. Huntsman Chemical is owned by Jon M. Huntsman, Salt Lake City. Mr. Huntsman, on a leave of abassence, will compete a three-yea- r signment on July 1 as president of the Washington, D.C., mission of the Church of Jesus Christ of Latter-da- y Saints. Mr. Huntsman, alone, or in association with his brother, Dr. A. Blaine Huntsman, Salt Lake City, has been long engaged in the packaging business. Huntsman Container Corp. The two were principals in 1971 in founding Huntsman Container Salt Lake City. Huntsman Container eventually became a leading supplier of plastic foam egg cartons and of fast food containers Corp., for the McDonalds hamburger chain. By 1976, when Huntsman Container was sold to Keyes Fiber Co., Maine, it had plants in Los Angeles, Memphis, Dayton and Manchester, England, as well as a small plant in Australia. In 1978, Keyes was acquired by Areata Corp., a New York Stock Exchange Co. traded company. When Areata cashed out its shares in 1982, e, of about on their original investment of $1.2 million. Blaine, former dean of the College of Business at the University of of Utah, also was a Huntsman Chemical, later selling his interest to Jon. In recent years, he has pursued other activities including major real estate and development ventures in the Park City area. Huntsman senior vice president Ronald Rasband said the firm will continue to operate the former Shell regional sales offices in Chicago, Indianapolis, Cincinnati, Boston and Atlanta, and at West Orange, N.J., under the Huntsman names. d 1971 A. Also, company's Steelworkers Pick Union Official I WANT-AD- Loans on Sav ings Accounts Home Improvement Loans Other Loans 0. Contracts Accrued interest Receivable Advances for Borrowers' Taxes & Insurance Real Estate Owned 4 Real Estate in Judgment Cash & Due from Banks Other investment Securities Office BuMding 07,254,01 7 00 Less Deor 01,530,913 00 Furniture Equipment, 04.102.091 00 Less Depr. 02,243,954 Stock in Federal Home Loan Bank Equity Investment in Service CorporatlonsSubsidlarles In the State of I 122,441.00 1,320,413 00 2,900 00 29,130 00 1,302,375 1,100,000 00 00 44,022 00 70,407 00 7,745 00 02.477,410 00 total ASS I TS LIABILITIES pshnrk NOW accounts, other a'U uiht r expenses accrued and unpaid firatnA 1,051.05000 Oth.r ab.-'es T01AwL'AblLTil 38.449 00 13,576 00 11.903,875 00 S STOCKHOLDERS Cnnmqr rJor Stl'P'l EQUITY 700.000 00 130.000 00 k md vidi-- o fr Ms (54,465 00) 773,535 00 TOIAL StCh khOLDEWSEOUITY .fc S AND t OUlTV CAPITAL TOl A . I 'Ab-02.477,410 00 kicha'd R NMiym. of the above-nameindustrial Loan Corporation, do solemnly affirm true and correct, to the belt of my knowledge and belief. that this f wort ot oonoihun RICHARO R NFl.SON MARILYN SHEARER Correct Afteit R. W SAUNDERS M 5 tr r of orn to am; STATE Of S S 7 of nv ritjrfj AH trdrlmi.fit ntt Financai Mi iur G th g ar HAMMONd NEEDS FINISHED OFFICE SPACE IN SALT LAKE CITY . OFFICE SPACE DESIRED: Approximately 3200 square feet of usable space with parking for thirteen vehicles. PREFERRED AREAS: 1) Bounded on the North by North Temple Street, on the East by 9th East, on the South by 45th South, and on tha West by Redwood Road, OR 2) Bounded on the North by 21st North Street, on the East by 31 st West Street, on the South by North Temple Street, and on the West by 60th West Street. BOTH AREAS WILL BE EQUALLY CONSIDERED. Offers must be received NOT LATER THAN February 15, 1983. Otters, including floor plan and any remodeling allowances, should be sent to: ALFRED A. PEREZ Realty Management & Acquisition Seattle Field Office, USPS P.O. Box 2000, Kent, WA 98032-020- 0 2 (for additional information) Telephone: [phone]- 0 Deposits and Savings Accounts Advances from Federal Home Loan Bank VS Sa't lakf, t tore me this 20h dav of January, lew W KELLY MCQUAID, Notary Public Institutions Ast r hif xammrr of Financial Institutions, do hereby certify that ttv fnrujotruj is a true arvj corri, t eorv of tn statement of the above named industrial Loan C or ourdt io1 '. t'M d in this office on January 28. 19HJ STEWART O VERNON Asst Chief Examiner of Financial Institutions t Our special seminar will show you how you could increase your moneys earning power by 50 to 100. 4 922 96 29? 431 639i507 10,161.950 00 00 00 00 B7.Q-00 9 949 3nfl 00 14 912,105 00 22 217729 00 5,723,104 00 1,938.937 00 00 9,790.000 0(3 2,852,010 00 3.645,018 00 0651,056,605.00 LIABILITIES There .ire many ways you can increase your real income. If you would like If) learn more about them, plan to attend our special investment seminar. Well cover opportunities offered by: Government Obligations Corporate and Municipal Bonds 0434,322,141 00 00 4,643.646 00 1,873.273 no 2,236,161 00 672,739 00 3,8S74V9 00 249,19 00 200 on ? 588 991 00 I75,c,0u0 Other Borrowed Money Accrued interest Payable on Borrowings Dividends interest Accrued or Declared on Savings Accounts Loans m Process Advance Payments bv Borrowers for taxes arid Insurance interest, Taxes and Other Expenses Accrued Specific Reserves 19 Deferred Credits Other Liabilities TOTAL LIABILITIES Permanent. Reserve or Guaranty Stock RwrvM O.r.1 Undivided Profits Light a fire under your frozen income. 21.924.624 00 irtTAfitcnTt '1::' SMI NET WORTH 0 9W.M8 00 105 974 00 16, 44, 719 00 I i TOTAL NET WORTH jia An 19092 91700 TOTAlL'AB L.T'ES AND NET WORTH Total Number of Mortgage Loan Accounts 4,500 Total Number of Deposit and Savings Accounts 21,936 SA5l.0564Sa5 Bond Fund Oil's December, questions. Speakers: Richard Benton and Scott Manguni, 00 Prudential-B.ich- CARROLL O ROBINSON, Secretary R G SHUMWAY ATTLST WARREN E PUGH JAMES C TAYLOR Subscribed and sworn to beforo me this 28th day S'ate of Utah of January, 1983 CIFOH GRiNAKER, My Comml.S'On ooires lot) West 500 South. Salt Lake Citv Admission is free, but space is limited. To reserve vour seat just call KOI 33 Notary Public March 13, ty4 Office of the Commissioner of Financial Institutions I, Stewart G Vernon, Asst Chiet E.aminpr of Financial Institutions, do hereby certify that the forpgomg is a true and correct copy of the statement ot condition of the above named corporation (lied in this oHice on January 28. 1983 STEWART G VERNON Asst Chief Examiner ut Financial Institutions Prudential-Bach- e 'll W h Account Executives e When: Tuesday. February Sth at 7:(ii)p.m. Where: Salt Lake Hilton, Rap of the Gavel Room 19R2 Dated this 28th day of January, 1983 Option Writing Annuities I'tilities Preferreds Well also discuss other attractive investment vehicles selected for income end tax savings. Ample time will be provided for STATE OF UTAH COUNTY OF SALT LAKE ss Carroll G Robinson, being first duly aworn according to law. denosos and savs that he Is secretary of the above named cornnration and that the foregoing reoort contains a full, true and correct s'atement ot the condition ot the said corooration at the close of business on the 31st day of Directors rnnty n POSTAL SERVICE GET RESULTS WITH CLASSIFIED TO THE COMMISSIONER OF FINANCIAL INSTITUTIONS State of Utan Made bv the State Savings 4 Loan Association of Salt Lake City. County of Sait Lake, State of Utah Statement of condition as at the close of bus-neDecember 31, 1982 ASSETS Conventional Mortaaqe Loans & Contracts 1530,917.7? 00 Insured or Guaranteed Mortgage Loans ) L057i?6d 00 per- rfrro tis farm-equipme- UNITED STATES d City-base- REPORT OF CONDITION formance improvement program. nt D'h Harvester denied rumors that it was planning or negotiating to sell business. its Stokely-VaCamp, which approved a revised takeover offer of $55 a share from an investor group, climbed 3 to 52. Stokely was one of 55 NYSE issues reaching highs during the day, against three new lows. Silver-MininIssues Silver-minin- g issues also showed strength as the price of silver climbed 48 cents an ounce to a two-yehigh of $14.46 on the Commodity Exchange in New York. Sunshine to 17, and Mining picked up to 25. Hecla Mining rose Among actively traded blue chips, American Telephone & Telegraph to 68 V4, but International rose Business Machines slipped 1 to 96 at 29. and Exxon was down The daily tally on the Big Board showed declines slightly outnumbering advances. The exchanges composite index of all its listed common stocks edged up .06 to 82.67. Nationwide turnover in NYSE-listc- d issues, including trades in those stocks on regional exchanges and in the market, totaled 89.12 million shares. Bruce 1 a Loar's ano discount (not) t) Lupins c Lrv a invancr for loss d ToMf reofvaDles Othor inveslrmrts , Drunrsuv 1 irmtuf e & fixtures and other irvj'ft 'I'lircsentinq the institution's remises rhrfrgt'S ana prepaid expenses ( thf., a, sets rr-- 7. . included in his new responsibilities are govern-ment and public! affairs and the! Can anddun from hanM Tnnft 5, management thrift tRT dustrials, up 10.95 Monday and off 15.91 Tuesday, rose 2.85 to 1,062.64. Volume on the Big Board totaled 77.22 million shares, down from 82 75 million in the previous session. Analysts said many investors were convinced that a recovery from the recession was at hand, if not already under way. Appearing before the House Banking Committee, Chairman Paul Volcker of the Federal Reserve said the economy may be taking a first step toward recovery. Raise Concern But brokers said recent developments had raised concern that the upswing might run into some difficult obstacles in its early days. One source of doubt was the recent rise of interest rates in the credit markets, where the federal budget deficit is a particularly touchy question. Interest rates and bond prices were mixed in Wednesdays activity. Another point of uncertainty was downward pressure on oil prices, and talk in some quarters that financial troubles in countries dependent on oil revenues might cause new problems for the international banking system. While the market as a whole was trendless, analysts noted buying in depressed stocks like Pan American World Airways which led the active and Internato list and rose at tional Harvester, which was up DUFFY Wayne Holland, 48, has been named subdirector of the Salt Lake Subdistrict 5 of the United Steelworkers of America union. His jurisdiction will embrace all of Utah and part of Nevada. The appointment was announced Wednesday by Bobert J. Petris, director of District 38, Los Angeles. Mr. Holland, a native of Utah and former Kennecott Minerals Co. Utah Copper Division employee, has been staff representative. He succeeds Lenice L. (Lennie) Nielsen, who retires March 31 after more than 30 years of union activity. Mr. Holland joined the union staff in 1974. He is a former vice president of Local 392. 2 Huntsman investors realized a gain vices, benefits, recruiting and REPORT OF CONOITION of SALT LAKE CITY.UTAH or CONDITION nl Pioneer Utdh a ihc cioiC of OLAinosjon December 31, iv2 ASSETS . .06 0.27 2.85 S.&P. Comp. 143.23 Dow Jones 1,062.64 open-hande- - market turned TRADED Page Stock Market Turns In Mixed Showing After Recent Swings NEW YORK (AP) The stock in a mixed showing Wednesday, leveling off after the wide swings of the past two sessions. The Dow Jones average of 30 in- UNCHANGED Mortgages. Participations or Securities insured or Guaranteed by an Agency or Instrumentality of the U S. Government R Brief New York Slock Exchange Shale Firm Hopes for Profits By Robert H. Woody In 3, 1983 Pltt.lflu.lV S,t I c l V. I I. ill S ltll Securities i i