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Show The National Enterprise, April 28, 1976 Page Eleven Murphy Motor Sees Increased Earnings ST. PAUL, L. Minn.-Edw- ard Murphy, Jr., pre- sident of Murphy Motor Freight Lines, Inc. (OTC 5.75, 6.50) told shareholders attending the companys annual meeting last w eek that if economic conditions continue to improve, w'e expect to exceed 1975 earnings per share of 50 cents and possibly attain the $1.26 projection we made internally earlier this year. In response to a question concerning future capital expenditures, Herman A. Selz, vice president of finance arid secretary, said We could spend between $5 million and $6 million in 1977, mainly for . fleet replacements. By contrast, he said 1976 expenditures will total only $1.5 million. Selz emphasized that the company is in a strong fiancial position. The board of directors, the day before, had declared a regular quarterly dividend of five cents per share of common stock, payable May 25, 1976, to shareholders of re- American Nuclear Totals Uranium Resources of 12 Million Net Pounds SPOKANE, Wash.-Jo- hn C. Ferguson, executive vice of president Casper, Wyoming based American Nuclear Corp of months of 1976, an increase of 15 percent over 1975s first revenues $11,542,000. First quarter (OTC 11.50, 11.875), told earnings this year wrere shareholders and investors at quarter or 12 cents per share, compared to a loss of $52,000, or a .loss of three cents per share, in the comparable three months of 1975. There are 1,581,850 shares outstanding. Murphy said the improvement in the first quarter, together with indications of continuing economic recovery, cause him to be optimistic $187,000, a meeting in Spokane last week, that total indicated and inferred uranium resources on properties in which American holds various interests total approximately 33 million pounds, of which Americans share is approximately 12 million pounds (7.8 million pounds in the indicated, and 4.3 million pounds in the sources inferred resources category). Approximately 20 percent about the companys outlook of Americans share consists during the remainder of 1976. In other action, share- of indicated or inferred holders elected two new- - direc- resources wjhich are contained tors. They are G.H. Becker, in small deposits or deposits of executive vice president of relatively low grade. Some of these deposits have not been Murphy since 1971, and Joslimited in extent by drilling eph A. Maun, senior partner in the St. Paul law firm of conducted thus far and may Maun, Hazel, Green, Hayes, ultimately be determined to be Simon and Aretz, which has mineable by conventional served as general counsel to methods if additional drilling the company for 20 years. continues to encounter minerBecker has been with Murphy alization above normal cut-of- f levels. Other Motor Freight Lines for 41 years and served as vice of these deposits may be solupresident of operations from mineable only by tion mining or other mining 1955 to 1971. Murphy Motor Freight methods, the practicality of Lines, Inc., operates over which has not been fully 8,533 regular route miles in 12 established. Ferguson emphasized states from the Dakotas to that the indicated and inferred New York, serving 1,216 resources now held by the grade-thickne- ss in-si- tu cord May 4, 1976. For the first quarter ended March 31, Murphy showed a substantial earnings improvement over the same period in 1975. Murphy had revenues of $13,270,000 in the first three tional resource material which may be developed through additional drilling along known ore trends, nor do they include numerous other mineralized areas which the Company has identified, but on which insufficient drilling has been done at this time to quantify resource materials. The evaluation of t hese mineralized areas will require extensive drilling over a period of several years. The mineralized material has been classified as re- company do not include addi- - rather reserves evaluation since than sufficient has not been undertaken in all instances to determine the commercial feasibility of mining this material. The companys geologists, according to Ferguson, compute indicated resources d from data by d drill patterns. Mineralization in the immediate vicinity of the drill hole as well as projected mineralization for a reasonable distance from drilling sites based on geologic evidence, is taken into account. Inferred resources are computed based on more widely-space- d drill patterns and on assumed, but not necessarily established, continuity of mineralization and grade based on geologic evidence. Additional drilling will be necessary to provide suffi w'ell-define- dose-space- cient data to enable conversion of inferred resources into indicated resources and there is no certainty that this will, in fact, be the case. 1.9 million pounds, or 24 percent of the total of 7.8 million pounds of. indicated resources represent Americans interest in 9.4 million pounds of indicated reserves held by the Federal-America- n Partnership. Mining operations on partnership properties are expected to commence in 1977, with initial deliveries of ore to begin in about mid-197- 8. American and its owners plan to drill approximately two million feet in Wyoming in fiscal 1977, beginning June 1, 1976, with a goal of placing five to 10 million pounds of uranium in the indicated and inferred co-inter- categories. Tipperary Notes Income MIDLAND, Te- x- Tipperary Corporations net income for the quarter ended March 31, 1976, was $1,283,000 on gross operating revenues of $6,733,000 or 31 cents per share compared to $201,000 on gross operating revenues of continued on page Twelve The Dreaded Confrontation Annual meetings: Once sparsely attended legal rituals held for the election of directors have evolved over past years into the source of migrains, bleeding ulcers and untold anxiety for much of Americas corporate management. Once a year on the final day of judgement, trembling brass come before their makers to acknowledge stockholder democracy and majority rule. This year shall be no different. This year, in fact, could be much worse. Revelations of bribery scandals, trade boycotts, and illegal political activity have already tainted the Business is entire business community. suspect to the point that a radical group of bounty hunters calling themselves the Peoples Bicentennial Commission has offered blood money of $25,000 for information leading to the arrest, prosecution, and conviction of high ranking corporate officials for wrong doing. Even the purest of management would do well to gird themselves for tough grilling by the prickliest (but gadflies hungry for a collar. well-meani- ng) At the same time, shareholders should be mindful that the mortals standing before them are just that ordinary, fallible human beings prone to human error. And nobodys perfect. WiU this meeting please come to order, . |