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Show National Enterprise, May 26, 1976 Page Twelve Coors Dissatisfied With Years Performance Continued from page Two company was required to switch to returnable glass bottles only, the cost of conversion would be about $160 million, in addition to normal operating costs, for new equipment and for value lost on equipment that would become obsolete. Coors also is looking ahead at the enrgy problem. He believes that the country rapidly is approaching an energy crisis that will make the brownouts in the east seem mild by comparison. Pressure from environmentalists, he explained, have halted construction of nuclear plants, have made it almost impossible for companies to mine coal or for utility comd panies to site a electrical generation plant and laws are now being weighed which would make it illegal to use natural gas for power. In case of an energy crisis, he added, firms that produce coal-fire- alcoholic beverages will be the low man on the priority totem pole. Coal Properties But, Coors is preparing. The company's largest boiler is being converted to burn coal, and by the middle of 1977, 70 .percent of the boiler capacity at the plant will be coal fired. The rest cant be feasibly converted from natural gas. g The company has bought And, in the land in western Colorado, near Basin of northeastern Paonia, for $2 million, that Colorado, the company has set contains 100 million tons of aisde enough natural gas supcoal in the ground. He plies to last it 10 years. estimated that some 35 million The firm is installing its own Denver-Jules-ber- tons are recoverable, and that represents a 100 year supply for the company. generators and electrical expects, within five years, that it will be able to generate all Coors also is involved in its own power during periods exploration in northeastern that electrical power is Colorado where it has leases limited. or options on another four Coors said he believes that million to five million tons of the brewing industry will have recoverable coal. only six or seven companies by the early 1980's. The 10 largest breweries now control 87 percent of the beer market, he said. Earnings Up ycomurniefr The company last year reported net income of $59.52 million, or $1.68 a share, on revenues of $520 million, compared with net income of $41.05 million, or $1.16 a share, on revenues of $466.3 million the year before. In the first quarter, the firm reported net income of $11.66 million, or 33 cents a share, on revenues of $110.13 million, compared with net income of $11.4 million, or 31 cents a share, on revenues of $107.42 million in the first quarter of 1975. Even though shareholders were present at the annual meeting, they took no part in the voting, since the company has issued only class B nonvoting shares. All of the voting shares are held by the Adolph Coors Jr. trust and authorization to vote the family's shares was given to Joseph Coors, Peter H. Coors and Jeffrey H. Coors. The board of directors was and the independent auditor. Price, Water-housand Co., was selected unanimously. re-elect- ed e, Alpa Elects SALT LAKE-Al- pa Cor-poratio- n, (OTC .20, .40) elected at its annual meeting, April 30, the following direc- tors: O.H. King, Jr., C.R. Kennedy, Alex Darais, Paul Davidson and Angus MacDonald. Directors later announced election of corporate offithe cers: O. Harvey King, Jr., Chairman of the Board and Chief For further information please call James . Barrett, Chairman. Area Code 208 356-422-9 Executive ten-mon- First Lombard Corporation Investment Bankers SaltXake City Idaho Falls Officer; Charles R. Kennedy, President and Treasurer; Sheldon Monsey, Secretary; Paul Davidson, Vice President - Sales; Angus MacDonald, Vice President - Engineering. Charles R. Kennedy announced unaudited figures for the period ending April 30, 1976 showed net sales of $845,616 and net profit of $110,202 or 10 cents per share profit. This compares with the prior years net sales during the same period of $745,224 and a loss of $264,681 or a loss of 24 cents per share. Alpa is a Salt Lake based manufacturer of ophthalmic lens hardening equipment. th |
