OCR Text |
Show The National Enterprise , August 18, 1976 Page eleven Net Income Higher at Christensen, Inc. SALT LAKE Christensen the 600,000 shares of common Inc. (OTC 14.125, 15.625) stock issued as a result of the reported slightly higher net income in the second quarter and first half of 1976, Frank L. Christensen, president, announced last week. For the three months ended June 30, 1076, revenues amounted to $28,850,426 compared with record volume of $31,046,291 in the corresponding quarter of 1975. Net income in the second quarter of this year was $2,301,122, equal to 48 cents per share, as against $2,271,721 or 54 cents a share in the second quarter of 1975. For the three months ended June 30, 1976, revenues amounted to $28,850,426 compared with record colume In the first half of this year, revenues amounted to $53,988,553 versus $57,766,569 in the comparable Net period one year ago. income was $4,154,806, equal to 87 cents per share, versus $4,146,416 or 99 cents a share in the first six months of 1975. The per share earnings calculations were based on 4,801,092 common shares outstanding in 1976 and 4,201,012 shares in 1975. This 14 increase in outstanding shares results from company's initial public offering in September of 1975. Christensen said the company is encouraged that profitability has reamined at a high level in 1976 despite the anticipated decline in sales volume. Contributing to the sales decline, he said, wras a worldwide slowdown in more costly and deep drilling applications as well as some softness in mineral exploration. This was offset somewhat by renewed strength in industrial product lines and additional profits resulting from the earlier acquisition of further ownership interests in two foreign affiliates, he added. Christensen anticipates for the balance of this year a firming of demand for their products and services especially as petroleum drilling activity increases. Christensen, Inc. is engaged in the design, manufacture, marketing and servicing of diamond drilling products for the petroleum and mining industries, and in providing contract drilling and other services to the mineral exploration and construction industries throughout the world. : Rides on Strength of Subsidiary Med-Pa- k CHARLESTON, W. VA. Med-Pa- k Corporation (OTC Lumber Division Remains Mentors Largest Contributor For the first fiscal company couldnt find an DENVER With two loss leaders out of the way, Mentor quarter, Wootten said, net adequate chain drive. One of Mentors operatCorp. of Denver had a good income was $151,000, or 40 a of revenues on ing companies is Butler Fixyear, Rike Wootten, president cents share, $3.77 million, compared with tures, a company that makes told shareholders. The year was so good, he net income $187,000, or 50 fixtures and shelving for retail said, that the small but diver- cents a share, on revenues of stores, and, on a larger scale, sified holding company $2.4 million during the quarter special counters and showcases for larger companies. decided to issue its first last year. Both volume and profits for From continuing operadividend, 10 cents a share. The dividend still is tions, he added, income was the division were higher than dependent upon the agree- the same as net income during last year, he said. The subsidiary operated ment of the companys the quarter this year, but, last lenders, Wootten said, but year, it totaled $127,000, or 34 at a loss during 1976, he explained, but all of the losses they already have given verbal cents a share. approval. During the companys 1976 fiscal year, which ended March 31, Mentor reported net income of $573,000, or $1.52 a share, on revenues of $11.13 million, compared with a net loss of $146,000, equal to 39 cents a share, on revenues of $9.23 million in the same period a year earlier. He said that continuing operations produced an income of $4M,000, or $1.23 a share, compared with income from continuing operations of $239,000, or 63 cents a share in thp previous fiscal year. wrere incurred during the first six months of the fiscal year. The gains in the second half Mentor had to write off werent high enough to overtwo companies that werent come those losses. The largest contributor to providing profits last year, One sales, he continued, was the according to Wootten. was Heron Engineering Co., a University Park Lumber Co., a firm that made ski lifts, which subsidiary with seven lumber was sold to Wright Engineer- yards in Colorado. Its revenue ing, and the other was Serpen-ti- x contribution was $4.9 million. This fiscal year, he said, General Corp., a company that made a conveyor belt that the lumber yards have inwould move goods around creased their sales volume and corners and up and down again will be the largest sales contributor. slopes. Wootten predicted that The problem with the continued on page twelve system, he said, was that the Writeoffs Paks consolidated volume. New products added to s line last year were 1.125, 1.50), manufacturer of disposable medical and surg- ointment packets and a new ical products has reported catheter car kit. results for the fiscal year ended May 31, 1976. The company reported its eighth consecutive year of sales gains, achieving sales of $4,139,584 in the recent year versus sales of $3,389,065 in fiscal 1975, a gain of 22 percent. Net income for the Med-Pa- k recent year amounted to $85,903, or .14 per share based on 632,720 weighted average shares outstanding This during fiscal 1976. compares with net income of $99,367, or $.13 per share in fiscal 1975, based on the 776,253 weighted average shares then outstanding. Volume and productivity gains made by the Globe Molded Plastics Co. subsidiary helped the companys second half performance outpace comparable year-earli- Adolph Coors Considers Acquisition GOLDEN, Colo Adolph Coors Co.. (OTC 22.25, 22.75) is negotiating to acquire Columbine Glass Co., Wheat Ridge, Colo., its main independent supplier of glass bottles. Coors said a final agreement hasnt yet been reached but indicated that talks are progressing satisfactorily. an acquisition would levels, Med-Pa- k president continue the brewing comGlobe panys policy of vertical inteJames P. Clark said. has continued to build its gration, Coors said. While it is purchasing output of disposable medical some bottles from another products and these items now account for well over half of supplier this year, Columbine the subsidiarys production, supplied all of Coors and quart bottles in 1975, Clark said. Sales of disposable med- Coors said. The company said ical products company-wid- e it packaged about 18 percent increased 31 percent in 1976, of its 1975 beer production in Clark added, and presently glass bottles. represent 83 percent of Med- er Such 12-oun- ce |