OCR Text |
Show The National Enterprise , October 13, 1976 Page four Grantree Reaches Terms Leases Sells Alt ex Gamble-Skogmo for Stores Altex Oil Corporation (OTC .28, .34) has announced the sale of oil and gas leases in the Overthrust Belt of northeast Utah for Altex owned 61 $178,000. percent interest in the acreVERNAL, PORTLAND Grantree Corp. (OTC 8.00, 8.50) has purchased four furniture ren- tal stores from Gamble-Skogm- o Inc. for about $2.2 million according to Walker Treece, chairman and chief executive officer of Grantree. The terms call for Grantree to pay about 10 percent in cash with the balance being paid from proceeds of a sale of a seven year, 10.5 percent subordinated note to Gamble-Skogmo. The four stores located in Alburquerque, Denver, Oklahoma City and Tulsa have combined monthly rental revenues of about $116,000. But with the introduction of Gran-tree'- s "unique marketing concept and sales techniques," Treece said the company expects to triple the rental and sales volume of the four locations to $300,000 within 90 days. Rental Returns Profitable Portland-base- d Grantree 35 showrooms, warehouses and retail stores operates in the major cities of eight four Gamble stores, western states. Treece explained their operation saying Grantree rents only "showroom new furniture. When customers return it, of course, the company is left with many pieces of used" furniture most of it less than 24 months old that does not conform with new the "showroom promise. Grantree, in turn, and sells the not quite new not yet used furniture, in the conventional sense of the term through nine retail stores. Grantree also retails new furniture. Operating these stores as a secondary business," Treece said, lets us dilute our costs and effectively compete with other furniture outlets." In August, these rental return stores recorded sales of added. he Increased Earnings Growth In addition to residential and office furniture rental, Grantree also operates a capital equipment leasing arm. Together the two had combined revenues last year of $20 million. Treece said since 1975, Grantree has recorded seven consecutive quarters with earnings increasing at more than 20 percent. For the first nine months of 1976, Grantree shows net income of $825,261 or 65 cents a share on revenues of $16 million. Treece said the purchase Gamble-Skogmof stores was made after an unsuccessful attempt by the Minneapolis based company to $1,407,000. acquire Grantree itself. When At the newly acquired one of the key executives of locations, Grantree hopes to Gamble-Skogm- o recently have at least two of their passed way, the company rental return retail stores in approached Grantree saying operation by Nov. 1 and the they would rather divest other two by no later than Dec. themselves of the furniture On that basis, we can rental business than find a 15. add increased revenues to the substitute. Utah age. The property is situated in Townships 8, 9 and 10 North, Ranges 3 and 4 east, Rich and Cache Counties, Utah according to Altex President Cecil C. Wall, and is approximately 25 miles northwest of American Quasar Petroleum Companys developing Pineview Field which touched off the Overthrust Belt lease play following its discovery in fin-nanci- al Effectively a dormant meeting held in Salt Lake last summer, she said known reserves in the Socorro area total approximately one billion tons. She told shareholders negotiations were then underway with several companies to effect a joint venture agreement for development of the properties. On rumor that an agreement had been reached, the stock last month increased in value from roughly $.875 to the corporation until mid-Julcompany now holds 100 percent interest in approximately 320 acres of coal properties in Socorro, New Mexico and rights to manufacture a pulse strobe light. These assets came into the company through an exchange of 10 million shares of stock to Jean Roller of Denver. At a special stockholders $3.00. y, overriding royalty interest ranging from 4 to 5 percent in the acreage according to Wall. In April, the Denver and Vernal, Utah-base- d independent sold a 37,000 acre block in Utah and Wasatch Counties, Utah to Amoco Production Company for $555,000 plus a 6 Vi percent overriding Altex had royalty interest. owned 50 percent of that acreage. Wall said that Altex still owns overriding royalty and leasehold interests under approximately 150,000 gross acres in the Overthrust Belt of Utah, Idaho and Wyoming. SEVEN STATE REGION OF THE PACIFIC NORTHWEST (INCLUDING ALASKA). ABOUT THE AUTHORS. INVESTING IN THE GREAT NORTHWEST is a new approach to Investment guidance, bringing together In 320 entertaining and readable pages Information India pensible to any businessman interested In this region. Discusses over 200 public companies With over 2 billion shares of stock Over $30 billion annual sales 'Paying over $1 billion annual dividends and Interest P. PfMTT la Editor o( nvnmi ms Northvmf Modi Oulda, a ayniMcaUd eoliannlal on North t InvuUng and a raaogntod axpart an mponto valHa Nokia uation. a Poelorala ki finance tom kidtana Untvarrty, la a CertMed Financial Plannar, and tor- InwHUnenl mwV wue dtoelur of Anvhfto Canter al Portland Stato U A meal unuaual book. A effort wttti Invariant malarial far economic aopNattcalaa aa weN aa amateur tomatora." Hobart Und-aua- r, The OREGONIAN. The euthora aaa many maeene why fha Northamaf ehould continue fa be a eound and grotrtnf reglen tar mvaotmam funde. There'e no maaon la dtoagim Dan CaugMbi, iaafbe. $9.95 Hard Cover ORDER TODAY $6.95 Soft Cover AVAILABLE AT MOST BOOK STORES OR ORDER FROM: Willamette Management Associates, Inc. 220 & W. Aldsr Street Portland, OR 97204 Ptesss sand mo copies of "INVESTING hard cover $9.95 plus 50c mailing each. In soft covsr $5.95 plus 50c mailing each. Name Address LAWRENCE R. ROSS la a naHonaHy-know- n aacurlty anafyal and SnaneW artar and waa Dtoctor of Naaaarcb far a Narttoaaf atop hmkaraga tom tor a nun bar of yuan Ha la a mambar of tha Danvar Soctoty of Sacurity Analyaia and haa had SB yaara aapart- Roaa la author af fha bach. Intoallna In Lto Rlali Growth Compamaa." State City F NOT Zip SATISFIED, RETURN BOOK WITHIN 30 DAYS FOR A REFUND. of Drilling Program With over 1600 stock quotations, news articles, earnings reports, corporate profiles,, market columns and feature stories, the National Enterprise covers the OTC securities market from coast to coast. We make it our business to know what's going on in the behind closed doors of laws securities We'll and board rooms to regulations. changing corporate keep you posted on the latest developments and abreast of current trends. industry-fro- m The National Enterprise gives your investments the kind of coverage they deserve. Please send me a one-ye- ar subscription to the National Enterprise. Enclosed is $24.00. NAME ADDRESS I CITY Mail ; STATE IN In Mid-Poi- nt to R. O. (Jack) Major, president. The company participated in 24 wells through its 1975 drilling program, five of which were dry. Continued on Page Ten I THE GREAT NORTHWEST: MFGat MIDLAND, Texas MGF Oil Corp. (OTC 3.125, 3.625) announced it is either drilling or has completed 21 of an expected 42 oil and gas wells in Texas and Oklahoma in which it expects to participate by the end of 1976. The drilling program is the most extensive in the companys history, according an NOW : . . FOR THE FIRST TIME A DEFINITIVE BOOK THAT ANALYZES EXCITING INVESTMENT OPPORTUNITIES IN THE DYNAMIC, RESOURCE-RIC- H aiainsm stamped investment stock has been trading. also retained INVESTING IN THE GREAT NORTHWEST HANNON WASHINGTON D.C. Trading has been suspended in Ametex Corporation (OTC 3.625, 4.00 range) through Oct. 13 because of lack of accurate information about the companys operations and condition and because of questions concerning market activity in the securities. Neither management nor the company's counsel could be reached for comment. There is some speculation in Salt Lake, however, according to one broker, than un- - Altex JUST PUBLISHED os Ametex Trading Suspended 1975. zip to: THE NATIONAL ENTERPRISE P.O. BOX 11778 SALT LAKE CITY. UTAH 84147 |