OCR Text |
Show The National Enterprise, October 27, 1976 Page ten KRMs Lower Earnings Sales Scottys Dash Hopes of Record Year 11 in First Up Quarter DENVER K.R.M. Petroleum Corporation (OTC 2.375, 2.75) reported reduced which were drilled earlier this year, on production late in the third quarter," Kadane said. It now appears that the bulk of this new production will not be on stream earnings for both the third quarter and nine months ended September 30, 1976. Earnings for the 1976 third quarter totaled S73.000 or $.05 per share down from $112,000 or $.09 per share during the third quarter of 1975, while revenues declined from $369,000 to $363,000 the company said. Earnings for the nine months were $270,000 or $.20 per share down from $279,000 or $.21 per share in 1975 according to company officials, despite record oil and gas revenue for the period of $1,109,000 up from $1 ,000,000 during the first nine months last year. Weighted average shares outstanding increased by nine percent during the quarter and by two percent during the nine months reflecting the company's sale of 400,000 common shares to Callahan Mining Corporation in August for until sometime during the 1977 first half," he said, reducing our expectations about 1976 earnings from a substantial increase to at best a nominal one." Four new oil wells drilled in Kansas during the third quarter plus an approximate $2.00 per barrel increase in the price received for stripper production effective September 1 , Kadane noted, are expected to lead to a resumption of growth in revenue for the Denver company during the 1976 fourth quarter. K.R.M., according to Kadane, has participated in the drilling of 31 exploratory and development wells during the first nine months of 1976, completing 16 as commercial producers, in contrast with 10 commercial successes out of 23 wells drilled during the entire year in 1975. Fourth quarter drilling is budgeted for 10 additional tests he said, including an offset to the companys recent Dakota Formation oil discovery on the Jade Ridge Prospect in Fremont County, Wyoming. Kadane said he expects K.R.M. to report an increase in proved, developed oil and gas reserves for calendar 1976, its first increase in reserves since the company began operations in August, 1973. $950,000. A combination of heavy field expenses associated with work-ove- r operations plus n shut-iin wells were delays hooking up nine the major contributors to K.R.M. 's results for the third quarter, according to Robert A. Kadane, lower-than-anticipat- WINTER HAVEN, Fla. Scottys Inc. (OTC) has reported September sales of $7,031,271, a nine percent increase over last years September sales of $6,454,312. ed president. We were originally expecting to have several of our shut-i- n gas wells, five of Sales for the months ended Sept. 30, were also up 11 percent over the same period last year. Quarterly sales totaled $21,473,116 compared with first quarter sales in 1975 of $19,379,376. James W. Sweet, chairman and chief executive of has announced income for the three months ended August 31, 1976, of $132,000 (3 cents per share) compared to $290,000 (7 cents per share) in the comparable period News Briefs of Altair Corp. OTC 1.875, 2.375 said it plans to buy up to 100,000 shares of its common stock on the open market during the next six months. Carlsberg Capital Corp. (OTC 6.25, 6.75) said it has purchased all of the stock of International Devco, a unit of Intercontinental Diversified. Details of the sale were not disclosed. Intercontinental Diversified said it is retaining certain undeveloped land formerly held by California Devco, a subsidiary of International Devco. Bunker Hill Co. , a unit of Gulf Resources & Chemical Corp. Spokane Stock Exchange 14.25, 14.75 said it is making its recent zinc price reductions retroactive to Aug. 13. the date when it last raised zinc prices. The company said the retroactive price action will not apply to sales of zinc oxide. The company reduced the price of its prime Western zinc to 37 cents a pound and reduced the price for its special high grade zinc to 37.5 cents a pound last week, a reduction of 2 cents a pound. 6o NOT INTERESTED? That s Okay, but better keep this ad handy in a few short months you may wish that you had been taking -- A AGN. Join those in the know. Learn -- q O o a o about gold stocks. . exploration. o O mining, legislation, gold in economy, and read O comments. O 2 1975. pres- ident, attributed the reduction primarily to the loss incurred of a well being on the blow-odrilled by the companys drillHe stated ing subsidiary. that, in spite of the reduced expert writers Gold Newspaper: Since 1933 2. A Leading ? q Vour Choice of'FREE Two Popular Books o O Gold! The Ultimate Hedge or "Gold Panning for Profit Subscription. earnings, prelimindications inary point to full-yeresults for the current fiscal year of more than $1,722,000 (39 cents per share) which the company reported for its fiscal year ended May 31, 1976. Money refunded sent with $6Per Year issued Monthly ar if not delighted AMERICAN GOLD NEWS P.O. BOX 457, DEPT. NE lone. CA. 95640 Gold-Gol- d (check onO Most Americans (about believe that our economic system with its individual freedom is the best in the world, yet some changes are needed. To help give you a clearer picture of our system on which to base decisions, a special booklet has 80) been prepared. For a free copy, write: Booklets" P.O. Box 1887, New York, N.Y. 10001. The American Economic System. A public service of The Advertising Council & U.S. Department of Commerce presented by this Magazine. and -- ut vS plans call for opening one more Scottys store in addition to those previously mentioned before the end of the companys fiscal year on June 30. O o a. Pizza Inns Inc. (OTC 7.375, 7.75) has lowered its 1976 earnings forecast to a range of between $2.1 million and $2.3 million from the $2.8 million to $3.2 million range it estimated in March. The company made the cut because it foresees continued pressure on profit margins from lower than anticipated sales volumes in new markets and higher than expected increases in fixed operating costs. Intermountain Gas Co. OTC 15.125, 15.625 said it received permission from the Idaho Public Utilities Commission to increase rates by $19.6 million annually. It said that $15.9 million of the increase represents a pass through " of higher costs and doesn ' t affect earnings. said company o O first-quart- er Entwlstle Co. (OTC 5.25, 6.00) said it has completed the acquisition of certain assets of the Utah Division of D. G. Leisure Products Inc., a subsidiary of Di Giorgio Corp. Sweet no 1 Gold-Goi- d con- struction of a new Jacksonville, Fla., stbre in November. ao "Q James G. Maynard, anticipates beginning 0 O Maynard Oil Posts Lower Earnings DALLAS, Texas Maynard Oil Company (OTC 4.00, 4.50) three ficer, said that the company currently has new Scottys stores under construction at Pensacola, Ft. Walton Beach, and Panama City, Fla., and Gold-Gol- d Gold |