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Show The Rational Enterprise , March 9, 1977 Page two All Things Considered, Vails Narrow Profit is Fortunate The Western drought has VAIL, Colo. taken its toll on the revenues and profits of Vail Associates (OTC 6.50, 7.00) principal owners, developers and operators of the Vail Ski Resort. The company reported sharply reduced operating results for the third quarter ending Jan. 31 and a loss for the first nine months of its current fiscal year. Third quarter net income and earnings per share on a fully diluted basis were $162,000 and 14 cents respectively, compared to $1,306,000 and 88 cents for the same period a year ago. Revenues for the period were also down, from $7,591,000 a year ago, to $4,853,000 for the third quarter in 1976. For the nine months ended Jan. 31, Vail recorded a loss of $1,157,000 or $1.09 a share, compared with net income of $303,000 and earnings per share of 29 cents for the nine month period last year. President of Vail, Richard L. Petersen said the company feels fortunate to have operated profitably for the third quarter in spite of the low snow accumulation and But three feet limited real estate activity. of new snow during the last week in February and the first week in March have returned skiing conditions on Vail Mountain to more traditional quality levels, he added. Besides the snowfall however, Petersen said anticipated real estate activity makes the outlook for the fourth quarter more promising. But real estate sales will no be a mainstay of the Vail business, a Vail spokesman added, until the company completes and opens the Beaver Creek ski area. Skiing should open there, he said, by 1981 or 50 Cents Per Copy Subscriptions S24.00 per year the National Enterprise Publish-in- a The Notional Enterprise is published weekly by Continental lank Bldg., P.0, las 11771, Pioneer Station, Company, Inc., 500 Salt lake City, Utah 14147. (101) 533-0SS- 6 R. George Gregersen Publisher AleneE. Bentley Editor Dean Alsup, Mary McMillan Gaber, Jo Schneider Staff Writers Kristopher R. Passey Advertising Manager Peter Harrison Production Manager 1982. Intermountain Labs, Pharmed Joint Venture SALT LAKE Two Salt based public companies, Intermountain Laboratories (OTC 10.25, 10.75) and Pharmed, Inc. (OTC) have joined to form Lake Pharmaceutical Product Packaging Company, (PPP), the first Utah firm to offer pharmaceutical packaging services to wholesale and retail drug firms. Under contractual agreement consummated last week, the two companies will divide equally profits of the new packaging company and split the $40,000 expense of a new Salt Lake packaging and The new labeling plant. packaging-labelin- g company will do packaging primarily for Pharmics, a drug marketing division of Pharmed but will gradually acquire intermountain and national drug firms as clients. Bill Beers, vice president of PPP and executive vice president and general manager of Intermountain, said that several major na- tional and intermountain drug companies have expressed interest in packaging drug products through although the company may incorporate later. Other officers of the new company are Kelly Farmer, president of PPP and chairman of the board of Pharmed, and Dr. Taher Fouad, PPP vice president and vice president of Intermountains million. contracts have been signed yet, he Founded in 1973, Pharmed reported 1975 revenue of $217,000 and earnings of In approximately $1,800. 1976 (fiscal year ending Dec. 31) the company reported revenue of $263,000 and earnings of $6,400. Packaging. said. The two companies opted not to incorporate the new company as a jointly owned subsidiary for tax and legal reasons. Beers said. Browning Partially Explains Stock Rise MORGAN, Utah Browning Co. (OTC 7.75, 8.25) said it knows of no reason why the trading volume and price of its common stock has lately been on the upswing. The company did admit, however, that it could be linked to possible rumors concerning the efforts of a major investment banking firm to determine whether there is interest in the busi ( pharmaceutical division. Jack W. Walker, a registered pharmacist, will act as plant manager of the new company. We are very exetied about the potential of this new company, Beers said. Salt Lake is an ideal city for such a firm, since it is a hub for air, rail and highway transportation and is centrally located for both intermountain and west coast markets. Intermountain Laboratories, a diagnostic, clinical and pathological laboratory offering services to doctors and vetrenarians, reported revenue of $1.58 million and earnings of $71,800 for fiscal 1976 (ending Jan. 31). For the first three quarters of fiscal 1977, the company of reported earnings $122,000 on revenue of $1.4 Pharmaceutical Product No i ness community in a possible merger or acquisition. Browning said they have allowed the investment banking firm to make a limited number of inquiries. All inquiries have been made, the company said, and no proposals have been received to date. They said they have no plans with respect to a merger or acquisition at this time. A recent study shows that an overwhelming majority of Americans have faith in our economic system. Only a small number favor major changes. Yet, 92 feel some modifications are needed. In the months and years ahead, we're all going to be called upon to make great decisions as our American Economic System adjusts to new conditions. The more we all know about our system, the better we can decide what to preserve, what to change. To help give you a clearer picture, a special booklet has been prepared. It's easy to read, interest ing and free. Every American ought to know what it says. The American Economic System. Its one of your basic freedoms. Booklets, P.O. Box 1887, New York, N.Y. 10001 Please send me a free copy of the booklet about our economic system. I would also like a copy of the survey highlights. Name Address City VS y .State. .Zip. A public service message of The Advertising Council and U.S. Department of Commerce presented this by Magazine. |