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Show KailxtbhiconwLJp Improved operating results were achieved by Kaibab Industries, owner of a sawmill in Panguitch. in the first fiscal quarter ending December 31, 1977. Net income for the three month period rose to $529,954 equal to 35 cents a share, on sales of $21,907,462 This compares with net income of $181,325, or 12 cents a share, on sales of $19,409,658, for the corresponding prior year period. A. M. Whiting, president, said the improved operating performance in the first quarter reflected continuing strength in demand and prices of forest products. "In view of the encouraging prospects for forest products, we look forward to an improved year. The improvement may be moderated, however, by declining housing starts caused by high interest rates and a shortage of mortgage money. We continue to expect only a slight drop in housing starts with most of the weakness coming in the second half," said Whiting. |