OCR Text |
Show Kaibab Will Report First Quarter Loss Kaibab Industires will report a loss for the first quarter of its fiscal year, it was announced Wednesday. Net loss for the three months period was $387,000 equal to $.25 per share on sales of $34,451,000. This compares with a net loss of $649,000 or $.43 per- share on sale of $32,841,000 for the 'first' quarter of last year. Kaibab operates a sawmill in Panguitch. A. M. Whiting, president, said the current year loss represents a substantial improvement over the comparable period last year. Operations benefited from better lumber prices and lower raw material costs. Lower interest rates have stimulated housing demand with a commensurate increase in demand for lumber. This trend carried into the current quarter before stalling in the face of bad weather in most consuming areas of the U.S. Whiting said the near-term outlook for housing was better now than anytime during the past three years. Kaibab Industries, with corporate headquarters in Phoenix, Ariz, is engaged in forest products manufacturing, building materials distribution and petroleum products marketing. |