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Show Kaibab Notes First Quarter Operation Loss Kaibab Industries will report a loss for the first quater ended December 31, 1983, it was announced Feb. 1. The net loss for the three months period of $57,655 was equal to $.04 per share on sales of $40,475,382. This compares with a net loss of $87,357, or $.25 a share, on sales of $34,450, 767 for the first quater of the previous year. A.M. Whiting, president, said there was a substantial improvement in the operating results of the lumber manufacturing and metal fabricating division. This improvement was partially offset by reduced contributions from gasoline marketing and building material operations. Whiting said he expects the second quater will also show a favorable comparison with the prior year and a return to profitability is anticipated by the end of the third quarter. In a separate development the Company's board of directors authorized the extension of its previously announced tender offer. On December 30, 1983, Kaibab offered to purchase up to 380,000 .shares of its Common Stock, at $6 per share. On January 30, 1984, approximately 190 shareholders had tendered, or had expressed their intention to tender, an aggregate of 303,673 shares pursuant to the offer. Since fewer than 380,000 shares had been tendered prior to the initial expiration date, Kaibab said there would be no purchase of shares on a pro rate basis. Payments for shares tendered prior to the initial expiration date will be made on or about February 15, 1984. Kaibab has moved the expiration date of the Offer to purchase for an additional 3 days. The offer, as extended, will expire at 5 p.m. Phoenix, Arizona time on February 29, 1984 unless further extended. Shares tendered during this extension will be purchased on a "first-come, first-served" basis. Kaibab has retained The Carter Organization as information agent in connection with the tender offer. Questions regarding the offer should be referred to Carter, 116 John Street, New York, New York, (800) 221-3343. Kaibab is a manufacturer of lumber, garden products and metal roofing parts, a wholesale distributor of building materials, and retailer of gasoline in the Arizona market. Kaibab also operates a trucking company with common carrier authority in eleven western states and owns 50 percent of Payson West, a planned housing development in Payson, Arizona. Kaibab's Panguitch sawmill is a principal employer in Garfield County. |
