Iron County Record | 1956-04-19 | Page 3 | Power Company Board Officers Re-Named at Stockholders Meeting

Power Company Board Officers Re-named at Stockholders Meeting; The annual stockholders mect- lnf; and election of the hoard of; directors was held in Cedar City' Monday for the Southern I'tah! Power Company, according to! general manager. Ralph Thomas. The board of directors was unanimously re-elected and the present officers of the company were reappointed to their respective respec-tive positions. I In attendance at the board of directors meeting were Warren Bulloch, president; Lehl M. Jones (both of Cedar City); E. Raymond Lockhart. New York. N. Y.; W. V. Irwin, Omaha. Neb.; Inez Cox, secretary and treasurer, and Mr. Thomas. It was reported that during the fiscal year from December 1954 to December 1955 the net Income I before taxes' and dividends was $237,825. Taxes amounting to $137,677 and totaj dividends on preferred and common stocks, r $104,137 for a deficit spending on the Income of slightly less than $4,000. I However, a common stock quarterly quar-terly dividend of 25c ppr share was declared payable on May 1. The declared dividend on preferred pre-ferred stock for the quarter was $1.25 per share. According to Mr. Thomas' report re-port earning per share on common com-mon rtock for the 12-month period per-iod ending March 31 was $1.02. Conditions are Improving, Mr. Thomas said, with an Increase of mining operation up nearly six and one-half percent since the first of the year. These Improving conditions, he Indicated, on an earned rate basis may be as high as five percent at the end of 1956. For the year 1955 the earning rate of the company was 4.6 percent, per-cent, he said.