Moore And McCormack Changes Firm Name— Earnings Increased
Stockholders overwhelmingly approved changing the name of Moore and McCormack Co., Inc. (listed NYSE, Pacific Coast) to Moore McCormack Resources, Inc. at a special meeting held at the company's new headquarters, One Landmark Square, Stamford, Conn.
James R. Barker, chairman and chief executive officer, told the meeting that "the broadened scope of the company's activities in transportation and natural resources, the reason for this name change, is evident in results for 1973." Mr. Barker then disclosed that revenues for the year ended December 31, 1973, which included operations of Pickands Mather & Co. acquired April 3 last year, totaled $141,545,000 compared with $56,933,000 the year before when the company's principal activity was its ocean shipping subsidiary, Moore-McCormack Lines, Incorporated.
Pickands Mather's activities include operation of iron ore and coal mining properties, management and ownership of limestone and coke facilities, operation of Inter lake Steamship, a Great Lakes bulk carrier fleet, and acting as a sales agent for various materials.
After-tax earnings before extraordinary items in 1973 amounted to $10,059,000, or $4.21 a share, up from $3,699,000, or $1.55 a share in 1972. Per share results are based on 2,391,354 average shares outstanding in both years.
Extraordinary items in 1973 amounted to $834,000, or $.35 per share, compared with $2,757,000, or $1.15 per share the year before.
In reporting results for the final 1973 quarter, Mr. Barker said that revenues amounted to $43,649,000, up from $16,432,000 in the same 1972 period. At the same time, earnings for the quarter ended December 31, 1973, were $3,128,000, or $1.31 a share, compared with $1,448,000, or $.61 a share.
In commenting on the year as a whole, Mr. Barker noted that per share earnings of $4.21 were substantially higher than the 1972 pro forma $2.24 representing profits of Moore McCormack and PM combined, and that 1973 results of Moore-McCormack Lines and PM were each ahead of the year before.
He added that "this increase reflects the strong uptrend in the steel industry, which is served by PM, and in trade on our ocean shipping routes linking Atlantic Coast U.S.
ports with the East Coast of South America, Etnd South Africa."
Other stories from March 1974 issue
- Shallow-Draft Bulk Carrier Study Award To M. Rosenblatt page: 4
- Naval Hydrodynamics Symposium To Be Held At M.I.T. June 24-28 page: 4
- Dravo Corporation Launches Most Powerful Towboat For Use On World's Inland Waterways page: 6
- U.S. Lines Names Pert Manager-Operations For Eastern Division page: 8
- $40-Million Contract To Nashville Bridge For Towboats, Barges page: 10
- Nathan Friedland loins Santa Fe Engineering page: 10
- Todd Appoints Stuart Jones To Head New Tanker Planning page: 11
- Todd Shipyards Los Angeles Division To Build Four 89,700-Dwt Tankers At A Total Cost Of $136 Million page: 11
- Officers Named By Johnston Pump Company page: 11
- AML And APL Announce Changes Of Key Personnel page: 12
- Ingram Signs 10-Year $150-Million Contract To Transport Fuel Oil page: 13
- Three Appointments To Towing Industry Advisory Committee page: 13
- Alaska Pipeline Background Information -Tankers Required To Cost $1.6 Billion page: 14
- Minneapolis Investors Acquire Grafton Boat page: 14
- First Phase Of New Keppel Subsidiary, Tuas Shipyard, To Cost $70 Million —A Number Of Key Appointments Made page: 17
- Long-Term Charters Planned By Sohio page: 17
- Finnish Passenger Ship To Be Powered By Turbo Power & Marine Systems Gas Turbines page: 17
- Universal Gas & Oil To Sell LPG Carrier For $32.5 Million page: 18
- Harold Reinauer Named Vice President AWO Region Five page: 22
- Adm. Healey, USN (Ret.) Joins EDO Corporation page: 23
- Study Indicates U.S. Waterborne Trade To Triple By Year 2000 page: 26
- Lufkin Announces Three Appointments page: 27
- New Pacific Coast Shipping Association Invites Membership page: 28
- COMSAT General Corp. Names David W. King page: 28
- Moore And McCormack Changes Firm Name— Earnings Increased page: 32
- American Export Lines Agrees To Sell Two Passenger Vessels page: 33
- Stork-Werkspoor Receive Orders For 32 Engines page: 33
- ASME Marine Committee To Present Thirteen Papers At Zurich Gas Turbine Conference page: 34
- Dearborn-Storm To Concentrate On Offshore Drilling Industry —Computer Leasing To Be Sold page: 35
- B&W To Supply Six Marine Boilers For Three Merchant Ships page: 36
- C.J. Hendry Co. Appoints John Iamarino page: 36
- Waterways Attract 87 Plant Facilities In Last Quarter 73 page: 37
- Liffey Marine Operating New Supply Vessel Designed To Carry A Wide Variety Of Cargo page: 38
- AAPA Committee Names John Finnegan page: 39
- Soviet Trading Firm Takes Space In N.Y/s World Trade Center page: 39
- A.L. Burbank Forms Shipcentral, Limited —Tsao Named To Board page: 40
- Colt Industries To Build Fairbanks Morse Diesels To Power ODECO's Ocean Ranger page: 42
- Insley Yard Delivers Tug To Great Lakes Dredge & Dock page: 42
- British Ocean Group Forms New Shipbroking Company page: 43
- Kings Point Alumni Opposes Committee Dismemberment page: 43
- Engelhard To Provide Cathodic Protection For 16 Navy Destroyers page: 44
- Northen Of ACT/PACE Elected CI President page: 44
- Campbell Launches 18th In Series Of Tuna Superseiners page: 45
- Rule Changes By Lloyd's Register page: 49
- Carrington Slipways Builds Fleet Of Eight Supply Vessels For Australian Offshore page: 50
- 60% Of Spanish-Built Ships Built By Astilleros Espanoles —Spain Now In Fourth Place page: 50