Page 28: of Maritime Reporter Magazine (March 1974)

Moore And McCormack

Changes Firm Name—

Earnings Increased

Stockholders overwhelmingly ap- proved 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 com- pany's new headquarters, One

Landmark Square, Stamford, Conn. 06901.

James R. Barker, chairman and chief executive officer, told the meeting that "the broadened scope of the company's activities in trans- portation and natural resources, the reason for this name change, is evi- dent in results for 1973."

Mr. Barker then disclosed that revenues for the year ended De- cember 31, 1973, which included operations of Pickands Mather &

Co. acquired April 3 last year, tot- aled $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, Incor- porated. Pickands Mather's activi- ties include operation of iron ore and coal mining properties, man- agement and ownership of lime- stone and coke facilities, operation of Inter lake Steamship, a Great

Lakes bulk carrier fleet, and acting as a sales agent for various ma- terials.

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After-tax earnings before ex- traordinary 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 out- standing 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, earn- ings for the quarter ended Decem- ber 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 sub- stantially higher than the 1972 pro forma $2.24 representing profits of

Moore McCormack and PM com- bined, and that 1973 results of

Moore-McCormack Lines and PM were each ahead of the year before.

He added that "this increase re- flects 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."

B&W Names

Charles Orem Manager

Of Division Operations

Charles A. Orem has been named manager of division opera- tions for the Industrial and Marine

Division of The Babcock & Wilcox

Company's power generation group.

A native of Bryn Mawr, Pa., Mr.

Orem joined B&W in August 1970 as manager of operations in the company's group operations serv- ices department, after previous service with the U.S. Navy. Mr.

Orem entered the Navy in 1950 as an ensign and retired in 1970 as a commander.

From 1965 to 1968, he served as the commander of a nuclear-pow- ered submarine, and from 1968 un- til his retirement, he was a systems analyst for the Chief of Naval Op- erations in Washington, D.C.

Mr. Orem is a 1950 graduate of the U.S. Naval Academy and the

U.S. Naval Postgraduate School, where he received a B.S. degree and an M.S. degree in electrical engi- neering. He is a charter member of the Institute of Electrical and Elec- tronics Engineers and the Ameri- can Institute of Aeronautics and

Astronautics, and a member of the

U.S. Navy Institute.

Djakarta Lloyd Line

Appoints Weisdorffer

Louis E. Weisdorffer has been appointed Gulf Line manager for

P.N. Djakarta Lloyd Services, it was announced by Roberts Steam- ship Agency, Inc., recently appoint- ed general agents for the Indonesi- an-flag line.

Mr. Weisdorffer will make his headquarters in New Orleans, La. 32 Maritime Reporter/Engineering News