Security Storage Co., a Washington household moving firm, has reported 1976 profits of $184,000 ($2.12 a share) compared with $153,000 ($1.76) in 1975, as revenues rose 2 per cent to $5.19 million.
In a report to stockholders, chairman Robert L. Tull and president Robert E. Windham said the moving and storage market "was extremely competitive last year, and we foresee no change for 1977."
Despite higher costs for fuel, insurance, supplies and wages, regulated interstate moving rates were cut by about 8 per cent during the year to meet competition, they said.
A new subsidiary, Security International Corp., was formed last August to sell American products abroad. More recently, Security Storage purchased a 53 per cent interest in Control Laser Corp. of Pompano Beach, Fla., for $2.6 million.
Company officers said laser manufacturing "is far afield from moving and storage, travel, freight forwarding and our other services," but "we feel it is an excellent investment opportunity" because of a record of profitability and growth potential.
Security remains involved in a battle with Teamsters Local 639 over a work stoppage in 1975. The union has been upheld by the National Labor Relations Board and the case is now before U.S. Court of Appeals. If the decision goes against Security, the firm could have to pay substantial back wages of about $80,000.
Pepsi-Cola Bottling Co. of Washington, yesterday reported record 1976 sales of $31 million, a gain of 10 per cent over 1975.Profits totaled a record $2.09 million ($2.70 a share) compared with $1.5 million ($1.86) in 1975.
Chairman C. William Martin Jr. said negotiations are continuing with Teamsters Local 67 on a new contract. The previous contract expired Feb. 19 but workers have stayed on the job as talks have continued on a seven-day basis with Pepsi and other carbonated-beverage firms. Directors of the company declared a dividened of 10 cents a share payable April 15 to owners of record March 28.
Auto-Train Corp. reported that profits were sliced in half for the third quarter ended Jan. 31, to $92,390 (6 cents a share) from $193,911 (12 cents) a year ago. Revenues rose slightly to $7.8 million from $7.6 million.
President Eugene K. Garfield yesterday said that the quarter's results indicate that Auto-train has recovered from the effect of one-time costs associated with a derailment and equipment revitalization, which penalized profitability in the first six months of the current fiscal year. Auto-Train posted a nine-month net loss of $897,952 on revenues of $20.6 million vs. profits of $814,598 (50 cents a share) and revenues of $21.2 million.
Schwartz Brothers, Inc., a Washington music merchandiser and owner of Harmony Huts retail stores, reported a sharp increase in profits for 1976. Net income was $349,636 (46 cents a share) compared with $88,003 (12 cents) in 1975 as sales rose by 16 per cent to $25 million. The fourth quarter broke all records in the firm's 30 years of business, with profits of $289,925 (38 cents) and sales of $8.8 million compared with profits of $191,141 (25 cents) and sales of $7 million for the same period in 1975.
Smithfield Foods, a Virginia meat-packing firm, reported 1976 profits of $1.5 million (58 cents a share) on revenues of $144 million compared with 1975 profits of $393,000 (16 cents) and sales of $138 million. Chairman Joseph W. Luter III said a profitable fourth-quarter trend has a continued into 1977.
Noland Co., a Virginia wholesale distributor to the construction industry, reported a 6 per cent decline in profits last year to $2.9 million ($1.17 a share) from $3.2 million ($1.32) in 1975, although sales rose to $209 million from $197 million. President R.F. Ourednik said the decline in earnings reflected higher expenses and lower profit margins in "a highly competitive business environment."