Republic Resources Posts $122,803 Quarter Earnings

Citing reduced federal taxes and improved revenues from its lease-purchase program, Republic Resources, Inc., Newport Beach, reported earnings of $122,803 for its fiscal 1985 third quarter ended July 31, nearly five times the $27,244 reported a year earlier. Sales for the company, a grower of jojoba beans, dropped to 16% to $250,376 from $299,085.

Earnings for the first nine months rose 82% to $235,103 from $129,214 while sales dropped 46% to $741,330 from $1,379,000.

Richard Murphy, Republic’s president, attributed the rise in earnings to the company’s purchase of the rights to profits from the jojoba bean sales of seven limited partnerships that lease growing land from Republic as well to as tax credits that substantially reduced Republic’s tax liability. Jojoba bean oil is used in shampoo and cosmetics as well as machinery lubrication.