low compression.. all cylinders?

[mwl1967@xxxx]

Hi all,
picked up what looks like is going to be a parts car for my K. 
The engine hasnt run in what could be decades. The carb was frozen, the spark 
plugs were missing but the engine wasnt locked up so I thought about trying 
to start it.

Compression check shows about 30-40 psi in each cylinder. Is 
this abnormality a result of just sitting stagnant for so long? Should I 
waste time with plugs, wires, carb etc and trying to start it or is it just a 
boat anchor? 

Thanks
Mike