What you are seeing should be the sys_id of the location reference field.

If you're doing this in a Business Rule, you can pull this fairly easily using the getRefRecord() method.

var company = new GlideRecord('u_company');
company.query();

while (company.next()) {
    var loc = company.location.getRefRecord()

    gs.log("Company Name: "  + company.getValue('name'));
    gs.log("Location Name: "  + loc.getValue('name'));
}

If you're doing this as a Client Script, it's a bit more involved but you can use GlideAjax. Take a look at the examples there, but here is a quick example.

Create a new Script Include that is Client Callable.

var MyCompanyUtils = Class.create();
MyCompanyUtils.prototype = Object.extendsObject(AbstractAjaxProcessor, {

    getLocationName : function() {
        // parameters
        var company = this.getParameter('sysparm_my_company');

        // query
        var rec = new GlideRecord('u_company');
        rec.addQuery('sys_id', company);
        rec.query();

        data = "Company not found."
        while (rec.next()) {
            var loc = rec.location.getRefRecord();
            data = loc.name;
        }

        return data;
    },

    type : "MyCompanyUtils"
});

Create a Client Script that calls this Script Include.

function onChange(control, oldValue, newValue, isLoading, isTemplate) {
    if (isLoading || newValue === '') {
        return;
    }
    // get the company referece value
    var company = g_form.getValue('company');

    var ga = new GlideAjax('MyCompanyUtils'); // call the object
    ga.addParam('sysparm_name', 'getLocationName'); // call the function
    ga.addParam('sysparm_my_company', company); // pass in company
    ga.getXML(showLocation);
}

function showLocation(response) {
    var answer = response.responseXML.documentElement.getAttribute("answer");

    alert("Location: " + answer);
}