Television digest with electronic reports (Jan-Dec 1959)

16 Loew’s Inc. earned $2,625,000 (49^^ per share) in first quarter of current fiscal year ended Nov. 20 vs. loss of $1,291,000 in same 1957 period. Gross revenues in quarter were $38,711,000 (including $9,492,618 from rentals of old movies to TV) vs. $31,484,000 ($4,625,000) in quarter ended Nov. 21, 1957. Sharp upturn in business of world’s biggest movie company followed loss-to-profit reversal in fiscal year ended last Aug. 31, when earnings were $774,000 (15^) vs. $455,000 deficit year earlier. Gross income for last fiscal year was $152,150,244, off slightly from $154,320,404 in previous year, but Loew’s TV revenue jumped to $12,628,006 from $5,489,813. Reporting these results at directors’ meeting in N. Y. this week, when dissident Joseph Tomlinson (Vol. 15:1) resigned, pres. Joseph R. Vogel said “most significant factor” in improvement was upturn in film production & distribution end of Loew’s business. In 12 weeks to Nov. 20 pi'e-tax profit from movies was $2,187,000 vs. pre-tax loss of $4,378,000 in first fiscal quarter year earlier. Avco, whose divs. include Crosley Broadcasting Corp. (WLWT & WLW, Cincinnati; WLWC, Columbus; WLWD, Dayton; WLWI, Indianapolis; WLWA, Atlanta), earned $11,597,000 ($1.24 per share) on sales of $275,697,000 in fiscal year ended Nov. 3 vs. $12,833,000 ($1.38) on $303,995,000 year eaxdier. Net for fiscal 1958 included special credit of $2,041,000 (22^) for readjustment of depreciation values of plants & properties. This week Avco filed SEC registration statement (File 2-14664) for $15,000,000 convertible subordinated debentures due Feb. 1, 1979, most to be offered stockholders at rate of $100 for each 64 shares held. Issue is underwi'itten by Lehman Bros, and Emanuel, Deetjen & Co., proceeds to be used for general funds, research in electronics, aircraft & missile work. Victoreen Instrument Co., Cleveland, acquires Tullamore Electronics Corp., Chicago, through exchange of stock. OFFICERS-&-DIRECTORS stock transactions as reported to SEC for Dec.: Admiral — Carl E. Lantz sold 112, holds none. Avco — Frank S. Larson exercised option to buy 2000, holds 2500; James D. Shouse exercised option to buy 7500, holds 11,550. CBS Inc. — Louis Cowan bought 800 Class “A,” holds 900. Columbia Pictures — Charles Schwartz bought 4100 through Flco Corp., in which 11 other oiBcers & directors are beneficial owners, holds 45,458 In Flco Corp., 14,499 In partnership, none personally. Consolidated Electrodynamics — Robert L. Smallman sold 100, holds 2700; Harold W. Washburn sold 1000, holds 2690. Corning Glass — Charles D. LaFollette exercised option to buy 1500, holds 11,742. Daystrom — Thomas Allinson bought 600, holds 600. Emerson — Harold Goldberg bought 810, sold 500, holds 810; Harvey Tullo bought 3000, sold lOOO, holds 5209. General Dynamics — Lambert J. Gross sold 2500, holds 9657; Allen D. Marshall exercised option to buy 11,750, holds 16,750; Robert P. Melklejohn sold 1000, holds 6715. GE — George L. Haller sold 400, holds 100; Samuel Littlejohn bought 5370, holds 5940; Wm. C. Wichman exercised option to buy 1695, holds 5971. General Instruments — Louis Scadron sold 500, holds 2528. General Telephone— Theodore S. Gary bought 1439 through Natser Corp., holds 1439 In Natser Corp., 290,443 personally; R. Parker Sullivan exercised option to buy 375, holds 1525. Hoffman Electronics — Bruce L. Birchard exercised option to buy 200, sold 200, holds 200; I. J. Kaar exercised option to buy 1000, holds 1000. Indiana Steel Products — Ivan A. Dickey bought 100, holds 475. IBM — Walker G. Buckner sold 100 through foundation, holds 500 in foundation, 1059 in trusts, 1283 personally; Louis H. LaMotte sold 300, holds 3120. ITT — Eugene LaBaron bought 1500, holds 1649. E. .1. Korvette — Martin Aglns sold 400, holds 3750 personally, 3490 for wife; David Thorn sold 1500 through wife, holds 4565 for wife, 5275 personally; Wm. Wlllensky sold 2500 through wife, holds 4565 for wife, 2340 personally. Litton Industries — Roy L. Ash sold 238 through partnership, holds 12,260 In partnership, 50,525 personally; George Frledl Jr. bought 700, holds 700; Carl A. Spaatz sold 100, holds 3500; Charles B. Thornton sold 524 through partnership in exercise of option by employes, holds 26,972 in partnership, 123,249 personally. International Telemeter Corp. and its pay-TV system now are 100% owned by Paramount Pictures Corp., the remaining 10% having been acquired this week from minority holders — principally original investor Carl Leserman. Paramount pres. Barney Balaban said Telemeter, whose plans for 3-city cable-theatre operation were reported last year and then postponed (Vol. 14:35), is “ready for the marketplace” now. He didn’t elaborate, however, beyond noting that Paramount has “unusual programming efforts” in the works for pay TV. Full ownership of the home system, Balaban said, will “permit greater flexibility in the fullest development of Telemeter to meet the changing conditions of the entertainment industry & sports.” Telemeter subsidiaries Telemagnetics Inc. and Palm Springs Community TV Corp. become direct subsidiaries of Paramount; Telemeter pres. Louis A. Novins continues in charge of operations. Reports & comments available: On Daystrom, analysis by Kamen & Co., 25 Broad St., N. Y. . . . Consolidated Electronic Industries, report by Thomson & McKinnon, 11 Wall St., N. Y. . . . General Precision Equipment, brief by A. M. Kidder & Co., 1 Wall St., N. Y. . . . Avionics, review by Amos Treat & Co., 79 Wall St., N. Y. . . . AT&T, memo by Schirmer, Atherton & Co., 50 Congress St., Boston . . . Clevite, analysis in Investor’s Reader of Merrill Lynch, Pierce, Fenner & Smith, 70 Pine St., N. Y.; discussion by Hirsch & Co., 25 Broad St., N. Y. Dividends: National Theatres, 12%^ payable Feb. 5 to stockholders of record Jan. 22 . . . Packard-Bell, 1214^ Jan. 26 to holders Jan. 9 . . . General Dynamics, 50^ Feb. 10 to holders Jan. 9. Correction: Motorola 4th quarter sales were “substantially higher” than $60,000,000 in same 1957 period, according to pres. Robert W. Galvin. We regret error in Vol. 15:1 stating 4th quarter 1957 sales were $90,000,000. Loew’s Inc. — Joseph Tomlinson bought 16,900 and 20,000 more through Corp. A, holds 150,000 personally, 20,000 in Corp. A. P. R. Mallory — G. A. Godwin sold 500, holds 5930 personally, 1530 in trust; F. B. Powers sold 125, holds 4787. Minneapolis-Honeywell — Stephen F. Keating exercised option to buy 200, holds 1380; T. McDonald exercised option to buy 225, holds 5000; Donald C. Swatland bought 100, holds 100; John J. Wilson sold 2500, holds 40,660; P. B. Wlshart exercised option to buy 150, holds 6260. National Telefilm Assoc. — Harold Goodman bought 1000, sold 1000, holds 40,125 personally, 16 for wife; B. Johnny Graff bought 1000, sold 1000, holds 3200; Burt Kleiner bought 5000, holds 15,000. National Theatres — B. Gerald Cantor bought 16,000 and 1500 more through Cantor Fitzgerald & Co. trust, sold 10.000 through Cantor & Douglas, holds 96,000 personally, 1500 in Cantor Fitzgerald & Co. trust, none in Cantor & Douglas, 15,000 in Cantor Fitzgerald & Co., 3000 in Cantor Fitzgerald Foundation, 5000 In Cantor & Son Inc., 1000 in First Nevada Corp.; Samuel Firks bought 10,000 holds 60,000; Jack M. Ostrow bought 2500 and 10,000 more through corporation, holds 7500 personally, 91,000 in corporation; E. C. Rhoden sold 11,300 through Rhoden Investment Co., holds 15,650 in Rhoden Investment Co., 1325 in Boot Hill Investment Co., 10,850 in Precision Holding Co., 26,800 personally; Frank H. Ricketson Jr. sold 20,000, holds 10,042. Republic Pictures — Victor M. Carter bought 25,837, holds 98,337; Ernest A. Hall sold 4000, holds 9700. Siegler — Brantz Mayor sold 500, holds none; Donald Royce sold 1016, holds 10,000; Morris Sobin sold 1800, holds 2610. Skiatron Electronics & TV — Arthur Levey sold 5000 and 26,900 more privately, holds 262,931. Standard Coil Products — Arthur Richenthal sold 1775, holds 100. Sylvania — W. Benton Harrison exercised option to buy 924, holds 1258; Arthur L. Milk sold 300, holds 338; Walter R. Seibert exercised option to buy 792, holds 991. Texas Instruments — P. E. Haggerty sold 500, holds 125,450; Bryan F. Smith sold 100, holds 13,483 personally, 118 in trust. Tung-Sol — George W. Keown bought 136, holds 1568; Alfred K. Wright bought 212, holds 1198. 20th Century-Fox — James A. Van Fleet sold 200, holds 300. Walt Disney Productions— Orbiii V. Melton sold 100, holds 100. Westinghousc — John A. Hutcheson exercised option to buy 100, holds 557; Leslie E. Lynde bought 300, holds 2653; John F. Myers sold 500, holds 544; Reese H. Taylor bought 100, holds 500. Zenith — Eugene M. Kinney bought 744, holds 1052.