Television digest with electronic reports (Jan-Dec 1959)

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15 Financial Reports; TelePrompTer Corp. “will show a profit” for second 1U58 half, but earnings for full year were “substantially below” $143,682 (40^ per share) in first 6 months (Vol. 14:38), reports chairman-pres. Irving B. Kahn. In 1957 company lost $212,694. Sales last year increased to about $3,500,000 from $2,264,345 in 1957, but second-half business was reduced by postponement of 4 big closed-circuit TV shows by automobile manufacturers, cancellation or trimming of closed-circuit projects by other companies. “We didn’t gear enough to our military business to offset these losses,” Kahn said. National Theatres Inc. filed SEC registration statement this week for $20,000,000 of 5V2% sinking fund subordinate debentures due March 1, 1974 stock purchase warrants for 454,545 common shares and 485,550 warrants to purchase debentures & stock pui’chase warrants — all in connection with plan to acquire National Telefilm Assoc. Inc. (Vol. 14:46). Prospectus stated that 1,090,075 NTA common shares were outstanding Nov. 1, that 9411 shares will be issued for NTA acquisition of Telestudios Inc. (Vol. 14:38). Walt Disney Productions consolidated net profit was $3,865,473 ($2.51 per share on 1,537,054 shares outstanding) on gross revenues of $48,577,262 in fiscal year ended Sept. 27 vs. $3,649,359 ($2.44 on 1,494,041) on $35,778,242 year earlier. Report by pres. Roy O. Disney said TV income accounted for $1,139,159 of increase in gross; film rentals went up $3,593,211; Disneyland Park yielded $7,494,575 more. Other income fx’om publications licensing, comic strips & music rose $572,075. General Instrument earnings were doubled to $606,240 (44^ per share) on record sales of $15,085,325 in 3rd fiscal quarter ended Nov. 30 vs. $304,477 (22^^) on $10,070,998 in same 1957 period, confirming rosy predictions by chairman Martin H. Benedek (Vol. 14:52). For 9 months net income was $960,717 (70^) on $34,161,392 vs. $551,527 (40^) on $25,271,168 year earlier. Figures for 3rd quarter and 9 months of current fiscal year included Radio Receptor div. acquired last year. Stanley Warner Corp., whose consolidated earnings in fiscal year ended Aug. 31 slipped to $1.15 from $1.82 per share year earlier (Vol. 14:49), recovered in first new fiscal quarter ended Nov. 29. Pres. S. H. Fabian reported net income of $1,179,695 (58^) vs. $804,531 (39^) in same 1957 period. Revenues from theatre admissions & merchandise sales in new quarter were $30,719,700 vs. $28,150,800 year earlier. Outlook for fiscal year, said Fabian, is “good.” ORRadio Industries earned $15,500 (34 per share on 510,867 shares outstanding) on sales of $730,000 in quarter ended Nov. 30 vs. $30,300 (6^ on 485,795) on $615,483 in same 1957 period. For 9 months of fiscal 1958, however, company lost $25,500 on $2,097,000 vs. net income of $114,268 (244) on $1,585,657 in first 3 quarters year eax'lier. Litton Industries earned $1,136,000 (64^ per share on 1,714,097 shares outstanding) on sales of $27,079,000 in first fiscal quarter ended Oct. 31 vs. $863,000 (484 on 1,202,024) on $19,555,000 year earlier. Figures for 1957 period were adjusted to include Monroe Calculating div. acquired last year. AT&T earned $192,780,000 ($2.74 per share on 70,426,335 shares outstanding) in Dec. quarter vs. $178,543,237 ($2.76 on 64,641,876) in same 1957 period. For year ended Dec. 31 preliminary report shows net income of $744,090,000 ($10.95) vs. $686,057,956 ($10.75) for 1957. Balance Sheets Triple City Bcstg. Co., licensee of KDLO-TV, Florence, S. D. (Ch. 3) and subsidiary of Midcontinent Bcstg. Co. (KELO-TV & KELO, Sioux Falls), as of Oct. 31, 1958: Total assets, $266,180.69; total liabilities, $98,292.04; capital & surplus, $167,888.65. Current assets, $68,506.54; property, plant & equipment, $197,343.82. Current liabilities, $98,292.04. Earnings for period to Oct. 31 before Federal income taxes were $26,747.31; surplus as of Aug. 31 was $96,141.34. Aladdin Bcstg. Corp., licensee of KLZ & KLZ-TV, Denver (Ch. 7) and controlled by Time Inc. subsidiary TLF Bcstrs. Inc., as of Oct., 1958: Total assets, $3,636,778; total liabilities, $1,478,823; capital & surplus, $2,157,955. Current assets, $776,045; property, plant & equipment, $374,470; network affiliations, $2,472,715. CuiTent liabilities, $578,823; long term liabilities, $900,000. Earned surplus, $1,907,955 (including $1,436,568 fi'om prior years). Twin State Bcstg. Inc., licensee of WTCN & WTCNTV, Minneapolis, Minn. (Ch. 11) as of Oct. 31, 1958: Total assets, $8,432,090; total liabilities, $8,316,974; capital & surplus, $1,209,100. Current assets, $1,432,782; pi’operty, plant & equipment, $1,608,961; network affiliations, $5,379,779. Current liabilities, $519,952; long tenn liabilities, $7,797,022. Earned surplus (deficit), $1,093,984 (including $851,359 from prior years). TV Colorado Inc., licensee of KKTV, Colorado Springs, Colo. (Ch. 11), as of Nov. 30, 1958: Total assets, $448,441.63; total liabilities, $256,105.80; capital, $192,335.83. Current assets, $176,832.09; property, plant & equipment, $248,938.47. Current liabilities, $47,347.46; long term liabilities, $208,758.34. Net profit for 9 months ended Nov. 30 was $105,113.73, i-educing previous deficit of $115,002.90 (as of March, 1958) to $9889.17. Midcontinent Bcstg. Co., licensee of KELO & KELO-TV, Sioux Falls, S. D. (Ch. 11) as of Oct. 31, 1958: Total assets, $1,354,728.69; total liabilities $761,771.74; capital & surplus, $592,956.95. Current assets, $464,656.57 ; property, plant & equipment, $812,442.99. Current liabilities, $335,470.96; deferred liabilities, $426,300.78. Earnings for period to Oct. 31, 1958 before income taxes, $76,198.76. Duhamcl Enterprises Inc., licensee of KOTA & KOTA-TV, Rapid City, S. D. (Ch. 3), and satellite KDUHTV, Hay Springs, Neb., as of Nov. 30, 1958: Total assets $477,800.24; total liabilities, $289,745.62; capital & surplus, $188,054.62. Current assets, $183,383.31; property, plant & equipment, $276,014.91. Current liabilities, $32,697.11; long term liabilities, $257,048.51. Earned surplus, $159,054.62. Midwest Radio-TV Inc., licensee of WCCO & WCCOTV, Minneapolis (Ch. 4) as of Oct. 31, 1958: Total assets, $2,927,969.08; total liabilities, $1,131,204;57; capital, $1,796,764.51. Current assets, $1,554,031.79; pi'operty, plant & equipment, $925,985.04. Current liabilities, $971,204.57. Retained earnings, $921,700.07. Reports & comments available: On CBS, an analysis by Louis Sapir of Cohen, Simonson & Co., 25 Bi'oad St., N. Y. . . . Raytheon, a review by Shearson, Hammill & Co., 14 Wall St., N. Y. . . . Daystrom, an analysis by Walston & Co., 120 Broadway, N. Y. . . . Pacific Mercury, a pamphlet by Swift, Henke & Co., 135 S. La Salle St., Chicago . . . Standard Coil, a review by Brimbei-g & Co., 26 Broadway, N. Y. . . . Erie Resistor, an analysis by Coburn & Middlebrook Inc., 100 Trumbull St., Hartford.