Television digest with electronic reports (Jan-Dec 1959)

15 Financial Reports Philco Comeback: Despite a poor showing for the full year, Philco’s fourth-quarter 1958 profit was nearly double the corresponding 1957 figure, a preliminary earnings statement shows. For the first half of 1958, Philco operated at a loss of $1,442,000 (Vol. 14:31), but thirdquarter earnings wiped out the deficit. Pres. James M. Skinner Jr. said: “The increase in sales and net for the last quarter of 1958 over the 1957 period was even better than the third quarter’s substantial gain. Thus, while sales and net for the full year were below 1958, sales for the last 6 months were up 8% and net in creased 34%.” Philco’s report for the year ended Dec. 31: 1958 Sales $351,000,000 Net income 2,866,000 Eax'ned per common share . . 61^ Common shares (computation basis) . . 4,069,629 For 3 months ended Dec. 31 : Sales 105,000,000 Net income 2,534,000 Earned per common share. . 60^ 1957 $372,629,000 4.081.000 4,069,629 97,558,000 1.138.000 SU Jerrold Electronics Corp. profits for 9 months ended Nov. 30 were 20 times higher than in the comparable 1957 period, and sales were up nearly 25%. Pres. Milton Shapp attributed the increase to all aspects of Jerrold’s business: new products, development and installation of master TV antennas, community antenna equipment and operation, closed-circuit TV and military work. He said the 10 Jerroldowned CATV systems had added 250 subscribers in 9 months, and that the company had installed closed-circuit facilities at Ft. Eustis, Va., and Ft. Gordon & Hunter Air Base, Ga. A city-wide closed-circuit system is being bu lt in Ellenville, Wash., where Jerrold is connecting Central Washington College of Education to all city public schools. The report for 9 months ended Nov. 30 (1958 income includes a non-recurring credit of $27,268): 1958 1957 Net sales & service revenues $5,262,166 $4,326,766 Net income 210,573 9,960 Earned per common share 19^ 0.9<i Shares outstanding (approx.) 1,100,000 1,100,000 Westinghouse reports a 2.9% increase in next income for 1958 over 1957, although net sales declined. In a preliminary financial report, the company attributed profit improvement to “vigorous cost and expense control measures.” The report for the year ended Dec. 31: 1958 1957 Net sales $1,895,699,000 $2,009,043,000 Net income 74,772,000 Earned per common share. 4.25 Common shares outstanding 17,180,128 For quarter ended Dec. 31: Net sales 511,200,000 Net income 25,761,000 Earned per common share . 1.47 72.652.000 4.18 16,943,337 531,770,000 23.550.000 1.36 Reports & comments available: Amphenol-Borg, an analysis by Hallowell, Sulzberger, Jenks, Kirkland & Co., National Bank Bldg., Philadelphia . " . Bendix Aviation, a study by Harris, Upham & Co., 120 Broadway, N.Y. . . . General Dynamics, a review by Sartorius & Co., 39 Broadway, N.Y. . . . Walt Disney Productions, a study by W. E. Burnet & Co., 11 Wall St., N.Y. Packard-Bell Electronics reports record sales for the first fiscal quarter ended Dec. 31, 1958. Profits were 93% above the comparable 1957 period. Pres. Robert S. Bell said the home products div., in the midst of an unsteady market for TV receivers, increased its sales 11% over the same quarter of 1957, and noted “accelerated activity in color TV.” Sales of the technical products div. were double the preceding year’s period. For quarter ended Dec. 31, 1958: 1958 Sales $12,869,602 Net income 421,361 Earned per common share . 61<f 1957 $8,554,431 218,314 32<t Raytheon Mfg. Co. had its most successful year in 1958, with both sales and earnings setting records, pres. Charles F. Adams told the Boston Society of Security Analysts this week. “We expect continued improvement in both sales and earnings in 1959,” he added. Adams said dividend payment “is no longer impossible [but] the current requirements of our growing business are such that we should continue to retain earnings.” Highlights of Raytheon’s best year to date, as outlined by pres. Adams : 1958 1957 Sales $375,156,000 $259,865,000 Net earnings 9,403,000 4,828,000 Earned per common share . . . 3.08 1.70 Shares outstanding 3,050,459 2,831,980 Meredith Publishing Co. reports revenues slightly down, net income up, for 6 months ended Dec. 31, 1958. Meredith publishes Better Homes & Gardens and Successful Farming, and owns WHEN-TV and WHEN, Syracuse; WOW-TV and WOW, Omaha; KPHO-TV and KPHO, Phoenix; KCMO-TV and KCMO, Kansas City, Mo.; radio KRMG, Tulsa. For 6 months ending Dec. 31: 1958 1957 Revenue Net income Earned per common share . Shares outstanding $23,937,131 1,772,865 1.37 1,298,203 $24,110,964 1,685,063 1.30 1,293,844 Cornell-Dubilier reports, for quarter ended Dec. 31: Sales Net income (loss in 1957) . Earned per common share . Common shares outstanding 1958 1957 $5,932,977 $6,994,023 54,643 (80,153) 94 512,390 512,390 Zenith Radio Corp. directors, in a surpidse move this week, proposed a 3-for-l stock split, subject to approval by stockholders April 28. It will be the company’s second in 13 months — a 2-for-l split having been effective last March (Vol. 14:6). Zenith expects first-quarter sales of about $53,000,000, about 25% higher than the record set in the first-quarter of 1958. News of the stock increase, together with a regular dividend increase from 50^ to 75^, pushed Zenith up 11% points Jan. 28 to 189%. Friday closing: 188. Symphonic Electronic Corp. plans new plant for manufacture of stei’eo hi-fi equipment at Woodbridge, N. J. Dividends declared this week Corporation Amt. Payable Stk. of record Consol. Electrodynamics . . ...$0.10 Mar. 13 Feb. 25 Cornell-Dubilier . . . .20 Mar. 24 Mar. 10 Inti. Resistance . . . .05 Mar. 2 Feb. 13 P. R. Mallory & Co . . . .35 Mar. 10 Feb. 13 Sperry Rand . . . .20 Mar. 26 Feb. 11 Standard Radio Ltd Apr. 10 Mar. 20 TV-Electronics Fund . . . .08 Feb. 28 Feb. 2 20th Century-Fox . . . .40 Mar. 28 Mar. 13 Tung-Sol . . . .35 Mar. 2 P’eb. 11 Westinghouse . . . .50 Mar. 2 Feb. 9 Zenith . . . .75 Mar. 31 Mar. 13