Weekly television digest (Jan-Dec 1960)

24 JANUARY 11, 1960 Dr. Lawrence W. Von Tersch, Michigan State U. electrical engineering dept, head, elected National Electronics Conference pres., succeeding Virgil H. Disney, dir.. Electronic Research div. of Armour Research Foundation, Chicago; William O. Swinyard, Hazeltine Research vp, named chmn., succeeding the late A. Crossley, Crossley Associates, Chicago; Joseph J. Gershon, De Vry Technical Institute, Chicago, elected exec, vp; James H. Kogen, GPE Controls, Chicago, appointed secy., succeeding G. E. Anner, U. of Illinois; Dr. H. E. Ellithorn, U. of Notre Dame, treas., succeeding G. J. Argali, De Vry Technical Institute; R. J. Parent, U. of Wis., elected asst, treas. Carroll D. McMullen, of Toledo, was elected 1960 pres, of NARDA, succeeding Joseph Fleischaker. Other new officers: Hardy Rickbeil (Worthington, Minn.), M. B. Magers (Kansas City), Frank Pieratt (Lexington, Ky.), vps; Victor P. Joerndt (Kenosha, Wis.), treas. Reelected were Mort Farr (Upper Darby, Pa.), chmn.; Harry Price (Norfolk, Va.), exec, committee chmn.; Upton Ziesler (Manitowoc, Wis.), secy. Courtney Pitt, who resigned as Philco finance vp in 1956, has been made a full partner in Baker, Weeks & Co., Philadelphia investment firm. Obituary John C. Merman, 56, former Daystrom vp, died Jan. 3 in Philadelphia. He is survived by his widow, a son, 2 daughters, and 2 grandchildren. Finance Walt Disney Productions suffered a slight decline in earnings despite a substantially higher gross income in the fiscal year ended Oct. 3. A principal reason for the decline in net. Pres. Roy 0. Disney said, was “higher production costs on certain TV products.” He also noted “a general softening in theater attendance, not only in the U.S. but also in most foreign markets where the increasing impact of TV is creating the same sort of adjustment period which the motion picture industry has experienced in the U.S.” For the fiscal year ended Oct. 3: Total gross income Net income Per common share Common shares . . 1959 $58,432,399 3,400,228 2.15 1,581,011 1958 $48,577,262 3,865,473 2.51 1,537,054 Bendix Aviation Corp. reports a 29% jump in net income on a sales increase of more than 10% for the 1959 fiscal year ended Sept. 30. Sales to the automotive industry (radios, brakes, etc.) rose to $112.4 million from $81.1 million in the previous fiscal year. For the fiscal year ended Sept. 30: 1959 1958 Net sales $689,692,312 $623,731,537 Net income 27,404,274 21,171,902 Per common share 5.37 4.18 Common shares 5,104,365 5,063,825 Cornell-Dubilier suffered a sizeable net loss for the fiscal year ended Sept. 30. Included in the componentmaker’s report, however, are non-recurring charges of $2,555,867 & tax credits of $690,000. For the fiscal year ended Sept. 30: 1959 Net sales $24,729,755 Net income (loss in ’59). . (2,883,537) Per common share — Common shares 507,390 1958 $26,328,735 188,686 28<t 512,390 Nucleonics, Chemistry & Electronics Shares Inc. nearly doubled its net assets in the fiscal year ended Nov. 30: Net assets at market . . . Net assets per share .... Capital shares 1959 1958 $6,684,261 $3,471,883 13.57 10.62 492,584 327,068 Electronic Communications Inc. doubled its earnings on a strong sales increase in the fiscal year ended Sept. 30: Total sales Net income Per common share Common shares (1959) .. 1959 $32,771,830 855,139 1.40 590,076 1958 $23,849,331 424,353 67(f 590,076 American Electronics Inc. expects a 4th-quarter net of some $200,000 (23<5 a share) and shipments topping $9.5 million, Chmn. Phillip W. Zonne has reported. The anticipated last-quarter performance would boost total 1959 pi’ofit to $553,000 (63^), increase shipments to above $25 million. In 1958, American suffered a $2.2 million loss after tax credits, on sales of $17.3 million. Zonne believes 1960 profits will “reach and could possibly exceed” $1 million (nearly $1.20 a share). He forecast shipments approximating $32 million. American’s backlog is about $16 million. During 1959, the electronics concern booked $30 million in new business, up from $18-$19 million in 1958. Decca Records anticipates a drop in 1959 profits from operations, although gross revenue will “approximate” 1958’s. Pres. Milton R. Rackmil attributes the profit drop to rising costs & “intense” competition. Last year, Decca’s income from operations was $1,548,511. Decca also owns 87% of Universal Pictures’ common shares, and had 1958 earnings of $1,227,871 from that source. Rackmil, who also is Universal’s pres., did not indicate Decca’s share of Universal’s 1959 earnings (Vol. 15:52 p20). Zenith scored record sale & earnings in 1959, with the volume soaring to “more than $250 million” and profits moving “well ahead” of the $12,116,165 ($4.10 a share) earned in 1958 on $195,041,624 sales. Pres. Joseph S. Wright reported last week. He noted that 1959’s 4thquarter sales set a record for the period. Wright said that Zenith’s order backlog is “substantially higher” than it was a year ago, forecast higher earnings in 1960 on sales calculated to be “in the neighborhood of 20% higher” than 1959’s volume. Westinghouse shareholders approved a 2-for-l split of common stock at a special meeting in Pittsburgh last week. The approval increases the number of authorized shares from 25 million to 50 million. Par value of each was cut in half to $6.25. Chmn. Gwilym A. Price said that 83.2% of shares were voted, the vote being 99.79% in favor. Skiatron Electronics trading on the American Stock Exchange has been suspended by SEC for another 10-day period until Jan. 16 to “prevent fraudulent, deceptive or manipulative acts or practices” while SEC proceedings against the company are pending (Vol. 16:1 pl2). An administrative SEC hearing for the company is scheduled for Jan. 13 in Washington. Reports & comments available: GE, report, Thompson & McKinnon, 2 Broadway, N.Y. 4 . . . GT&E, comments, Hornblower & Weeks, 40 Wall St., N.Y. 5 . . . General Instrument, report, Herzig, Farber & McKenna, 39 Broadway, N.Y. 6 . . . Thompson Ramo Wooldridge, report, Eastman Dillon, Union Securities & Co., 15 Broad St., N.Y. 5 . . . Electrical goods mfrs., profile, Jan. 1 Forbes.