Weekly television digest (Jan-Dec 1960)

20 JANUARY 18, 1960 NT&T net income for the 52 weeks ended Sept. 29 was considerably greater than the 53-week period of the preceding year. Theater admissions were much higher as NT&T weeded out unprofitable & marginal theaters. Earnings included gains of $979,491 from the sale of KMSP-TV Minneapolis, and $270,000 from disposition of theaters & real estate, said Pres. B. Gerald Cantor. Operations of NTA & subsidiaries were included from last April 1, the date of acquisition of majority interest. Referring to the fact that NTA operations are included only from April to Sept., Cantor said that during this period the TV market for feature films and 30-min. series underwent a di’astic change. Independent producers & distributors such as NTA were adversely affected by a glut resulting from the bulk sale of some movie libraries to TV stations, and a reduced demand for independent programs because of increased preemption by the networks. NTA has substantially reduced its operating costs to adjust to these changed conditions. For 12 months to Sept. 29 : 1959 1958 Gross income $66,758,211 $53,667,765 Net income 1,497,117 1,301,749 Per common share .55 .48 Common shares 2,700,806 2,699,486 Loew’s Inc. reported slightly lower net profit & sales for the first fiscal quarter ended Nov. 26, as compared with the same 1958 period, but Pres. Joseph R. Vogel said all company divisions operated profitably during the period. He said that during the current fiscal year gross TV income from pre-1948 movies will continue at about fiscal 1959’s $10.9-million level. The report of Loew’s Inc. for first 12 weeks of fiscal year; To Nov. 26 To Nov. 20 1959 Gross revenues $27,633,000 Net income 1,852,000 Per common share 71^ Common shares 2,608,888 1958 $29,736,000 1,952,000 IM 2,668,388 General Instrument Corp. reported record sales for 9 months ended Nov. 30 and earnings that topped the net for the entire fiscal year ended last Feb. 28. Chmn. Martin H. Benedek also reported record sales for the 3rd fiscal quarter and said net profit for the period was the highest for any quarter in the concern’s history. He attributed the improved performance partly to a “more profitable product mix, leaning strongly on semiconductors & military equipment.” Semiconductor sales for the 9-month period more than doubled those of the year-ago period; backlog more than tripled from Nov. 1958 to Nov. 1959. Benedek reported that General Instrument entered its 4th quarter with the overall order backlog at a record $33,238,000. For 9 months ended Nov. 30; 1959 1958 Sales $41,277,875 Net income 1,378,233 Per common shares . . 90(i Common shares 1,529,473 For the quarter ended Nov. 30: Sales $15,896,621 Net income 764,623 Per common share.... 50^ $34,161,392 960,717 70<1 1,373,273 $15,085,325 606,240 44^ Sonotone Corp. sales & earnings in 1959 were “the best in history,” with every product line ahead of 1958 performance, Chmn.-Pres. Irving I. Schachtel reports. He anticipates sales approaching $25 million and earnings of about $1 per share on 1,147,775 common currently outstanding, compared with 1958’s earnings of $800,473 (71^ on somewhat fewer shares) on $21,513,064 sales. “We foresee a continuance of this improvement through 1960,” he said. Some 50% of Sonotone’s business is hearing aids, 20% is nickel-cadmium batteries, 15% electronic tubes, 15% electronic components, including ceramic phonograph-playing cartridges. Schachtel announced that Sonotone is tooling up to introduce its first low-price cartridge for the mass phonograph market. It will also introduce an “ultrafine cartridge for the high-fidelity connoisseur.” The Elmsford, N.Y. concern is “constantly looking for acquisitions of electronic companies, although to date all of our new products have been developed from within,” said Schachtel. “We are not considering any offers to be acquired.” On Feb. 1, Sonotone will begin a test in 30 of its 350 hearingaid dealerships on the traffic pull of vitamin products, to supplement dealer income. Eitel-McCullough rolled up 1959 sales of approximately $26 million, compared with the 1958 volume of $16,186,849, finance vp E. E. McClaran reports. The San Carlos, Cal., producer of electronic components & tubes anticipates a 1959 net of $1.5-$1.8 million (87^-97^ a share, based on 1,827,242 common shares presently outstanding). Eimac’s 1958 earnings: $212,928 (26<J on 825,271 common shares). McClaran noted that the current order backlog approximates $12 million vs. $9.7 million in June, $11.5 million in Dec., 1958. He attributed 1959’s substantial profit improvement largely to the fact that “1958 earnings were adversely affected by start-up expense in our new facilities.” Telechrome Mfg. Corp. suffered a sag in earnings despite a brisk pickup in sales during the quarter ended Sept. 30: 1959 1958 Net sales $485,468 $343,454 Net income 28,275 37,177 Per Cl. A share 13^ 22<f Shares outstanding 221,167 165,800 Electro-Voice Inc. declined sharply in sales & earnings in the 9 months to Nov. 30: 1959 1958 Net sales Net income Per common share $7,738,375 $8,493,419 167,792 415,826 35^ 1.04 Reports & comments available: Philco, analysis, Parrish & Co., 40 Wall St., N.Y. 5 . . . Magnavox, report, Gude, Winmill & Co., 1 Wall St., N.Y. 5; review, Hayden, Stone & Co., 25 Broad St., N.Y. 4 . . . Siegler, analysis, Irving Weis & Co., 40 Exchange Place, N.Y. 5 . . . Hoffman Electronics, report, H. Hentz & Co., 72 Wall St., N.Y. 5 . . . AT&T, appraisal, Herbert E. Stern & Co., 52 Wall St., N.Y. 5 . . . TelePrompTer, prospectus. Bear, Stearns & Co., 1 Wall St., N.Y. 5 . . . “Electrical Equipment & Electronics in 1960,” pamphlet, E. F. Hutton, 61 Broadway, N.Y. 6. Trav-Ler Radio Corp. quadrupled earnings on a healthy sales rise in 6 mos. ended Oct. 31: 1959 1958 Sales Net income Per common share Common shares . $12,444,974 $7,808,717 452,848 107,038 55^ 14^ 817,445 761,995 TelePrompTer offering of 145,000 shares of common was oversubscribed and the books closed, the underwriters said last week. The stock was priced at $12 a share, for a total offering of $1,740,000. The proceeds will be used for various corporate purposes, including expansion into CATV. Common Stock Dividends Stk. of Corporation Period Amt. Payable Record Allied Radio Corp. . . — $0.08 Feb. 23 Feb. 8 Belock Instrument . . . Stk. 2%% Feb. 11 Jan. 12 Electronics Investm’t. — .03 Feb. 29 Feb. 1 Natl. Theatres & TV. Stk. 2% Feb. 16 Jan. 26 National Video “A” . . — .22% Feb. 15 Jan. 29 Philips’ Lamp Works . — ( 3% of par Jan. 5 Jan. 5 Wometco “A” Q .17% Mar. 15 Mar. 3 Wometco “B” Q .06% Mar. 15 Mar. 3