Weekly television digest (Jan-Dec 1963)

12— TELEVISION DIGEST FEBBUABY 4. 1963 Financial Reports of TV -Electronics Companies These are latest reports as obtained daring the last week. Dash indicates the Information was not STsilable at press time. Parentheses denote loss. Company Period Sales Pre-Tax Earnings Net Earnings Per Common Share Common Shares Beckman Instruments 1962 — 6 mo. to Dec. 31 $ 37,244,317 $ 4,338,436 $ 2,343,436 $1.53 1,534,943 1961—6 mo. to Dec. 31 34,550,469 3,872,913 2,092,913 1.37 1,529,419 Granco Products 1962 — 6 mo. to Dec. 29 1,200,000 43,000 .08 1961 — 6 mo. to Dec. 29 1,220,000 (137,000) — — Lear Siegler 1962—6 mo. to Dec. 31 98,042,972 4,970,657 2,914,056 .74' 3,911,168 1961^ — 1962 — qtr. to Dec. 31 51,065,033 2,479,508 1,534,433 .39* 3,911,168 1961‘ — P. R. Mallory 1962 — year to Dec. 3U 99,060,031 10,671,145 5,121,145 3.22‘ 1,530,642 1961 — year to Dec. 31 85,197,027 9,363,224 4,513,224 2.82’.' 1,530,642* Toft Bestg. 1962-9 mo. to Dec. 31 9,329,842 3,840,842 1,827,379 1.16 1,570,717* 1961 — 9 mo. to Dec. 31 7,973,358 2,858,670 1,379,810 .88 1,570,717* 1962 — qtr. to Dec. 31 3,600,444 1,712,825 863,343* .55 1,570,717* 1961 — qtr. to Dec. 31 3,079,328 1,304,090 635,624 .40 1,570,717* Varian Associates 1962 — 13 wks. to Dec. 29 17,929,322 1,079,517 .27 3,950,090 1961—13 wks. to Dec. 29 16,232,466 826,543 .21 3,897,373 Vornado 1962 — qtr. to Nov. 30 38,893,322 1,080,339 1,023,204 .78 1,310,593 1961 — qtr. to Nov. 30 28,202,406 889,821 863,929 .66 1,310,593 Westinghouse 1962 — year to Dec, 31' 1,954,479,000 98,661,000 57,061,000 1.56’ 35,623,294 Story on p. 1 1 1961 — year to Dec. 31 1,913,770,000 86,946,545 45,446,545 1.23’ 35,612,003 1962 — qtr. to Dec. 31 526,730,000 — 16,932,000 .46’ 35,623,294 1961 — qtr. to Dec. 31 526,258,000 20,434,000 .56’ 35,612,003 Notes: ^Comparison figures not available because of June-1962 merger of Lear & Siegler. * After preferred 1 dividends. • Outstanding Dec. 31, Common Stock Dividends Corporation Period Ami. Payable Stk. of Record Internat’l Resistance Q $0.10 Mar. 1 Feb. 15 Lear Siegler . Q .10 Mar. 1 Feb. 11 Meredith Publishing Q .35 Mar. 13 Feb. 21 Storer Bestg. Q .45 Mar. 8 Feb. 21 Storer Bcstg.-“B” . Q .12% Mar. 8 Feb. 21 Taft Bestg. Q .15 Mar. 14 Feb. 15 Taft Bestg. . . Stk. 2%% Mar. 14 Feb. 15 Tung-Sol Electric Q .17% Mar. 1 Feb. 15 Westinghouse Q .30 Mar. 1 Feb. 8 Zenith Q .25 Mar. 29 Mar. 8 Reports & comments: GPE, comments, J. W. Sparks & Co., 120 Broadway, N.Y. 5 • AT&T, Magnavox & United Artists, comments, Orvis Brothers, 15 Broad St., N.Y. 6 • RCA & Westinghouse, discussions, Reynolds & Co., 120 Broadway, N.Y. 5 • Bendix, discussions. Hornblower & Weeks, 40 Wall St., N.Y. 6 • Terminal-Hudson Electronics, review, Baruch Brothers & Co., 44 Wall St., N.Y. 6 • Avco & Whirlpool, comments, Bruns, Nordeman & Co., 52 Wall St., N.Y. 5 • AB-PT, analysis, Hirsch & Co., 25 Broad St, N.Y. 4. GE’s 71st annual meeting will be held April 24 in San Francisco, marking first time meeting has been scheduled west of Chicago. Matsushita enters hi-fi component field with Panasonic “Motional Feedback” system containing amplifier & 2 speaker systems, to be priced at $375 in U.S. 1962. * Record. ‘ Preliminary. • Adjusted to reflect 29t stock dividend Dec. 1962. Brokers Look At CBS: Enthusiastic, indeed, are major stock brokers about CBS Inc., if recent reports of their research departments are criterion. J. R. Williston & Beane, for example, described CBS as “world’s leading advertising medium,” said it “is experiencing an extremely prosperous 1962 year that should easily prove the most successful of its history from both a sales & an earnings standpoint.” Divine & Fishman Inc. echoed: CBS “ranks as the largest generator of advertising dollars in the world. Perhaps this obscures the basic fact that CBS is the leading broadcasting company in the U.S. . . . especially in profitability.” CBS’s 1962 sales, Williston & Beane, noted, “are expected to reach a half-a-billion dollars for the first time ever, with earnings of at least $3.15 a share expected, compared with $2.47 a share last year, on sales of $474 million. Earnings for 1963 should show further gains, carrying to $3.50 a share or more.” Divine & Fishman sees it this way: “With no drain from the electronics division [sold in mid-1961] & margins well under control, earnings seem assured of achieving a new peak [in 1962] of perhaps $3.10 per share on volume of perhaps $495 million. As for 1963, TV hillings should record another peak, radio profits should be maintained. Additionally, there will be a 20^ per share fillip to earnings through, in effect, placing a greater burden of program costs on affiliates. All in all, revenues should perhaps reach $510 million & earnings could well ascend to the $3.70 mark.” Interestingly, in our first analysis of stock brokers’ analyses of broadcasters & electronics firms (Vol. 3:1 p6), Abraham & Co. forecast for CBS 1962 per-share earnings of $3.20 & “rise to around $3.70 in 1963.”