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12— TELEVISION DIGEST
FEBRUARY 18, 1963
Financial Reports of TV-Electronics Companies
These are latest reports as obtained during the last week. Dash indicates the Information was not STailable at press time. Parentbesas denote low.
Company
Period
Sales
Pre-Tax
Earnings
Net Earnings
Per
CODflMM
Share
Common
Shares
Amphenol-Borg
1962 — year to Dec. 31‘
$ 93,082,750
$ 5,175,298
$ 2,345,298
$1.69
1,387,677
Electronics
1961 — year to Dec. 31
73,204,641
1,312,299
623,299
.45
1,388,677
1962 — qtr. to Dec. 31
27,168,520
752,134
.54
1,387,677
1961 — qtr. to Dee. 31
20,050,845
(268,834)
—
1,388,677
Avnet Electronics
1962 — 6 mo. to Dec. 31
22,823,864*
1,621,347*
.53
2,760,766
1961 — 6 mo. to Dec. 31
19,403,243
1,564,265
.51
2,760,766
CBS Inc.
1962 — year to Dec. 31
509,269,813*
—
29,053,734*
3.27
8,889,932
Story below
1961 — year to Dec. 31
473,843,935
22,037,828
2.47*
8,896,813
1962 — qtr. to Dec. 31
151,259,206*
10,546,515*
1.19
8,889,932
1961 — qtr. to Dec. 31
134,825,689
9,384,315
1.04’
8,896,813
Corning Glass
1962 — year to Dec. 31
262,199,886*
28,096,609*
4.11*
6,789,000
1961 — year to Dec. 31
229,568,819
25,925,900
3.79*
6,775.995
CTS Corp.
1962 — year to Dec. 3P
28,245,799
4,298,791
2,153,391
1.45
1.482,003
1961 — year to Dec. 31
21,468,189
3,813,134
1,822,734
1.26
1,447,003
1962 — qtr. to Dec. 31
7,593,336
558,321
.38
1,482,003
1961— qtr. to Dec. 31
6,136,051
—
526,484
.36
1,447.003
GPE
1962 — year to Dec. 31*
222,862,126
9,643,504
4,373,504
2.40*
1,643,101
1961 — year to Dec. 31
234,620,431
11,461,108
5,321,108*
3.10*
1,558,328
1962 — qtr. to Dec. 31
59,841,156
3,045,715
1,370,715
.77*
1,643,101
1961 — qtr. to Dec. 31
63,424,341
3,548,826
1,677,326
.98*
1,558,328
GT&E
1962 — year to Dec. 31
1,327,925,000*
86.269,000*
1.15*
74,611,000
1961 — year to Dec. 31
1,226,584,000
73,774,000
1.00*
73,287,000
Giannini Controls
1962 — year to Dec. 31
25,015,221*
1,216,699
646,278
.58
1,122,126
(Conrac)
1961 — year to Dec. 31
22,042,394
1,792,220
858,799
.81
1,065,268
International Resistance
1962 — year to Dec. 31
29,423,449*
—
2,481,698*
1.70
1,462,209
1961 — year to Dec. 31
24,717,034
2,088,315
1.43*
1,461,392*
Indiana General
1962 — year to Dec. 31
25,501,081
4,188,121
2,076,121
1.81
1,150,002
1961 — year to Dec. 31
22,034,915
3,724,663
1,790,663
1.56
1,150,002
Polarad Electronics
1962 — 6 mo. to Dec. 31
5,365,896
208,907
186,107
.13*
1,403,517
1961 — 6 mo. to Dec. 31
4,487,223
(2,468,972)'
(1,291,972)*
—
1,403,517
Notes: ^Preliminary. ‘Record. ‘After preferred dividends. ‘Adjusted 1962 3% stock dividend. ‘Before net gain of $546,258 from sale of
to reflect Dcc.-1962 2% stock dividend. ® After $2 million inventory property,
write-downs. ‘ After $1.2 million tax credit. ‘ Adjusted to reflect Dec.
CBS Nets Record Year: Peak sales & profits were posted by CBS Inc. last year as volume & earnings in Oct.-Dec. period rose to highest level for any previous quarter (see financial table). Year’s earnings soared to $29.1 million from 1961’s $22 million as sales jumped to $509.3 million from $473.8 million. Dec.-quarter earnings rose to $10.5 million from $9.4 million a year earlier. Sales gained to $151.3 million from $134.8 million in Oct.-Dec. 1961.
CBS Treas. Samuel R. Dean forecast “excellent” results for 1963’s opening quarter, said “appi'oximately half the profit gain in 1962 over 1961 is attributable to the sale [in Sept. 1961] of the Electronics Div.” which “penalized profits” in 1961.
Axe' Science & Electronics mutual fund reported decline in net assets in 1962 to $20,902,808 from 1961’s $22,707,087. Net assets per share at year’s end slipped to $10.49 on 1,993,330 capital shares from $12.20 on 1,860,639 Dec. 31, 1961.
Dividend action: Minnesota Mining & Mfg. has boosted quarterly common stock cash dividend to 22% (* from 20(J, payable Mar. 12 to holders of record Feb. 22.
Common Stock Dividends
Corporation
Period
AmL
Payable
Stk. of Record
AB-PT
Q
$0.25
Mar. 15
Feb. 25
AT&T
Q
.90
Apr. 1
Mar. 1
CBS
Q
.35
Mar. 8
Feb. 25
GPE
Q
.30
Mar. 15
Feb. 28
GT&E
Q
.20
Mar. 31
Feb. 20
Warner Bros. Pictures Q
.12%
May 6
Apr. 12
Minnesota Mining
Q
.22%
Mar. 12
Feb. 22
Movielab-“A” .
Stk.
4%
-Apr. 15
Mar. 18
Mo\’ielab-“B”
.. stk.
4%
-Apr. 15
Mar. 18
Indiana General
Q
.20
Mar. 11
Feb. 25
Sprague Electric
Q
.30
Mar. 14
Feb. 28
Oak Mfg. expects 1963 sales to jump 70% from 1962’s “more” than $30 million if present acquisition plans materialize. Pres. E. A. Carter said Oak has 4 possible acquisitions under “active” consideration & 2 that “have shown interest in further negotiations.” Oak’s present interest, he said, is in companies with “compatible component lines” that are producing annual sales of $5-$15 million. He estimated that Oak’s 1962 earnings will climb to r round $1.25 a share from 1961’s. 85<j,