Weekly television digest (Jan-Dec 1963)

Record Details:

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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,