Weekly television digest (Jan-Dec 1963)

SERIK VOL. 3. No. 10 Trade Personals Harvey Williams, fonnw Philco International pres., awarded France’s Legion of Honor . • . . Joseph, A. Lagore, onetime Philco vp, elected! pres., chief exec, officer & a dir. of Automation Alloys Inc. Arthur C. Nemess named vp of RCA Victor Distributing Corp.’s Chicago branch, succeeded by J. V, C. Harter as vp of Atlanta branch. ! Raymond B. Cox appointed Hoffman Electronics consumer & industrial i^oducts vp, a new post? Robert L. Jablonski continues as gen. mgr. of consumer products dept. _ ! George D. Butler, Electra Mfg. pres., appointed govt, liaison committee chmn. of EIA’s Parts Div.,_OTcceeding E, E. Bauer, resigned. A. G. Conley named Revere tape cartridge systems sales mgr., a new post . . . Palmer Derby appointed asst, gen. mgr., Raytheon Microwave & Power Tube Div. Joseph W. Barron elected administration & mktg. vp of General Precision’s Link Div. D. R. Small, former Olympic Radio & TV Special Radio Sales Div. sales mgr., forms Crest Sales Co., Norwood, Mass, manufacturers rep firm for New England states. John W. Gilpin named Eitel-McCullough administration v"p, a new post, continues as secy. James W. Ritter appointed asst. mktg. mgr.-renewnl, Sylvania Electronic Tube Div. Reports & comments: Littlefuse, report, Walston & Co., 120 Broadway, N.Y. 6 • P. R. Mallory, comment, Cohen, Simonson & Co., 25 Broad St., N.Y. 4 • CBS, analysis. Courts & Co., 11 Marietta St. N.W., Atlanta 1 • RCA, report, H. A. Riecke & Co., 1519 Walnut St., Philadelphia 2 • AT&T, report, Gerstley, Sunstein & Co., 121 S. Board St., Philadelphia 7 • CBS, review, D. H. Blair & Co., 42 Broadway, N.Y. 4 • Kansas City Southern Industries (TV Shares Management Corp.), analysis, A. C. Allyn & Co., 122 S. La Salle St., Chicago 3. Oak Mfg. earnings boomed in 1962 to record $907,031 from 1961’s $557,662 as sales rose to $30.6 million from $23 million (see Vol. 3:9 p6). Unfilled orders at year’s end totaled some $7.2 million vs. $4.7 million a year earlier, and Pres. Everitt A. Carter attributed over-all sales & profits upswng to increased production of TV tuners & greater activity in other than consumer electronics markets. TV components produced 35% of 1962 sales, industrial electronic products 27%, military electronics 18%, appliances 10%, other consumer products 10%. Noting that Oak recently restored regular quarterly dividend of 7%^ a common share (Vol. 3:6 pll). Carter said payout represents 23% of 1962’s net profit, added that Oak hopes to pay as much as 40% of net earnings in near future. Ling-Temco-Vought stockholder has filed suit to recover for former Ling-Temco Electronics any profits which officers or directors of latter and Chance Vought made by trading securities of the 2 firms prior to their 1961 merger. Former Ling-Temco stockholder Henry H. Abrams, in suit filed in N.Y. Federal District Court, charges that 9 officials benefited by trading securities in 6-month period prior to merger. TEIXVISION DIGEST— W ^ In fight against foreign competition, “we cannot look to the govt, for protection; we must protect ourselves,” noted Westinghbuse Pres. Mark W. Cresap Jr. in special article in March 3 Philadelphia Inquirer, S' iridustr-y must find its own solutions to the problems of the intensi-; fied competition that lies ahead,” he said. “We will need cooperation & understanding from govt. & from labor,” but industry will hold its own against foreign competition only if it “relies on itself, strips for /action, and enters the arena prepared for a fight.” International Resi.stance expects 1963 sales to top 1962’s recoi'd $29.4 million, but heavy expansion of facilities & products may hold profits below la,st year’s peak .$2.5 million. IRC will have “a major year of new product releases in virtually every product area at every plant location,” Pres. Walter W. Slocum said. Marketing e.xpenses will increase to 13% of sales from 1962’s 11%, R&D spending will rise to $4.5 million from $4 million, and capital expenditures for “process & plant facilities will top $5 million — ^niore than 2% times 1961’s investment. Slocum estimated that IRC’s first-half net earnings rate would be “somewhat less than 6%” of sales, compared with about 8% in recent years. He sees 2nd-half earnings “somewhat higher.” MGM is in the red in fiscal-1963’s 2nd quarter ending March 17, Pres. Robert H. O’Brien told stockholders meeting. He blamed unusually high production costs on several major films, said studio is considering plan to use some of its 173 acres at Culver City, Cal. for incomeproducing real estate operations to make it “easier” for company to make “satisfactory return on a smaller amount of assets.” Chmn. Joseph R. Vogel was criticized by some shareholders for selling 12,000 of his 12,578 shares Jan. 9, the day he was succeeded as pres. MGM noted “encouraging outlook for the latter part” of fiscal 1963, said earnings ri.se was anticipated in fiscal 1964. Hallicrafters earnings increased 19% in fiscal-1963’s 2nd quarter, ended Feb. 28, to about $473,00() on 5% sales rise to estimated $16,580,000. Vp-treas. Edward Bishop Jr. said newly acquired (Nov. 1962) subsidiary Radio Industries Inc. is “contributing to profits.” Pres. Robert F. Halligan “definitely” expects fiscal-year’s sales to top fiscal-1962’s $66.7 million, sees profits rising more sharply than sales. Hallicrafters earned $2 million in fiscal 1962. He said company will study feasibility of cash dividend at .April board meeting. Thompson Ramo Wooldridge expects 1963 to be a “good year” & produce higher sales & earaings than 1962’s $12.5 million profit on record $460.3 million revenue (Vol. 3:9 pl2). Finance vp E. C. Brelsford reported order backlog at about $200 million, “somewhat higher” than year ago, said TRW will invest some $12.5 million in 1963 R&D, as it did in 1962. Sylvania’s 1962 earnings jumped to approximately $8.7 million from 1961’s $5.6 million as sales rose 3% to more than $400 million, Sylvania Pres. Gene K. Beare told recent meeting of Sales & Mktg. Executives Assn, of San Francisco. Sylvania’s sales & earnings were lumped with parent G&E’s consolidated 1962 financial report (Vol. 3:7 pl2). Rcaltone Electronics sales in 9 months to Dec. 31, 1962, rose 25% to record $5,867,496. Quarterly earning figures are not released.