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EIA group to decide stereo monitoring issue
The am-fm broadcast equipment section of Electronic Industries Assn. will consider whether or not the stereo transmissions of fm stations should be monitored. The group, meeting Friday in Washington, was scheduled to take up a recommendation that stereo broadcasts be monitored, referred to it by the Consumer Products Div. of the association last month in San Francisco (Broadcasting, Dec. 3).
Meeting under the chairmanship of A. Prose Walker, Collins Radio and former NAB director of engineering, the equipment unit will have before it a suggestion by FCC officials that manufacturers check stereo broadcasts to determine deviations from the official FCC engineering standards. This was broached to manufacturers by FCC staff men during a meeting held
Settlement approved for MacFadden-Bartell
A settlement in the MacFadden-Bartell Corp. minority suit was approved judicially last Tuesday (Dec. 11) by New York Supreme Court Justice William C. Hecht Jr.
The approved settlement, which ends litigation pending since January 1962, provides for principal stockholders of the company to contribute for retirement 350,000 shares of issued and outstanding stock. This will leave as issued and outstanding 1,593,584 shares.
Judge Hecht commented that "from a factual business and legal standpoint such [a] settlement is fair, adequate and proper and should be consummated in the best interest of all concerned."
The suit was begun by a group of dissident stockholders in the merged corporation, consisting of individuals who had held shares in MacFadden. They charged that the merger plan, under which two shares of Bartell were deemed equivalent to one share of MacFadden, was "unfair." The approved settlement, by taking 350,000 shares of the merged corporation off the market, will enhance the value of the remaining shares, a company spokesman said.
WPEN owners expect profit
Operating earnings exceeding $1 million for the fiscal year ending Jan. 31, 1963, compared with a $2 million loss sustained in 1961, was forecast by William H. Sylk, president of Consolidated Sun Ray Inc. (WPEN Philadelphia), in a report to stockholders.
Net operating income for nine months ended Oct. 31 was $502,000 (7 cents per share), compared to a loss of $1.2
several months ago.
An earlier report that the Consumer Products Div. had voted to undertake the monitoring project was reported in error by EIA.
ABC-TV has small tv tape machine
ABC-TV last week revealed its new 65-pound transistorized tape recorder for tv remotes. It was first used during ABC-TV's coverage of the America's Cup races (At Deadline, Sept. 24).
The new machine was developed by Machtronics Inc. assisted by ABC engineers. It measures 2Vi feet wide, less than a foot high and slightly over 13 inches deep. Called the MVR-10, the machine, according to ABC, uses only one-fourth the tape required by other video recorders for equivalent programming, and uses one-inch tape running at IV2 inches per second.
million for the same period in 1961. Total sales and other income for the nine-month period reached $27,958,000, compared to $32,311,000 for the same 1961 period. Consolidated Sun Ray's WPEN "continues to produce high earnings," the report said.
RCA declares 2% dividend
The RCA board of directors has declared a 2% stock dividend in addition to the regular quarterly cash dividend of 25 cents per share on common stock.
Similar stock dividends were declared by RCA in the past three years.
Financial notes . . .
Decca-Universal dividend ■ Directors of Decca Records Inc. last week declared a regular quarterly dividend of 30 cents a share on the company's capital stock, payable on Dec. 28 to holders of record on Dec. 17. At the same time, directors of Universal Pictures, a subsidiary of Decca, declared a quarterly dividend of 25 cents a share, payable on Dec. 27 to stockholders of record on Dec. 14. MCA owns more than 80% of the stock in Decca.
UAC dividend ■ The board of directors of United Artists Corp., New York, last week declared a regular quarterly dividend of 40<£ per common share, payable Dec. 28 to stockholders of record Dec. 14.
Kollsman declaration ■ Standard Kollsman Industries Inc., Melrose Park, 111., declared a 3% stock dividend to stockholders of record Dec. 14, payable Dec. 28. Standard Kollsman manufactures electronic and electrical products, including uhf tuners for tv receivers.
FINANCIAL REPORTS
56
BROADCASTING, December 17, 1962