Broadcasting Telecasting (Oct-Dec 1963)

SEC's monthly stock summary The Securities & Exchange Commission has reported the following stock transactions by officers and directors of broadcasting and allied companies in its November issue of Official Summary (all common stock unless otherwise indicated) : CBS Inc.— William S. Paley, sold 4,100, retains 717,380; bought 890 in trusts, holds 3,810; also holds 144,383 in holding company. Reeves Broadcasting Co. — Morris Schechter, bought 500, holds 800. Storer Broadcasting Co. — Harry R. Lipson purchased 1,000; holds 2,000. Taft Broadcasting Co. — Donald L. Chapin, exercised option to buy 1,157, holds 1,914; Roger B. Read, exercised option to buy 1,157, holds 1,510; Charles P. Taft, sold 100, holds 16,054. color sets running ahead of supply, he said the sales volume "will depend largely on the industry's ability to meet that demand." RCA has taken steps to increase color tube production in 1964, he said. Production in 1963 has been on a threeshift, six-day-a-week basis. Mr. Sarnoff expects 1964 to be "a vear not of boom but of stable growth for the economy of the United States." In this period, he added, "RCA expects to achieve record business and profits." Chairman Sarnoff called it "a measure of RCA's diversified strength" that commercial and industrial gains had more than counteracted the company's lO^c drop in defense business in 1963. RCA Victor home instruments recorded a 159c sales increase over 1962, the previous high year, and dollar volume of all TV set sales was the highest ever for the company. Ampex files statement for Mandrel acquisition Ampex Corp., Redwood City, has filed a registration statement with the Securities & Exchange Commission for 1,511,230 shares of capital stock to be used in the acquisition of Mandrel Industries Inc., Menlo Park, Calif., and Houston f Broadcasting, Oct. 28). In its registration statement. Ampex said it will use the stock to acquire 80^ or more of the outstanding stock of Mandrel on a 9 for 10 basis (nine shares of Ampex for 10 shares of Mandrel). The transaction is estimated at about S29.5 million. Ampex has 7,827.442 shares of capital stock outstanding and Mandrel, 1,550,044. Mandrel's principal business is geophysical services for earth and ocean exploration. It also produces precision photoelectric color sorting machines for food processing. Mandrel's sales last year totaled S2 1,293, 604 and its net income was S 1,263.374. It has 2.000 employes, with 1.600 in the United States. Ampex. with 5,700 employes, earned S5,005,000 for the fiscal year ended April 27 on sales of $93,271,000. SEC schedules hearing on Townsend request The Securities & Exchange Commission has scheduled a hearing Jan. 20, 1964 on the request for exemption of the Townsend Corp. of America, which owns two broadcast stations, and Townsend Management Co., both of Short Hills. N. J." TCA owns wkda Nashville and 85.2^ of kxok Fort Worth. The SEC exemption is being requested, it was reported, to affect a plan of merger involving TCA, TMC, and Resort Airlines Inc. The merger follows a 1961 court order which resulted from an SEC investigation. The plan proposes to merge TMC and Resort Airlines (which has disposed of its airline business) into TCA. Warners to re-evaluate its TV programing The public taste has become more demanding for film programs for television, just as it has for theatrical motion pictures, Jack L. Warner, president of Warner Brothers Pictures Inc., believes. This has made it necessary, he says in W-B*s annual report, to "reevaluate carefully [the company's] television programing." In his report for the fiscal year ended Aug. 31, Mr. Warner announced that the board has declared a dividend of HVz cents a share, payable Feb. 5, 1964 to stockholders of record Jan. 16, 1964. The annual meeting of stockholders will be held Feb. 5, Mr. Warner also announced. Warner Bros, has three programs on TV: Temple Houston, on NBC; 77 Sunset Strip and Bugs Bunny Show, on ABC. In preparation are three series: Wendy and Me, starring George Burns and Connie Stevens; No Time for Sergeants, based on the hit stage and screen comedy, and The Paper Year, a series about newlyweds. 12 months ended Aug. 31: 1963 1962 Earned per share* $ 1.17 $ 1.56 Revenue 93,736.834 86.254.867 Costs and expenses 83.037.615 71.489.104 Provision for federal income tax 5,000.000 7,200.000 Net income 5,699.219 7.565.763 *Based on 4,850.052 shares outstanding, compared to 4,830.052 at same time last year. CBS 2-for-l split approved CBS proposal to split stock two-forone (Broadcasting, Nov. 18) was overwhelmingly approved at special meeting of stockholders Dec. 20. Certificates on new shares will be mailed on Feb. 15 to stockholders of record Jan. 17. At week"s end CBS stock stood at 7534. National General up 30% Consolidated earnings of National General Corp.. large Western theater chain operator which also owns 38% of National Telefilm Associates and a number of CATV systems, were up 30% for the year, Eugene V. Klein, president, has annnounced. The company also is backing Theatre-ColorVision Corp., which uses the General Electric Talaria large screen TV projection system. 12 months ended Sept. 24: 1963 1962 Earned per share* S 1.00 $ 0.77 Gross income 48,912,798 45,808.084 Consolidated earnings 3,459,600 2,641,084** *Based on 3.331,825 average shares in 1963 and 3,312.190 average shares in 1962. "Excluding S637.876 in nonrecurring special items. Here's the Answer To Libel Suits: One slip of the lip, however accidental, can bring about court action — with you as the defendant in a libel suit. It can be costly enough to be disastrous. Now you can hold your loss on any claim to an agreed amount you carry yourself, and let Employers Reinsurance handle the excess. This specially designed policy provides economical protection against losses due to libel, slander, invasion of privacy, piracy, violation of copyright. For details and rates, contact: EMPLOYERS REINSURANCE CORPORATION 21 West 10th.. KANSAS CITY. MO. NEW YORK. 1TI John • SAN FRANCISCO. 220 Montgomery CHICAGO. 175 W Jackson ■ ATLANTA. 34 Peachuee. N E BROADCASTING. December 30, 1963