Canadian Film Weekly (May 19, 1943)

@ @ May 19, 1948 Page & Canadian FILM WEEKLY Theatres Had Lively Fiseal Year Exhibitors and Engineers Meet “We as an industry do not want anything less than our full part in this war,” Ed Kuykendall, president of the Motion Picture Theatre Owners of America, told the 53rd semi-annual convention of the Society of Motion Picture Engineers at a three-day joint session with the MPTOA in New York last week. Kuykendall advocated that engineers and exhibitors working as individuals still on the job, “improvise, create, train women, use older men” to carry on the work of the industry. The expanding contributions of the motion picture art and industry to the war effort were the subject of discussion at the convention which heard a majority of 30 papers devoted to military and naval subjects presented during the six sessions by Army and Navy representatives. After Kuykendall’s address, Donald Hyndman, engineering vice-president of the Society, read @ paper on motion picture standards in wartime. With accent on a new method of preserving valuable and historic films in the Library of Congress, Carl L. Gregory of the National Archives, explained the resurrection of early motion picture prints. Terry Ramsaye, editor of Motion Picture Herald Magazine, and William Formby, editor of Boxoffice, both addressed an afternoon session. Following an illustrated lecture by Ralph Evans of Hastman Kodak Company on visual processes and color photography, the convention closed its doors for another year that will see many of the innovations discussed put into effect. Brigadier Mess Thanks Distribs Through Col. Cooper of the distributors association, Brigadier James Mess, deputy adjutant general, Special Services, thanked the distributors for supplying gratis films to theatres playing Sunday shows for the armed forces. He writes: “T want to take this opportunity of expressing our appreciation for the fine spirit of co-operation manifested by the various distributors in supplying current motion picture programs free of charge for the special Sunday showings for the Armed Forces,” o «a Annual Reports Show Grosses Up, Taxes Up and Profits Down In Number of Cases Staff Honors Geo. Champagne The staff of the Auditorium, Roxy and Cartier Theatres, Shaw Although Ontario theatres did increased business in the last year their annual gains, as compared with those of the past fiscal period, were low in those cases where profits were reported. Some houses found themselves under last year’s Ope mark, Famous Players Famous Players Canadian Corp. reported substantial improvement in operations during the fiscal year ended Jan. 2, but more than the gain in profits went for heavily increased taxes. Final net profit equalled $2.58 a share as compared with $2.70 in the previous fiscal year. Improvement in working capital position to $2.3 millions is largely attributable to a decrease in current liabilities caused by a reduction in the tax reserve. Among current assets it is revealed that the company bought $434,400 of Dominion bonds during the year, while its guarantee call loans expanded to $1,141,000 from $601,000. The net profit of Canada’s largest circuit was $1,111,451 as against $1,161,924 during the previous fiscal period. Hamilton Theatres Cash on hand held by Hamilton United Theatres, Ltd., was $33,710 at Dec. 26, 1942, as compared with $22,649 at Dec. 27, 1941, according to the annual report for 1942. Call loans were down from $115,000 to $53,000, while holdings of government bonds were up from $24,750 to $74,750. Shares of profits from operation of Odeon Theatres of Canada was $9,760 against $22,608 in the earller period. Accounts payable and accrued liabilities were $4,291 as against $824 previously. Tax reserve was up from $23,843 to $40,153. Of the 7 per cent capital preferred stock, 7,683 shares were outstanding compared with 8,650 in the previous year, This company showed an increased net profit, the figure being $44,267 in 1942 as compared with $38,076 in 1941. Strand Hamilton Strand Hamilton Theatre reports moderately lower earnings in the year ended Jan. 2, 1943. Current liabilities were $760 at Jan. 2, 1948. Previously reported current Habilities were $3,281, with the difference made up chiefly of inereased reserves for income and excess profits taxes -—— $313 currently against $2,742 at the end of 1841, | Cash on hand is shown in the} latest statement at $756, as/ against $25,920 in the earlier perlod. However, the company has inigan Falls, Quebec, organized a surprise party in the Auditorium Theatre last week in honor of the manager, Georges Champagne, on the occasion of his completion of twenty years with the firm. In addition to the staff, three of the proprietors were present, Mrs. L. P. Carrier, Mrs. Armand Garceau, and D. R. Wilson, all of whom congratulated Champagne upon his length of service and loyalty to the company. As a slight token of appreciation for his long service, Wilson, on behalf of the proprietors presented Mr. Champagne with a handsome cheque. The staff, together with some of the former employees, gave him an ash stand, the presentation being made by Mr. Armand Lapolice. Mr. Georges Brassard also spoke briefly. L. P. Carrier added his congratulations and thanked the staff for their co-operation and goodwill, stating that they could not all become managers but would receive more rapid promotion if they followed the example of honesty, loyalty and devotion to duty set by Champagne. Champagne thanked the management and staff for the presents, which he said gave him much pleasure, not so much for the value attached but the knowledge that his services had been appreciated. Refreshments were then served and a short musical program presented. invested in $20,000 government bonds. Net Profit in this report was $3,711. Profit in the last annual report was $4,113. Allens London Current assets of Allens London Theatre, Ltd., at Jan. 2, 1943, were $20,254 as against $16,821 at Dec. 31, 1942, according to the report for the latest fiscal year, ended Jan. 2. Cash at the end of the most recent period was $5,175, compared with $16,917 previously, but holdings of government bonds totalled $15,000 against none at the end of 1941. Profit on the year showed a mild improvement. Net profit, $4,418 this year, $3,618 last. Allens St. Catharines Allens St. Catharines Theatre Ltd. net profit declined in the year ended Jan. 2, 1943, due to higher tax provisions. Cash on hand at Jan. 2 was $3,202, according to the statement for the year, compared with $10,897 previously. During the year the company invested $10,000 in Dominion bonds. This unit showed a smaller gain in the annual accounting, which gave the net profit as $3,771. Last year the net profit was $3,981. Paramount Oshawa Government bond holdings of Paramount Oshawa Theatres Ltd., subsidiary of Famous Players Canadian Corp. were $2,500 at the close of the period between Jan. 1, 1942, and Jan. 2, 1943, as against none in the year before. A new bank overdraft of $1,476 is shown in the report for the year. Call loans are up to $65,000 from $25,000, while accounts payable dropped to $514 from $1,272. Net profit this year, $17,303; last year, $13,791. Paramount Kitchener Reserves for income and excess profits taxes of Paramount Kitchener Theatres, Ltd., for the period between Jan, 1, 1942, and Jan. 2, 1943, were $8,646, as compared with $713 in the previous parallel period. Cash in bank was $3,915 as compared with $8,258, but holdings of government bonds Were $10,000 against none in the previous year, Net profit here showed a decline, this year's figure being $4,063, | Last year the report showed a net profit of $6,318. Eastern Theatres Eastern Theatres Ltd., controlled by Famous Players Canadian Corp., reports a gain in operating income in 1942 but reduced net profits due largely to heavier taxes. The company paid a dividend on its common of 50 cents a share last year, first payment since 1938. Financial position shows strengthening, with cash and Dominion bonds totalling $118,000 compared with $95,369, Non-interest bearing advance from Famous Players remains wnchanged at $190,000. Net profit was $34,083 tn this report, compared with $61,082 in that of the last fiscal year.