The film daily year book of motion pictures (1930)

Balaban & Katz Corporation (Controlled by Paramount Famous Lasky Corporation) FOR the year ended Dec. 28, 1928, Balaban & Katz Corp. reported a net income of $1,860,797.97 equal after charges and dividends to $6.28 a share on 264,206 common outstanding. This compares with $2,021,092 or $6.89 a share on the same common share basis in 1927. Late in November the company floated an issue for $5,000,000 in Sz/i per cent serial gold notes. The proceeds of this issue were to retire outstanding indebtedness leaving no mortgages upon real estate and no funded debt other than this issue. For the 39 weeks to September, 1928, the company reported a net of $1,200,990, which after depreciation and tax allowance for preferred dividends, equalled $3.98 a share on the 264,206 outstanding. In November, 1928, the majority of the larger houses in the circuit were equipped for sound pictures and 65 per cent of the common stock of Balaban & Katz Corp. was owned by Paramount Famous Lasky Corp., which in turn controls Publix. This affiliation gives Balaban & Katz the advantage of important factors such as bookings, film service and stage attractions. Consolidated balance sheet of Balaban & Katz for the fiscal year ended Dec. 28, 1928, follows: CONSOLIDATED BALANCE SHEET, DECEMBER 28, 1928 Assets Theater properties : Land, buildings, leaseholds, furnishings and equipment — Balance at January 1, 1928 $15,021,171.61 Add — Capital assets at January 1, 1928 of subsidiary company now wholly owned and previously carried as an investment 2,907,195.16 Additions during period (net) Land and buildings $14,687,442.41 Leaseholds, furnishings and equipment 5,229,050.59 Less — Reserve for depreciation and amortization Deposits on leases (interest bearing) Investments and advances : Investments in and advances to affiliated companies (not consolidated).... Amount recoverable under contracts (secured by stocks held as collateral) Other stocks, bonds, etc _ _ Advances in respect of construction in progress, etc., for affiliated company Cash in banks Working funds .. ~ Open accounts of affiliated companies (not consolidated) Miscellaneous accounts and notes receivable Officers' and employees' accounts Cash surrender value of life insurance policies Deferred charges : Unexpired insurance premiums Unamortized bond discount and expense ~ Prepaid interest, etc Prepaid rent, taxes, licenses and dues Supplies and miscellaneous Goodwill _ $17,928,366.77 1,988,126.23 $19,916,493.00 2,987,090.76 $16,929,402.24 738,200.00 $ 975,236.26 102,840.00 249,299.51 $ 479,840.48 31,015.00 40,021.59 135,443.59 13,220.28 23,283.31 57,448.41 279,855.02 28,428.85 58,516.34 134,972.54 Liabilities Preferred capital stock 7% Authorized — 28,700 shares par value $100.00 each Outstanding — 28,513 shares Common capital stock : Authorized — 270,000 shares par value $25.00 each Outstanding — 264,206 shares — $ 2.851,300.00 6.605,150.00 5]/i% serial gold notes due November 1, 1930 to November I, 1938, inclusive.. Mortgage obligations to be retired on or before May 1, 1929, including accrued interest thereon Deduct — Special funds deposited in bank for payment thereof Purchase money obligations maturing after one year Current liabilities : S'/i% serial gold notes due November 1, 1929 Accounts payable 7 Open accounts of affiliated companies (not consolidated) Purchase money obligations maturing serially within one year Accrued general taxes, interest, etc Accrued Federal income tax Reserve for contingencies $ 1,099,012.43 1,099,012.43 $ 300,000.00 321,697.01 29,687.10 166,284.38 482,843.10 237,175.97 70,139.76 1,327,375.77 67,133.74 722,824.25 559,221.16 690,126.88 $21,034,284.04 $ 9,456,450.00 4,700.000.00 94,376.05 Deferred income Surplus (per attached statement). 1,607,827.32 14,515.94 5,161,114.73 $21,034,284.04 802