The film daily year book of motion pictures (1930)

Radio-Keith-Orpheum Corp. EARNINGS of Radio-Keith-Orpheum Corp. and Presaging a period of concentrated activity in subsidiary companies for the third quarter the industry as well as the first definite participaended Sept. 30, 1929, was reported at $1,141, tion of one of America's largest electrical groups in 532.26. During that quarter profits from operations production, distribution and exhibition, the Radio yielded $1,146,192.26 while losses from other sources Corp. of America in the fall of 1928, formed Radioamounted to $4,660.00. This compares with a profit Keith-Orpheum to serve as the holding company for of $694,564.60 reported for the six-month period Keith-Albee-Orpheum, Film Booking Office (FBO) ended June 30, 1929, thus making a combined profit and RCA Photophone. for the nine months of $1,836,096.86 before provisions Stockholders of Keith-Albee-Orpheum, on Oct. for federal and income taxes. After allowing for 21, 1928, were advised of the consolidation plan, federal and income tax the net profit for the nine Forty per cent of the stockholders, at that time, months was $1,637,899.99. had agreed to it, while the necessary 11 per cent Statement of the corporation and subsidiaries as were gradually brought in. On Nov. 10, 1928, 51 of May 31, 1929 showed total assets of $77,730,200 per cent of the Keith-Albee-Orpheum common had which compares with $71,397,699 on Dec. 31, 1928, been deposited with the Empire Trust Co. in New and total surplus of $4,070,083 as against $3,339. York, thus assuring consummation of the merger 368.27 on Dec. 31, 1928. Current assets totaled as originally outlined. (See Keith-Albee-Orpheum, $11,226,268 and current liabilities $3,606,319 as pat/e 815 and Orpheum Circuit, Inc., page 818 for contrasted with $5,481,046 and $5,483,061, respec further detail of this company's financial position.) lively, on Dec. 31, 1928. This consolidation of interests gave Radio Corp. Radio-Keith-Orpheum Corp. for the first quarter of America not only an outlet for its Photophone ended March 31, 1929, reported a net income of apparatus, but a formidable circuit of theaters lo $608,209, after charges and taxes. This was equiva cated throughout the country for operating profits lent to 34 cents per share on the 1,778,627 no par and a producing and distributing organization class "A" shares outstanding. Figures revealed in which is being used as the nucleus of manufacturing the report showed profits from operations, $181,373 ; and marketing outlets for sound pictures, profit from other sources, $486,836 ; total profit, Marked increase in Radio-Keith-Orpheum busi $668,209 ; provisions for federal taxes, $60,000 ; net ness is reported by The Wall Street Journal, income, $608,209. which foresees still larger profits "as income from During February, 1929. the corporation planned a new films and from newly acquired theatrical connew issue of approximately 290,000 shares of stock nections is reflected in operations." The financial offered to stockholders at $30 a share. Owners of publication believes that "there is every reason to da^s "A" and class "B" were entitled to subscribe expect that Radio-Keith-Orpheum will make a confor 1 Yi shares for each ten held. The stock then siderably improved showing this year when profits being sold on a when-issued basis at approximately from present season's productions are augmented $38 a share, making the rights worth about $1.20 by increased distribution facilities." a share. The company had at that time 3,500.000 A consolidated balance sheet for the year ended shares of class "A" authorized, of which 1,322,896 Dec. 31, 1928, of Radio-Keith-Orpheum and subshares previously were outstanding. sidiary companies, follows : CONSOLIDATED BALANCE SHEET, DECEMBER 31, 1928 Assets Current and working assets : Cash $ 1.589,546.39 Notes receivable 224,881.78 Accounts receivable, less reserve 691,720.59 Accounts receivable from employees 7,484.28 Accrued interest, etc 50,549.22 Advances to outside producers, less reserve 57,433.21 Inventories (pledged $2,236,493.53) : Completed pictures, unreleased, at cost $ 1,052.780.53 Released pictures at cost less amortization 1,517,160.90 Accessories and supplies 244,940.53 2,814,881.96 Scenarios and continuities, less reserve 44,548.87 $ 5,481,046.30 ( apital assets : At sound values per recent appraisals, together with subsequent additions at cost, less reserves for depreciation and amortization : Land owned $17,178,363.92 Buildings and equipment on land owned and on land party owned and partly leased 20,766.466.72 Improvements and equipment on leased property 16,224,429.48 Other land, buildings and equipment at book values 1,049,928.93 Broadway Theater leasehold, at cost less amortization 816,289.56 Other leaseholds, goodwill and contracts 3.00 56,035,481.61 Investments in and advances to affiliated and other companies : Equities in capital stocks of affiliated and other companies, based on appraisal $ 3.272,116.95 Capital stocks, not appraised, as valued on books 1,384,200.00 Advances to affiliated companies 811.405.24 5,467,722.19 Other investments and deposits, and other assets : Bond sinking fund deposits $ 162,662.12 Deposits under leases and sundry advances 1,636,514.40 Mortgages receivable 239,549.38 824