We use Optical Character Recognition (OCR) during our scanning and processing workflow to make the content of each page searchable. You can view the automatically generated text below as well as copy and paste individual pieces of text to quote in your own work.
Text recognition is never 100% accurate. Many parts of the scanned page may not be reflected in the OCR text output, including: images, page layout, certain fonts or handwriting.
Investments and Advances (at cost, less reserves): Affiliated companiei $ 796,270.43 $ 824,140.65
Marketable securities on deposit with workmen's compensation commissions. . 390,389.03 382,560.12
Kodak Employes Association and housing projects 1,068,394.74 1,545,674.34
Non-current receivables and investments 2,009,372.89 1,931,902.56
$ 4,264,427.09 $ 4,684,277.67
Land, buildings, machinery and equipment, at cost $156,263,078.99 $147,908,645.39
Less: Reserves for depreciation and obsolescence 69,879,344.28 64,082,646.58
$86,383,734.71 $83,825,998 81
Prepaid insurance, taxes, and other deferred charges $ 723,547.65 $ 1,087,257.14
$177,061,899.37 $179,387,763.71
Liabilities
1938 1937
December 31, December 25,
Current Liabilities: Accounts payable and accrued liabilities $ 6,213,178.42 $ 6,964,277.58
Wage dividend payable March 27, 1939 2,144,334.32 3,421,160.18
Provision for taxes 6,821,644.17 8,577,287.66
Foreign bills discounted 1,559,005.06 640,067.36
Dividends payable January 3, 1939: Preferred 92,485.50 92,485.50
Common 3,376,381.50 4,501,842.00
$20,207,028.97 $24,197,120.28
Reserves: Workmen's Compensation and sundry insurance reserves $ 1,256,338.54 $ 1,206,368.13
Reserve for contingencies 8,611,205.62 8,805,468.81
Capital Stock: 6% Cumulative Preferred Stock — 100 par value: Authorized —
100,000 shares; Issued— 61,657 shares 6,165,700.00 6,165,700.00
Common Stock — No par value: Authorized — 2,500,000 shares; Issued — 2,263,150
shares; Less: In treasury, 12,229 shares, total, 2,250,921 shares at stated
value of $40 per share 90,036,840.00 90,036,840.00
$96,202,540.00 $96,202,540.00
Earned surplus, as per annexed statement $50,784,786.24 $48,976,266.49
$177,061,899.37 $179,387,763.71
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND EARNED SURPLUS
For the Year Ended December 31, 1938 (With comparative figures for the previous year)
13 Periods Ended
1938 1937
December 31, December 25,
(53 Weeks) (52 Weeks')
Net sales $132,766,452.13 $136,114,878.42
Cost of sales and expenses (depreciation charged to operations $7,463,959
in 1938, and $6,761,147 in 1937) 112,052,460.85 108,628,780.69
Income from Operations $20,713,991.29 $27,486,097.73
Interest and dividends 664,477.43 940,928.18
Net profit on sales of securities 18,726.67 60,802.06
Other income 108,617.02 40,834.04
$21,505,812.41 $28,528,662.01
Deduct: Provision for reduction of securities to market value 444,247.00
Other charges 509,955.22 151,183.16
Net Income Before Provision for Income Taxes $20,995,857.19 $27,933,231.85
Provision for United States and foreign income taxes 3,656,449.04 5, 155^157.96
Provision for United States surtax on undistributed profits 430,728.86
Net Profit for the Year $17,339,408.15 $22,347,345.03
Earned Surplus
Earned surplus, beginning of year $48,976,266.49 $84,915,999.92
Net profit for the year 17,339,408.15 22,347,345.03
$66,315,674.64 $107,263,344.95
Deduct: Amount transferred to reserve for contingencies 1,500,000.00 1,000,000.00
Goodwill of Photostat, Limited 155,420.40
Amount transferred to common stock capital account 38,909,768.46
Dividends: Preferred — 6% 369,942.00 369,942.00
Common — $8 per share 18,007,368.00
Common — $6 per share 13,505,526.00
$15,530,888.40 $58,287,078.46
Earned Surplus, End of Year $50,784,786.24 $48,976,266.49
985