Film year book (1928)

Estimated Federal taxes .. 70,000 106,000 Corp. is confined to its first and general refunding — > ■ — mortgage 20-year 6% gold bonds due March B Net profit $761,832 $853,110 1 945. The common stock has always been closely Net income of $1,187,954 after interest, depre hM. However, investors will be given an oppor ciation and Federal taxes was shown by the B. F. tl,n,t,y '» the near futu.re "f Purchasing preferred Keith Corp. report for the year ended Dec. 31. sto.ck: The company in December completed ne 1926. This was equivalent to $2.97 a share earn gotiations with Lehman Bros, of New York to ed on outstanding 400,000 no par shares of stock. handle an issue. Sources intimate that the amount The consolidated income account for 1926. showed of lh|s issue may be between $10,000,000 and gross revenue of $4,006,620, and expenses of $1, $20,000,000. This money mil be utilized to further 742,619. Total income was $2,842 284. consolidation plans of the Keith-Albee and Orpheum The company now has 34 theaters' in 'the United circuits which have been in progress since the States and Canada, and was inco rporated in 1926 spring of 1927. to acquire assets and business of the B. F. Keith Earnings for the nine months ended Sept. 30, Theaters Co., B. F. Keith's New York Theaters 1927, are understood to have been higher than in Co., and subsidiaries of the two firms including the corresponding period a year ago and it is exKeith Cleveland Properties Corp. The company pected by those in close touch with the corporaat present has outstanding $8,000,000 of no par tion's affairs that final showing for the full year value shares and almost $6,000,000 first mortgage. of 1927 will be in excess of the $1,187,954, rebonds. ported in 1926. This report will be available in Public participation in the securities of the Keith the spring of 1928. COMPARATIVE CONSOLIDATED BALANCE SHEET, JUNE 30, 1927 ASSETS 1927 1926 Land, buildings, equipment, less depreciation $24,410,347 $24,135,462 Investments and advances to subsidiaries 6,732,956 5,690,182 Cash 1,705,050 2,805,075 Marketable securities 835,761 932,412 Accounts receivable, etc 88,767 50,467 Other assets 127,024 103,368 Deferred charges 575,733 457,563 Total $34,475,638 $34,174,529 LIABILITIES * Capital stock $8,000,000 $8,000,000 Funded debt 10,317,500 10,787,500 Deferred notes nayable 200,000 625,000 Notes and accounts payable, etc 1,363,628 1,027,185 Deposits 48,277 28,291 Federal taxes 119,538 114,666 Capital surplus 558,119 606,926 Surplus reval. pronerties 11,908,790 12,131,851 Earned surplus 1,959,786 853,110 Total $34,475,638 $34,174,529 "Represented by 400.000 no par shares. Loew's, Inc. COMPLETING a record year for earnings, the financial statement of Loew's. Inc., which includes Metro-Goldwyn-Mayer and 100 per cent owned subsidiary companies, showed a net profit of $6,737,205 for the twelve months ending Aug. 31, 1927. On the basis of 1,060,885 shares of common outstanding, the earnings were $6.35 per share. Loew's, Inc., reported for 40 weeks ended June 5. 1927, net profit of $5,404,899 after depreciation and taxes equivalent to $5.09 a share earned on 1,060,820 no par shares of stock. This compared with $5,244,193 or $4.94 a share in 40 weeks ended June 10, 1926. In three years Loew's, Inc., has increased its net earnings from $2,415,489, reported for the fiscal year ended Aug. 31, 1923. to $6,737,205 in the 1927 fiscal year. These figures on earnings tell the story: 1921 .' $1,800,550 1922 2,267,871 1923 2,415,489 1924 2,949,053 1925 4,708,631 1926 6,388,200 1927 6,737,205 I. lew's owns or controls a total of about 150 theaters, of which approximately 100 are owned outright subject to mortgages. "The Wall Street Journal" maintains that the strongest point of the system is that 82 houses are concentrated in or near Greater New York which is the most profita ble amusement center in the world, the publication states. The building program comprising 20 large theaters will add between 50,000 and 60,000 seats to the chain. The new houses, a number of which have opened, are at Evansville, Akron, Columbus and Canton. O., Pittsburgh, Pa., Kansas City, Mo., Richmond, Va., Providence, R. I., Houston, Tex., Syracuse, N. Y., New Rochelle, Yonkers, Fordham, N. Y., Ninth Street, Brooklyn, 86th Street, Brooklyn, and 72nd Street, New York, Canal Street, New York, and Stamford, Conn. In June, Loew's, Inc., had a book value for its 1,060,780 shares of common of better than $35 a share. In 1925 six pieces of property were reappraised and written up sufficiently to wipe off the $10,977,083 good will item, but there has been no other revaluation of property although a large proportion of the holdings have been owned for over five years. Generous depreciation reserves have been set up every year and, in most instances, there has been substantial increase in values. Loew's, Inc., has been on a regular $2 a share annual basis since 1923 and last year the extra $1 a share was paid in addition. There is talk in financial quarters that the regular annual rate may be increased to $3 a share. The intimation is advanced that directors may take this action at the dividend meeting in February and that the 812