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He ini Radio News Service
5/1/46
PHILCO EARNINGS DROP SHARPLY TO $2,377,239
Largely as a result of the drastic cancellation of war contracts after V-J Day, sales of Philco Corporation in 1945 declin¬ ed to $119,129,378, as compared with $152,933,250 in 1944, according to the Company1 s 1945 Annual Report to stockholders.
Net income in 1945 was $2,377,239 or $1.73 per share of common stock, after all Federal and State income and excess profits taxes and adjustment of reserves, as against revised net income of $3,913,494 or $2.85 per share in 1944. The reduced volume of war work in 1945 and the heavy costs of reconversion were the chief causes of the decline in earnings. Renegotiation has not been con¬ cluded for 1945, but the earnings reflect provision therefor, the report states.
Current assets totaled $54,479,208, current liabilities were $37,398,436 and working capital amounted to $17,080,772 at December 31, 1945. The Company *s V-loan was reduced to $20,000,000 during 1945, and a further reduction to $10,000,000 has since been e ff ected.
"In the final stages of the war, when the radar art was advancing rapidly, the Array and Navy depended on Philco to an in¬ creasing degree for technical assistance", John Ballantyne, Presi¬ dent, and Mr. Larry E. Gubb, Chairman of the Board, point out in a joint statement. ’’This work included fundamental research looking to the development of entirely new aircraft radar, television and radio equipments for military use, including new radar systems oper¬ ating at the highest frequencies yet explored. Philco is one of a limited number of manufacturers chosen to carry on future basic electronic research for the Government and help keep the United States in the vanguard of the new technology, which is of such great importance to the national security program. "
XXXXXXXX MOVIES FINALLY GET LEW WEISS
Highlights from the radio career of Lewis Allen Weiss, Vice-President end General Manager of the Don Lee Broadcasting Syst¬ em, and Vice Chairman of the Board of Mutual, are being written into the film script of a new Jerry Brandt motion picture production, "Magic In The Air", which goes before the cameras soon. The picture tells the story of radio, from crystal sets to television.
Mr. Weiss, in behalf of Mutual and Don Lee, also accepted an award signed by Secretary of War Patterson and Secretary of Navy Forrestal, and made to these services for "outstanding and distin¬ guished performance rendered servicement overseas in connection with the Armed Forces Radio Service. "
The presentation, made in recognition of Mutual&s contri¬ bution of big-name radio shows six hours a week for every week of almost five years, or a total of more than 1500 solid hours of entertainment for U. S. servicemen overseas, was made by Lieut. Col. Robert E. Kearney, AFRS commandant in Hollywood.
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