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PHILCO INCREASES COMMON STOCK TO 3,370,057 SHARES
Philco stockholders at their annual meeting last week adopted an amendment to the Corporation’s charter increasing the authorized capital stock of the Corporation from 2,000,000 shares of common stock to a total of 3,370,057 shares, to consist of 250,000 shares of $100 par value preferred stock, 2,500,000 shares of $3 par value common stock and 620,057 shares of $3 par value "B" stock. The ”B” stock will represent the same number of shares of common stock which are now issued and owned by the Corporation, and will eventually be cancelled.
The management announced that it is planned to raise approximately $10,000,000 of additional capital this year, but final plans have not yet been made for the sale of any of the pre¬ ferred or common stock authorized.
The Philco Board of Directors Monda.y declared a dividend of twenty cents per share of common stock payable June 12, to stock¬ holders of record June 1, 1946.
With production of civilian goods hampered by parts short¬ ages and strikes in suppliers’ plants, sales of Philoo Corporation in the first three months of 1946 totaled $14,218,351, as compared with $38,046,306 in the first quarter last year when the Company was fully engaged in war work.
Under the conditions that have prevailed so far this year, normal manufacturing volume and efficiency could not be attained, and in the first quarter of 1946 Philco Corporation sustained an operating loss of $2,569,471, subject to tax credits under the carryback provisions of the tax law estimated at $2,500,000, which reduced the net loss for the quarter to $69,471, John Ballant yne, President of the Company said.
In the first three months of 1945, net income amounted to $846,109 or 62 cents per share of common stock,
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GREAT BRITAIN FAVORS CABLE -WIRELESS BILL
The House of Commons in London Tuesday passed, on second reading, the Government’s bill to nationalize Cable and Wireless, Ltd,, a world-wide chain. A second reading in the Commons is tanta¬ mount to passage.
Although Conservatives criticized the bill presented by the Chancellor of tne Exchequer, Hugh Dalton, they did not press their opposition to a vote nor attack the legislation with the vigor that had characterized their policy on the Government’s other nationalization measures. The Dominions have been Insistent on a change of the communications system, to which they are bound, from private to public ownership, and the Conservatives did not want to appear in opposition to them. Moreover, many Conservatives, par¬ ticularly some members of the former Coalition Government, have favored the step.
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