The Independent Film Journal (1954)

Financial Reports... Texas COMPO Clarified By Cole Republic Net income of $804,000 was realized by Republic for the fiscal year ended Oct. 30, 1954, it was announced in the company’s an¬ nual financial report. Figure compares fa¬ vorably with a net of $679,217 for the pre¬ vious year. Gross revenue for 1954 amounted to $37,962,359 as compared with $37,265,034 for 1953. The corporation’s bank indebetedness as of Oct. 30 amounted to $2,259,771 compared with a similar indebtedness of $3,066,009 the previous year. Regarding TV production, the report signed by president Herbert J. Yates said that in order to meet the increasing demands by video producers for studio facilities, Re¬ public has continued to expand its studio facilities and equipment. The report con¬ tinued : “After prolonged litigation, the courts upheld our right to release the Gene Autry and Roy Rogers pictures to television. It is anticipated that arrangements to release these pictures to television will be concluded in the near future.” Paramount Estimated earnings of Paramount and sub¬ sidiaries for the fourth quarter ended Jan. 1 are $2,613,000, after taxes, reported presi¬ dent Barney Balaban. Earnings represent $1.19 per share as compared with $.80 per share for the quarter ended Jan. 2, 1954. Consolidated earnings for the year ended Jan. 1 are estimated at $9,003,000. These earnings, excluding net profit on sales of in¬ vestments, represent $3.72 per share, as com¬ pared with earnings for 1953 of $6,779,563 or $3.06 per share. The board of directors voted a quarterly dividend of $.50 per share on the common stock, payable Mar. 15 to' holders of record on Mar. 4. Allied Artists Allied Artists, for the 26 weeks ended Jan. 1, earned a net profit before federal income taxes of $352,696 as compared with $361,871 for the corresponding period the previous year, according to an announcement from president Steve Broidy. Net, after taxes, amounted to $174,696 as compared with $180,871 for the previous year. Gross income for the current 26 week period amounted to $5,786,784 as compared with $5,359,196 for the same period of 1954. Allied Artists has voted a quarterly divi¬ dend of 13% cents per share on the companv’ 5V2 percent cumulative convertible preferred stock, with payment to be made on Mar. 15 to stockholders of record on Mar. 4. Eastman Kodak Net profit of Eastman Kodak Co. amounted to a record $69,821,719 in the year ended Dec. 26, up 39 percent over 1953’s $50,171,153, it was announced by Thomas J. Hargrave, chairman, and Albert K. Chapman, president. Earnings were equal to $3.99 per common share, compared to $2.86 the previous year. Largely due to a good fourth quarter, consolidated net sales for 1954 were $663,457,838, almost equal to the 1953 record sales of $633,668,918. RCA Net profit of RCA last year was $40,525,000, equal to $2.66 per common share, com¬ pared with $35,022,000, or $2.27 per share in 1953, it was announced by Brig. Gen. David Sarnolf, board chairman. Sales last year set a new record, amounting to $940,950,000, 10 percent better than the $853,000,000 high mark established in 1953. G PE General Precision Equipment Corp. re¬ ported net profit after taxes for 1954 as $5,488,089. Earnings are equal to $6.49 per common share, against $5.09 per share in 1953, when the profit was $3,436,349. Net sales last year amounted to $123,322,634, cmopared with $87,763,925 in 1953. Agreement Foreseen On Quebec’s TOA Preliminary details of the proposed affilia¬ tion of the Theatre Owners of Quebec with the TOA are expected to be finalized on March 23. At that time, Alfred Starr, chair¬ man of TOA’s executive committee, will ad¬ dress the Montreal exhibitor group at its first annual convention at the Mount Royal Hotel. E. N. Tabeh, president, and J. H. Strauss, members of the executive committee of the Quebec TOA, attended the mid-winter board meeting of TOA in Washington three weeks ago to institute initial discussions on the affiliation. An affiliation with TOA would enable to Quebec group, which consists of about 60 members operating over 100 four-wall and drive-in theatres, to benefit from TOA s help, legal advice, research activities and exchange of ideas and problems. Change In Proposed Law Ends Menace To Airers Nashville. — A serious threat to drive-in theatre operations was removed by a change in proposed legislation which would have forced the removal of screen towers to other locations on drive-in property whenever pic¬ tures on the screen distracted passing motor¬ ists. Instead of applying to existing driveins, an identical state measure is expected to be enacted which would apply to drive-ins built after Apr. 1, 1955. A committee of exhibitors pointed out to the special Governors Emergency Traffic Committee sponsoring the bill that applica¬ tion of such a law would cause undue hard¬ ships to existing drive-ins and would require large expenditures for moving screen towers and changing field operations. Exhibs Elect Alden Smith Detroit. — The Allied Theatre Owners of Michigan elected the following officers last week : president, Alden Smith ; first vice president, Pearce Parkhurst; second vice president, John Ylachos; treasurer, Wm. Wetsman and secretary, William Clark. Answering National Allied charges that the COMPO name had been misused by state and regional units, Col. H. A. Cole, board chairman for Texas Allied and co-chairman of Texas COMPO, stated this week that “Texas COMPO has always acted as a pub¬ lic relations instrument for the entire motion picture industry in Texas and has never been involved in film rental arguments or other trade practices which would tend to show partiality to any one branch of the industry.” “True,” he said, “Texas COMPO is financed only by exhibition in Texas but never has it been competitive either in prac¬ tice or solicitations with exhibitor organiza¬ tions in the state. In Texas we fully realize the need for both an exhibitor association and a public relations organization. Both Texas Allied and Texas COMPO have done their jobs well in their respective fields,” he said. Unit Cited Cole recalled that Texas COMPO initiated the 1951 Movietime USA Campaign and took the lead in the kick-off for the National Tax Repeal Campaign at its 1952 conference. He also called attention to the Texas COMPO “Oscar Race,” a current promotional plan capitalizing on the annual Academy presentations. Recently, Pat McGee, Rocky Mountain COMPO president, also disavowed any in¬ tention to replace any exhibitor organization. It is understood that, in light of Cole’s and McGee’s statements, COMPO intends to take no action in regard to National Allied’s resolution. Balaban, Brandt Take Top JDA Positions Two leading film executives have agreed to serve in key posts in the largest anti-bias campaign ever waged in this country, it was announced this week. Barney Balaban, presi¬ dent of Paramount, and Harry Brandt, president of Brandt Theatres, will serve as honorary chairman and vice-chairman respec¬ tively, when the 1955 Joint Defense Appeal campaign opens formally on April 3rd with a dinner at the Hotel Waldorf Astoria. JDA, the fund-raising arm of the American Jewish Committee and the Anti -Defamation League of B’Nai B’rith, seeks to raise $5,000,000 this year. AJC and ADL are the nation’s oldest and largest community relations organiza¬ tions promoting better relations among Americans of all races and faiths. RKO, Disney In Deal A distribution deal whereby RKO will handle a quartet of Walt Disney’s current properties throughout all Latin America and the Far East was jointly announced by Roy O. Disney, president of Walt Disney Prod., J. R. Grainger, president, and Walter Bran¬ son, world-wide general sales mgr. for RKO. Pictures involved are: “20,000 Leagues Un¬ der the Sea,” “The Vanishing Prairie,” “Toot, Whistle, Plunk and Room,” and “Wil¬ lie, the Operatic Whale.” THE INDEPENDENT FILM JOURNAL— March 5, 1955 15