The motion picture almanac (1932)

50 The MOTION PICTURE ALMANAC 1932 one year, including preferred stock of $46,000.0'). 9,511,444.11 54,511,444.11 2,233,095.25 Reserve for indeterminate liabilities and contingencies Net Worth : Capital stock of no par value: Authorized 4,900,000 shares of Class A (of which 445,000 shares are reserved for the exercise of stock purchase warrants and 900.000 shares for the conversion of debentures) and 100,000 shares of Class B Issued and outstanding 2.425,660 shares of Class A and 100,000 shares of Class B (less 100 shares in treasury) $90,780,000.00 Earned surplus 1,954,102.64 92,734,102.64 $166,840.3S8.58 Consolidated Earned Surplus and Profit and Loss Year (52 Weeks) Ended December 26, 1931 Balance, December 27, 1930 $9,618,442.48 Additions : Appropriated surplus for realization of inventories returned to earned surplus 2,000,000.00 $11,618,442.48 Deductions: Operating Loss: Income : Gross income from sales and rentals of films and literature and theatre receipts $82,698,544.30 Tenants' rentals 1,480,645.77 Dividends from investments 642,225.31 Other income 952,822.48 $85,774,237.86 Expenses : Operating expenses of theatres and exchanges, head office and administration expenses, etc $50,363,056.28 Amortization of production costs including participations 29,761,505.02 Minority interests' shares of theatre subsidiaries' profit 164,320,89 80,288,882.19 Income available for interest, depreciation and federal income taxes $5,485,3*55.67 Interest $4,357,940.80 Amortization of discount and expenses 1,248,421.54 Depreciation 4,079,658.05 9,686,020.39 Net operating loss, before federal income taxes $4,200,644.72 Provision for federal income taxes T 62,892.84 $4,263,557.56 Other Charges: Provision for unrealized losses on exchange $661,513.07 Settlement of contracts entered into in prior years 266,296.11 Loss on sale or disposition of capital assets 368,938,10 1,296,747.28 $5,560,304.84 Dividends declared 4,104,035.00 9,664,339.84 Balance, December 26, 1931 $1,954.102.64 Reserve for Contingencies Year (52 Weeks) Ended December 26, 1931 Balance, December 27, 1939 $2,999,395.69 Less Charges During Year: Outlays in connection with theatre acquisitions not consummated ....'. $258,860.89 Additional assessments of taxes applicable to prior years 95,792.95 Losses on miscellaneous investments 83,000.00 Settlement of royalties previously in dispute, lawsuits and legal expenses relative thereto, and sundry nonoperating charges 3>28,646.60 766,300.44 Balance, December 26. 1931 $2,233,095.25 Pro Forma Consolidated Balance Sheet — December 26, 1931 (Giving Effect to Proposed Capital Changes Adopted April 19, ASSETS Current Assets: Cash $3, Accounts receivable, less reserves 1, Notes receivable Inventories (unamortized costs) 17, Prepaid expenses 1> $23, Investments in and advances to affiliated companies and enterprises: Film Securities Corporation, at cost $46,200,000.00 Theatre operating companies in England and Australia, at cost 21,250,803.76 Domestic theatre, operating companies in respect of which proportionate shares of undistributed profits ami losses since acquisition are included 7,430.225.31 Miscellaneous, at cost 4,499,094.35 79, fixed Assets: Land, buildings, leaseholds and equipment $68,433,895.96 Less reserves for depreciation and amortization 16,033,329.91 52 Other Assets: Cash surrender value of life insurance policies (less loans of $290,638.46) Notes and accounts receivable long term 990.369.41 1932) 340,596.12 ,622,379.98 231,000.00 ,136,300.27 ,072,204.68 ,402.481.05 380,123.42 400,566.05 Leasehold and rental deposits 689,242.69 Investment in and advances to Pox Theatre Corporation: Investment 1.00 Advances— secured 562,363.15 Miscellaneous 1,308,852.16 Deferred Charges: Bond discount and expenses $3,321,915.86 Miscellaneous 104,614.95 3,938,283.38 3,426,530.iJl yi62.547.984.71 LIABILITIES Current Liabilities: Notes payable banks $6,250,000.00 Notes payable others 2,812.198.06 Accounts payable and accrued expenses 4,255,930.32 Portion of funded debt maturing within one year 3,319,767.40 $16,637,895.78 Deferreil credits and sundry long term liabilities 723.820.30 Funded Debt: Five-year 6% convertible debenture due April 1, 1936. .$30,000,000.00 Two-year 6% gold notes of Wesca Corporation, due April 1, 1933 15,0!M,000.00 Funded indebtedness of subsidiary companies due after one year, including preferred stock of $46,000.00 9,511,444.11 54,511,444.11 Reserve for revaluation of investments, etc., and for indetermintate liabilities and contingencies 40,030,525.17 Net Worth: Capital stock stated value $5.00 per share Authorized 4.900.000 shares of Class A (of which 445,000 shares are reserved for the exercise of stock purchase warrants and 900,000 shares for the conversion of debentures) and 100,000 shares of Class B Issued and outstanding 2,425,660 shares of Class A and 100,000 shares of Class B (less 100 shares held in treasury) $12,627,800.00 Paid in surplus 36,062,396.21 Earned surplus 1,954,102.64 50,644,298.85 $162,547,984 71 Comparisons of 1931 and 1930 Income and Costs 1931 1930 Change Gross Income $85,774,237 $102,004,009 *$16,229,772 Operating expenses 50,363,056 54,563,268 4,200,212 (Exclusive of studio expense) Cost of picture production 19,861,147 26,203,623 6,342,476 'Accounted for principally by decrease of approximately $3,800,000 in film rentals, $10,000,000 in theatre admissions and $1,800,000 in dividends receipts. Comparative Feature Production Costs and Amortization Year Picture Costs Amortization 1931 $19,861,147.32 $24,352,023.04 1930 26,203,623.01 21,944,289.74 1929 22,743,665.29 21,621,112.04 1928 16,185,102.75 13,969,728.52 1927 14,010,077.07 12,820,402.12 Loew's Incorporated and 100% Owned Subsidiary Corporations Consolidated Balance Sheet — August 31, 1931 ASSETS Current : Cash and call loans $5,766,635.33 Cash reserved for construction 644,830.47 $6,411,465.80 Sinking Fund requirements anticipated — at cost 1,569,462.00 Receivables: Accounts receivable $1,951,154.62 Notes receivable 80,474.88 Due from affiliated corporations 786,304.05 2,817,933.55 Inventories — At Cost: Film productions in process, completed and released (after amortization) $27,129,229.61 Film advertising accessories 521,969.97 Theatre and studio supplies 315,336.40 ■ 27,966,535.98 Advances: To motion picture producers, secured by film productions ■ $1,199,125.40 Mortgage and interest pavments 63,874.40 1,262,999.80 Total Current Assets $40,028,397.13 Investments: Stocks and mortgages of affiliated corporations $12,882,228.64 Deposits on leases and contracts 868,158.43 Miscellaneous 775,597.02 — 14,525,984.09 Property— 100% Owned: Tjand $24,824,699.06 Buildings and equipment 58.827,527.81 Leaseholds 3,093,840.43 $86,746,067.30 Less reserve for depreciation1 15,328,943.32 71,417,123.98 Deferred 3,461.638.70 $129,433,143.90