Motion Picture Daily (Jan-Mar 1951)

8 Motion Picture Daily Wednesday, February 21, 1951 WB Stockholders Reelect Directors Five directors — Samuel Carlisle, Stanleigh P. Friedman, Charles S. Guggenheimer, Samuel Schneider and Morris Wolf — were re-elected by Warner Brothers stockholders at their annual meeting held yesterday at Wilmington, Del. Review W.B. Profits (Continued from page 1) 1950 third-quarter net is a drop of $1,376,000 from the same quarter in 1949. Net profit for the latter three months amounted to $3,189,000 after provision of $2,200,000 for Federal income taxes and after a provision of $250,000 for contingent liabilities. The net profit for the three months ending Nov. 25, 1950 is equivalent to 26 cents per share on 6,821,600 shares of common stock outstanding, after deducting shares held in the treasury. The net profit for the correspondingperiod in 1949 was equivalent to 43 cents per share on 7,295,000 shares of common stock then outstanding. Film rentals, theatre admissions, sales, etc., after eliminating inter-company transactions, for the three months ending Nov. 25, 1950, amounted to $27,926,000, compared with $32,712,000 for the corresponding period last year. "The provision for estimated Federal taxes on income has been calculated as the rates provided under the existing Federal Income and Excess Profits Tax law. It is estimated that no excess profits tax provision is required, a Warner home office statement declared. Between June 22, 1950 and the close of the last fiscal year, on Aug. 31, 1950, the company acquired a total of 297,700 shares of common stock at a cost of $3,739,000. During the quarter ending Nov. 25, 1950 the com "Father's Little Dividend" ( M etro-Goldwyn-Maycr ) SPENCER TRACY, who experienced a series of comic trials and tribulations in the title role of "Father of the Bride," now goes on to share the deeper rewards of life in the pivotal role in "Father's Little Dividend." The little dividend, of course, is a grandchild, and Tracy measures up proudly to this new challenge. The same cast that appeared in the predecessor is now in the sequel. Once again Elizabeth Taylor portrays the new bride, with Joan Bennett as her mother, Don Taylor as her husband and Billie Burke and Moroni Olsen as the in-laws. The performers go through their chores like a well-coordinated team of champions. The picture is a merry romp, wholesome all the way, and magically designed to feast the entertainment appetites of all types of film-goers. Producer P'andro S. Berman and director Vincente Minnelli have combined their talents in an auspicious enterprise. The knowledge of impending grandparentage brings stunning emotions to Tracy at first. It brings a sort of end-of-an-era feeling and he just is not ready to enter into such pastures. As for his wife, Miss Bennett, the news is a source of leaping delight. The screenplay, by Albert Hackett and Frances Goodrich, realizes all of the humor inherent in each situation as it lingers fondly over such events as the building of a new home for the couple, the joyous furnishing of it and the general feeling of life's joy. A misunderstanding develops when Don Taylor does some overtime work and Miss Taylor fears "another woman.' The rift is quickly repaired and Miss Taylor finally o-ives birth to a bouncing boy. The grandparents proceed to have a fieldday with the diapered newcomer as prideful rivalry between the grandparents develops another source of humor. Innovational _ incident follows incident before the curtain is rung down on the happy family. _ _ Running time, 82 minutes. General audience classification. Release date. April 27.° Fly to fun and relaxation on a in the Southwest Sun Country You're only hours away, by TWA.from "Q. V." fun in Southern California or Arizona. Save on TWA Family Fares. Call your travel agent or TWA. TRANS WORID AIRUNCS U.S.A. • EUROPE • AFRICA • ASIA Early March Meet For SIMPP Board Mandel Herbstman A meeting of the board of the Society of Independent Motion Picture Producers, the first since last September, will be held in Hollywood during the week of March 5, with the exact date to be set by Ellis G. Arnall, SIMPP president, in about a week. Arnall reported this here yesterday, adding that he would leave for Washington today. He will then go to Atlanta and will depart from there for the Coast on March 1. Items on Agenda The change in management control at United Artists, the raw stock situation and several other matters are scheduled for discussion by the SIMPP board. It was hoped that it would be convenient for Arthur B. Krim, who was elected the new UA president, to address the SIMPP board, Arnall said. However, Arnall added, it now appears that Krim will be unable to leave his duties in New York at that time. The Society board is looking forward, however, to a meeting with Krim at a later date should it be impossible for him to attend the forthcoming board session. pany purchased 175,700 shares of its common stock at a cost of $2,309,000. Between Nov. 25, 1950 and Jan. 11, 1951, 49,600 shares of the company's common stock was purchased at a cost of $618,000. All such purchases were made on the New York or Los Angeles Stock Exchanges. No common stock has been purchased by the company since Jan. 11, 1951. Warner Brothers Pictures, Inc., and subsidiaries had, on Nov. 25, 1950, total current and working assets of $57,556,208, against current liabilities of $15,093,303. Of current and working assets, some $18,696,324 was in cash, $5,180,717 was represented by United States Government securities, $6,553,211 was listed for advances to outside producers, and $24,141,110 represented inventories in released productions (at cost, less amortization, valued at $7,730,726); productions completed but not released, at cost, $5,862,300 ; productions in progress and charges to future productions, at cost, $8,365,167, and $2,182,907 estimated for rights and scenarios unproduced and raw materials and supplies, all listed at cost, or less. Buildings, leaseholds, equipment, other fixed assets were listed at $103,086 002 ; their valuation, however, was reduced to $40,645,990 after reserves of $62,440,012 were written off for depreciation and amortization. This net $40,645,990 valuation of fixed assets, together with $47,782,280 in valuations of land, at cost, raised total fixed assets to $88,428,270. Other assets of $10,831,410, together with all those listed above, brought the corporation's total assets to $156,815,888. Warner had an earned surplus of $59,029,841 on Nov. 25, 1950. WB Stockholders (Continued from page 1) Arthur Krim Named (Continued from page 1) signed as president last Friday. A permanent UA board is due to be elected shortly after a number of appointments to management posts are made, doubtlessly within the next two weeks. The interim board was named by a voting trusteeship consisting of Krim, Matthew Fox and Seymour Peyser, representing the Krim Fox Robert Benjamin group ; Loyd Wright representing Charles Chaplin, and Mary Pickford, representing herself. Fabian's Albany TV Show Wins Audience Albany, N. Y., Feb. 20.— The telecast of the Siena-Georgetown basketball game in Fabian's Palace tonight, first of its exclusive kind and over the longest distance — 350 miles, scored a tremendous audience and showmanship success. A standee crowd of 3800 rooted, cheered, whistled and laughed as the home-town five defeated Georgetown 57-49. the Department of Justice, provides for Warner stockholders to receive one-half share in the new theatre company and the new picture company in exchange for each share now held. Warner has until April 4, 1953, to carry out the plan. Under the plan, for which 5,079,833 shares were voted in favor and 41,579 shares voted against, Warner must divest itself of upwards of 54 theatres within two years. One half of the number must be disposed of within one year. Next step in the divorcement proceedings is to take the approved plan before the New York Statutory Court before April 4, 1951, for final court approval. The last step, due within two years, is the transfer of assets from the parent company to the two new companies and the beginning of independent operation. In the meantime, the present Warner company will continue to operate until its dissolution. The stockholders also authorized the cancellation of the 523,000 shares of Warner common stock held in its treasury. UA Release Deals (Continued from page 1) rine John Garfield and Shelley Winters, and Sirk's "The First Legion," starring Charles Boyer, are completed and will be delivered to UA for world wide release this week. The third, to be produced by Spiegel and directed by John Huston for Horizon Pictures, is "African Queen," in Technicolor. It will co-star Humphrey Bogart and Katherine Hepburn, with shooting to start April 1 on location in Africa. Previous Status None of these pictures was on the list of those contracted for UA release under deals closed with company managements which functioned prior to the take-over by Krim, Robert Benjamin and Matthew Fox. That list includes : two awaiting release, I. G. Goldsmith's "The Scarf" and Irving Allen's "New Mexico"; three in the editing stage, S. P. Eagle's "The Prowler," W. Lee Wilder's "Three Steps North" and Robert Stillman's "Queen for a Day," and one in production, Harry M. Popkin-s "The Well." Additionally, it includes two planned by Stanley Kramer, and one each planned by Stillman, Popkin, Wilder and Goldsmith. The company has some 24 pictures in various levels of release at present. No Profits Tax on First $24-Million Warner Brothers will not be required to pay an excess profits tax until the consolidated earnings of the company and its subsidiaries exceed $24,000,000, company stockholders were told at their annual meeting in Wilmington, Del., yesterday. The estimate was made under the present Federal Excess Profits Law and assumes that the company will file a consolidated income tax return.