Motion Picture Daily (Oct-Dec 1960)

Motion Picture Daily Monday, November 28 Ratify Merger R«*» eb« * sec UATC's Plan 30 (Continued from page 1) proximately 430,172 shares of Ampex to existing Telemeter Magnetics shareholders in addition to the 7,277,570 shares currently outstanding. Effective date of merger, predicated on a period allowed by the California corporation commissioner for any stockholder objections, is expected to occur early in January, 1961. Will Augment Ampex Line Long stated the merger will enable Ampex to complement its existing line with Telemeter Magnetics products, whose products are closely related to magnetic recording. "The acquisition of Telemeter Magnetics' magnetic core technology (the addition of its product line to Ampex's magnetic tape recorder line and the combination of TMI management, technical, and manufacturing resources with those of Ampex should contribute significantly to the diversification, technical progress and growth of Ampex," Long stated. As of Sept. 1, 1960, Paramount Pictures Corp. owned approximately 74 per cent of TMI or 631,644 shares. On completion of the merger, Paramount will own 315,822 shares of Ampex or about four per cent of the total shares outstanding. Sales Figures Presented Long also reported to shareholders that Ampex sales for first half of the current fiscal year, ended Oct. 31, were $32,244,000, topping the $31,480,000 for same period last year. Earnings were $361,000 or five cents per share on the 7,278,230 shares outstanding, compared to $1,780,000 or 25 cents per share on 7,217,943 shares outstanding for the first half of the previous year. Net sales for the second quarter of the current year were $15,876,000, compared to $16,685,000 for the same period last year. Net earnings for the second quarter fell to $17,000. Comparable earnings for same quarter last year were $954,000 or 13 cents per share on the 7,217,943 shares outstanding. Long stated that results for the full year will "almost entirely depend on profits to be generated during the second half and having effectively reduced our expenses below the level of the first six months, we are in the strong position to improve our profits in the second half if anticipated increase in volume materializes." Year's Earnings $4,013,000 Commenting further on the merger, long noted that Ampex had net sales of $68,113,000 for fiscal 1960, ended April 30, compared to $46,239,000 for the previous year. Earnings were $4,013,000 for the past fiscal year or 55 cents per share based on the 7,270,145 shares outstanding, compared to earnings of $2,730,000 or 38 cents per share on 7,164,183 shares outstanding at the end of the previous fiscal year. Telemeter Magnetics, Inc., had net sales of $4,654,000 for fiscal 1960, For 150,000 Shares From THE DAILY Bureau WASHINGTON, Nov. 27.-Reeves Soundcraft Corp., Danbury, Conn., has filed a registration statement with the Securities and Exchange Commission for a secondary offering , of 150,000 common shares. They will be offered the public through an underwriting group headed by Emanuel, Deetjen, & Co. The underwriters will buy the shares from the Prudential Insurance Co. of America, which will acquire them by exercising warrants which set a price of $3 per share to Prudential. Price to the public has not yet been announced, Reeves will gross $450,C00 on the sale of warrants. Reeves Soundcraft, among other things, makes and distributes recording media and leases to film producers and studios patented machines used in the application of recording stripes on motion picture film of all sizes. Goldstein, 'Dondi' (Continued from page 1) performance in the film with that of Jackie Coogan in "The Kid" some 40 years ago. Goldstein disclosed that he will order 500 prints of the Albert Zugsmith production and will seek that many simultaneous bookings. "If I have to take a print to every release area under my arm, I intend to do it," he said. "This little fellow may well become the biggest personality in this industry. Anybody with a heart will love this picture." Eyes Large Theatres Goldstein stated that Allied Artists will try to book the picture in the biggest houses. "Dondi," he said, "is as timely as any picture could be. With the recent accent on violence, sex, homosexuality, cannibalism and prostitution, a clean adult picture such as 'Dondi' offers a welcome relief." Goldstein announced that Zugsmith plans ^ to follow almost immediately with "Dondi Goes to the Moon" and "Dondi Goes Native in Rrooklyn." He introduced young Kory who regaled the luncheon group with hilarious juvenile jokes. ( Continued from page 1 ) UATC had net income of $403,073, after deducting depreciation of $683,709, equal to 34 cents per common share after providing for dividends of $5 per share on the preferred stock. In the prior fiscal year net income amounted to $16,744 after deducting depreciation of $846,682. Stockholders were notified that the annual meeting will be held in Baltimore on Dec. 12 to elect directors, authorize employment of auditors and transact other business. ended Jan. 2, compared to $2,928,000 for the previous year. Earnings were $158,000 or 19 cents per share on 852,144 shares outstanding for fiscal 1960, compared to $156,000 or 22 cents per share on 701,144 outstanding shares for the previous year. On the basis of pro-forma figures, the combined net sales of the two companies for fiscal 1960, ended April 30, total $72,767,000, with combined earnings of $4,083,000 or 53 cents per share on 7,696,317 shares outstanding. The outstanding shares are adjusted to give retroactive effect to the 1959 merger of Orr Industries into Ampex, the proposed TMI merger, and the Ampex stock splits of two and one-half for one in August, 1958, and three for one in Febraury, 196o! Credits 'South Pacific' Skouras attributed the improvement in net income in 1960 over the prior year to UATC's participation in net profits of the film "South Pacific." He said it can be anticipated that substantial additional profits will be derived during the current fiscal year from the same source. "Not only has 'South Pacific' been responsible for providing profits for your company," he informed the stockholders, "but it has been helpful in developing revenues for the theatres operated by the company and its affiliates. "This fact points up the necessity for the need for production of similar top quality pictures. I am pleased to report that producers more and more are producing these top quality road show pictures, and it is my opinion that this flow of such pictures will be instrumental in helping your company to develop profits in the future." Tells of Texas Conversions Referring to the disposal of unprofitable theatres, Skouras told the stockholders that during the past year UATC's wholly owned group of Texas theatres converted a number of them to commercial use. United California Theatres, in which UATC has a 50 per cent interest, now has 40 commercial properties in operation and owns an additional 16 unimproved properties. "On one of these unimproved properties," he said, "it is now developing one of the largest shopping centers in Northern California, and is building a multi-lane bowling alley in the rear of this shopping center. It has also converted properties into supermarkets, stores and other commercial ventures." Revenue Up Slightly The annual report showed total revenue in the 1960 year of $10,994,483, compared to $10,449,542 the previous year. Operating expenses were up from $9,700,658 in 1959 to $10,454,728 this year, resulting in a loss from operations of $143,954 this year, as against a loss of $97,798 the year before. The participation in "South Pacific" profits amounted to $488,639, and other income brought the total to $834,993. Other income in 1959 amounted to $528,946. The report showed current assets of $1,964,247, of which $1,308,741 was in cash, and current liabilities of $1,784,671. Oklahoma City Prepal For 'Cimarron' Premil Oklahoma City is planning a i 1 moth ^ "Hello" to Metro-Gold I Mayer's "Cimarron" premiere I this week, MGM reports. The eil city is in a festive mood with windows, department stores, \A and transportation depots rolling] the welcome mat for the film, its and the press contingent, the pany said. Representatives of MGM's pub: and exploitation departments arrive in Oklahoma City today both Coasts, to coordinate final jj for the two-day state celebratior be climaxed by the Governor's in! tional premiere at the Midwest t' tre, Thursday. Howard Strickling, MGM dirt of advertising and publicity, wil rive in Oklahoma City from HI wood today. "Cimarron" will open a road engagement at the Paramount T tre in Hollywood Christmas night 'Decadent' Films ( Continued from page 1 \ present a degenerate picture of West, they'll open the doors to c munist propaganda. Many people begin to believe that if moral re; eration is not possible they must East." Ruszkowski was legal adviser the Polish Film Producers Asso tion before World War II. He been with the Catholic Cinema O: since 1946. In 1952 he became ] fessor of economic thought and sociology at the Pontifical Cath1 University of Peru. He resides in LI and is now a Peruvian citizen. Points to Soviet Films "It is noticeable," he said, "t1 Soviet pictures seldom show immo ity. Some who desire moral het may get the impression from Soi movies that this morality comes fr Soviet philosophy. "Though such films may be mon Ruszkowski observed, "they are Christian." Ruszkowski advocated the edu tion of movie patrons to appreci the cinema as an art form, but he jected the idea of art for art's sake "Art for art's sake is essentially false attitude," the Peruvian lawj said. "We must know the hieraro of values. There are spiritual valu! and even some human values, tli are superior to artistic values." Would Avoid 'Poor Art Forms' Ruszkowski was careful to expl; that emphasis on sound moral contt does not mean that poor art for( are excusable. He stated that the Internatior Catholic Cinema Office had made| world-wide study of all methods moral regulation of films. State ce sorship, he added, is not the mc effective way of solving the proble He said self-regulation is best, a that if self-regulation appears to be effective, groups seeking to strength it should be supported.