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FINANCIAL 6H
Other Deductions — Net interest expense and, in 1950, $335,000 reserved for investment
(minority interest) 367,1 00
$ 13,618,942
Provision for federal taxes on income:
Income tax $ 8,080,000
Excess profits tax 50,000
$ 8,130.000
Net income before special credits below $ 5,488,942
Prior years' adjustments, net, arising principally from the reduction of depreciation rates allowable for federal tax purposes (as the result of tax examinations for years through
1949) less related additional taxes, etc. of $335,168 333,155
Estimated refund of 1950 excess profits tax under the Revenue Act of 1951 538,000
NET INOME FOR PERIOD $ 6,360,097
EARNED SURPLUS AT BEGINNING OF PERIOD 28,572,222
Consolidated earned surplus of Hytron Radio & Electronics Corp. and its subsidiaries at date
of merger, June 15, 1951 3,346,148
38,278,467 Deduct — Cash dividends, $1.60 per share — 3,244,199
EARNED SURPLUS AT END OF PERIOD $ 35,034,268
COLUMBIA PICTURES CORP. and U. S. Subsidiaries
CONSOLIDATED BALANCE SHEET As of June 30. 1951
ASSETS
CASH $ 6,215,132
UNITED STATES GOVERNMENT OBLIGATIONS 40,000
ACCOUNTS AND NOTES RECEIVABLE, less reserve 2,813,748
ADVANCES TO OTHER PRODUCERS, less amortization 11,434,600
INVENTORIES:
Released productions, at cost less amortization 8,742,384
Completed productions not yet released, at cost 5,323,847
Productions in process, at cost 378,673
Rights and scenarios, at cost or less 878,698
Film stock and supplies, at cost or less 854,936
$16,178,538
PREPAID EXPENSES AND DEFERRED CHARGES $ 127,861
Total Current and Working Assets 36,809,879
NET ASSETS OF SUBSIDIARY COMPANIES ACTIVELY OPERATING IN FOREIGN TERRITORIES $ 809,938
INVESTMENTS IN CAPITAL STOCKS OF SUBSIDIARY COMPANIES OPERATING IN FOREIGN
TERRITORIES HAVING FOREIGN EXCHANGE RESTRICTIONS 89,108
OTHER INVESTMENTS:
Cash surrender value of life insurance 265,1 1 1
Miscellaneous investments, at cost less reserve 24,754
$ 289,865
FIXED ASSETS, at cost:
Land $ 560,196
Buildings, equipment and fixtures 8,828,827
$ 9,389,023
Less — Reserve for depreciation 4,433,698
$ 4,955,325
$42,954,1 15
LIABILITIES AND CAPITAL
ACCOUNTS PAYABLE AND ACCRUED EXPENSES $ 2,370,417
OTHER PRODUCERS' AND PARTICIPANTS' SHARES PAYABLE 949,226
RESERVE FOR FEDERAL TAXES (Less $1,000,000 United States Treasury Savings Notes in 1951
and $1,100,000 in 1950) 1,018,203
BANK LOANS PAYABLE IN FOREIGN CURRENCY 252,195
Total Current Liabilities $ 4,590,041
CONTRACTUAL OBLIGATIONS DUE AFTER ONE YEAR $ 609,545
DEFERRED INCOME 448,480
POST PERIOD REMITTANCES BY SUBSIDIARY COMPANIES actively operating in foreign
territories 464,805
NOTE PAYABLE TO BANKS UNDER LOAN AGREEMENT 7,200,000