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618 FINANCIAL
STATEMENT OF EARNINGS
Fiscal Year Ended December 31, 1950
GROSS INCOME:
From operations $76,096,028
Other income 266,637
76,362,665 COSTS AND EXPENSES:
Cost of sales, cost of broadcasting operations, and research expenses 56,285,006
Selling expenses 4,486,241
Administrative and corporate expenses 2,295,1 89
Interest expense 95,441
63,161,877
Earnings before Federal Taxes on Income 13,200,788
FEDERAL TAXES ON INCOME — ESTIMATED.. 6,300,000
Net earnings $ 6,900,788
LOEWS INCORPORATED
and Wholly Owned Subsidiaries
CONSOLIDATED BALANCE SHEET
For t-he Year Ended August 31, 1951
ASSETS:
CURRENT AND WORKING:
Cash $ 21,790,491
United States Government Securities — At Cost:
(Market Value $332,923) 335,000
Foreign Government Securities — At Cost:
(Foreign Market Value $349,992) 360,059
Notes Receivable $ 66,030
Accounts Receivable 6,1 07.361
Film Production Inventories — At Cost:
Film Productions in Process $ 29,937,744
Film Productions Completed — Not Released 26,243,849
Film Productions Released, Less Amortization.... 21,682,440
Other Inventories — At Cost:
77,864,042
Books and Rights 2,874,316
Film Advertising Accessories 166,565
Materials, Supplies, M-G-M Records, and Radio Attractions 3,989,559
Advances to Outside Producers 362,910
Due from Partly Owned Subsidiary and Affiliated Corporations 32,069
$ 22,485,550
6,173,391
TOTAL CURRENT AND Vv/ORKING ASSETS $113,948,402
Net Assets in Foreign Countries with Severe Exchange Restrictions 1,203,155
INVESTMENTS AND OTHER ASSETS:
Partly Owned Subsidiary and Affiliated Corporations:
Securities . $ 4,838,1 71
Advances .-.. 216,705
$ 5,054,876
Investments in Allied Corporations — At Cost 247,922
Other Investments — At Cost 3,147,633
Deposits on Leases and Contracts 1 ,266,827
Domestic Tax Refund Claims 955,993
10,673,251 FIXED ASSETS:
Land $ 36,054,696
Buildings and Equipment 94,949,860
Leaseholds 4,378,897
$135,383,453
Less — Reserve for Depreciation '. 48,095,978
87,287,475 Excess of Investment over Book Value of Subsidiaries on Consolidation 1,656,135
DEFERRED CHARGES:
Prepayments and General $ 2,915,123
Preliminary and Development Expense 279,267
3,194,390
$217,962,808