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FINANCIAL 619
LIABILITIES AND CAPITAL: CURRENT:
Accounts Payable and Accruals $ 8,973,850
Accrued Interest 21 5,008
Domestic and Foreign Taxes 13,619,362
Due to Foreign Banks 1,007,075
Funded Debt Payments Due Within One Year 2,869,991
TOTAL CURRENT LIABILITIES $ 26,685,286
Securities from Tenants, Film Rentals and Other Deferred Credits 1,291,311
Premium Received on 3% Debentures (Net) 445,497
Reserve for General Contingencies 1,568,265
FUNDED DEBT:
Loew's Incorporated:
3% Sinking Fund Debentures — Maturity 1965 (Sinking Fund Commences in 1954) $ 28,000,000
2.85% Sinking Fund Debentures— Maturity 1965 (Sinking Fund Commences in 1955) — 9,000,000
2% Promissory Note — Payable $750,000 Semi-annually 3,000,000
2% Promissory Note — Payable $375,000 Semi-annually 2,625,000
2% First Mortgage of Wholly Owned Subsidiary — Maturity 1958 —
$107,500 Payable Semi-annually 3,397,500
Bonds and Mortgages of Wholly Owned Subsidiaries 5,497,966
TOTAL FUNDED DEBT $ 51,520.466
Less — Due Within One Year as above 2,869,991
48,650,475
Wholly Owned Subsidiary's Preferred Stock 580,330
CAPITAL STOCK:
Common — No Par Value:
Authorized — 6.000.000 Shares
Outstanding — 5,142,615 Shares 45,772,891
EARNED SURPLUS:
Balance — Beginning of Year $ 92,876,051
Net Income of Loew's Incorporated and Wholly Owned Subsidiaries per
Consolidated Profit and Loss Statement 7,806,572
$100,682,623 Less — Dividends Paid by Loew's Incorporated 7,713,870
Balance — End of Year 92,968,753
$217.962,308
CONSOLIDATED PROFIT AND LOSS STATEMENT
Including Wholly and ParHy Owned Subsidiary and Affiliated Corporations
After intercompany Eliminations Except Film Rentals
Fiscal Year Ended August 31, 1951
OPERATING REVENUES:
Theatre Receipts, Rentals and Sales of Films. Accessories and M-G-M
Records $165,858,514
Rent Income 4,220,346
M-G-M Radio Attractions, Broadcasting and Miscellaneous 6,121,035
Includes Operations of Partly Owned Corporations —
$12,924,718 in 1951 ) $176,199,895
OPERATING AND GENERAL EXPENSES:
Theatre and Office Buildings, including Film Rentals $ 43,364,937
Film Division, M-C-M Records and Radio Attractions 25,000,538
Amortization and Write-off of Film Costs 70,621,375
Film Advertising Accessories 496, 1 02
Outside Producers' Share of Film Rentals 2,311,057
General and Administrative 2,642,716
Contributions to Employees' Retirement Plan 3,375,396
147,812,121
$ 28,387.774 DEPRECIATION OF BUILDINGS AND EQUIPMENT:
Properties of Wholly Owned Corporations (Excluding Depreciation
Charged to Production Costs) $ 1,813,720
Properties of Partly Owned Corporations 249,453
Real Estate and Other Taxes 6,832,425
Rent on Leased Properties 3,175,423
12,071.02)
$ 16,316,753 OTHER INCOME:
Dividends Received $ 69,630
Interest and Discount Earned 278,321
Miscellaneous 261 ,583
609,534
$ 16,926,287