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624 FINANCIAL
Other liabilities:
Advance payments, self-liquidating 393,170
Debt extinguished In January 1951 as required by Loan Agreement (per contra) 2,057,688
Miscellaneous 250,997
TOTAL LI AB I LITI ES $ 50,496,684
RESERVE FOR CONTI NCENCI ES $ 3,043,438
INTEREST OF MINORITY STOCKHOLDERS IN CAPITAL AND SURPLUS OF SUBSIDIARY
COMPANIES $ 318,485
CAPITAL STOCK AND SURPLUS:
Common stock, authorized 4,000,000 shares, $1 par value
Outstanding— 3,261,287 shares (1949—3,263,276) $ 3,261,287
Capital surplus 43,992,584
Earned surplus 5,618,925
$ 52,872,796 $106,731,403
CONSOLIDATED PROFIT AND LOSS AND SURPLUS ACCOUNTS Fiscal Year Ended December 30, 1950
PROFIT AND LOSS AND EARNED SURPLUS ACCOUNT
INCOME:
Theatre receipts and rentals _ $ 97,127,938
Dividends from affiliated companies 1 ,419,635
Other income 3,166,509
EXPENSES:
Theatre operating and general expenses, including film rentals, rents, real estate and
other taxes 82,620,453
Operating profit before interest, depreciation, income taxes and other items below $ 19,093,629
ADD:
Capital gains, net (after deducting applicable Federal income tax of $658,238) 2,144,384
Share of 1950 undistributed earnings of companies consolidated for the first time (to date
of 1 00% stock acquisition ) 1 ,460,57 1
$ 22,698,584
DEDUCT:
Interest expense $ 991 .265
Depreciation of buildings, equipment and leaseholds 4,023,917
Profits applicable to minority holders of stocks of subsidiary companies 45,433
Federal taxes on income 5,496,302
$ 10,556,917
PROFIT FOR THE YEAR $ 12,141,667
Less — Dividends (cash) on common stock — $2.00 per share 6,522,742
EARNED SURPLUS AT DECEMBER 30, 1950 $ 5,618,925
CAPITAL SURPLUS ACCOUNT
Balance at December 31, 1949 $ 42,622,353
ADD:
Net adjustment of initial values of investments in consolidated subsidiary companies
acquired at organization 291 ,620
Excess of net assets of subsidiary companies at dates of acquisition of outside interests during 1950 over the investment of United Paramount Theatres, Inc. or consolidated
subsidiaries in such companies 1 ,076,361
Transfer from capital stock account of the par value of shares not required to be issued
due to retirement of single shares of stock of Paramount Pictures, Inc 1,989
Net adjustment of proceeds from disposal of theatre interests during 1949 261
Balance at December 30, 1950 $ 43,992,584
RADIO CORP. OF AMERICA and Domestic Subsidiaries
CONSOLIDATED FINANCIAL POSITION December 31, 1951
ASSETS
■CURRENT ASSETS:
Cash $ 48,437,716
U. S. Govt, securities, at cost, less amounts deducted from Federal tax liability 39,801,530
Receivables, less reserves, 1951 $2,660,057, 1950 $2,452,594 76,991,149