Radio age research, manufacturing, communications, broadcasting, television (1941)

v.'fti THE 28th annual MEETING OF RCA STOCKHOLDERS HELD IN AN NBC STUDIO, RADIO CITY, NEW YORK. RCA STOCKHOLDERS MEETING Net Profit After Taxes of Radio Corporation of America for First Quarter of 1947 Amounted to $4,680,065 — Earnings Per Common Share for the Quarter Equal to 28 Cents, Compared with 17 Cents for First Quarter in 1946 NET profit, after taxes, of the Radio Corporation of Amer- ica for the first quarter of 1947 was $4,680,065, representing an in- crease of $1,519,841, or 48 per cent, over the same period in 1946, Brig- adier General David Sarnoff, Presi- dent of RCA, announced at the 28th Annual Meeting of stockholders held on May 6, in a studio of the National Broadcasting Company at Radio City. Profit for the first quarter of 1947 — before Federal Income Taxes — amounted to $7,919,065. Earnings per common share for the first quarter of this year amounted to 28 cents, as compared with 17 cents per common share for the first quarter in 1946. Consolidated gross income of RCA during the first quarter of 1947 amounted to $76,560,096, compared with $48,972,924 for the same period last year. This repre- sents an increase of $27,587,172, or 56 per cent over the 1946 figure. General Sarnoff pointed out that over the past ten years, RCA paid more than $60,000,000 in dividends to its stockholders. Of this amount, $32,300,000 was paid to holders of preferred stock and $27,700,000 was paid on the common stock. He said that during the same ten-year period the net worth of the Corpo- ration was increased by $39,000,000, and is now in excess of $100,000,- 000, thus revealing the increased strength of the Corporation, its growth and its increased value to stockholders. "When RCA began operations in 1919", he said, "it employed 457 people. On May 1 of this year, RCA personnel numbered 40,600. Of this number, 60% are men, and 40% are women. Wage Increases Granted "To meet the increased costs of living, the Radio Corporation of America has from time to time granted general wage increases to its employees. The average weekly take-home pay for hourly paid em- ployees in our manufacturing unit was $48.53 in April of 1947, an in- crease of 74% over April, 1941. The rates we pay are comparable to those paid by other manufactur- ers engaged in similar work. Since V-J Day, the increases granted by RCA to its employees amount to approximately $24,000,000 a year. "The complex labor problems, which are part of present-day op- erations, have been solved by col- lective bargaining with the thirty- seven separate unions representing our workers. There were no strikes in the RCA." RCA operations cover all phases of radio — research, engineering, manufacturing, broadcasting and world-wide communications. Gen- eral Sarnoff pointed out. "Reconversion of the RCA Vic- tor Division's manufacturing facil- ities from wartime to peacetime op- erations was practically complete in 1946," he declared. "Attainment of full-scale production now de- pends chiefly upon an uninter- rupted flow of materials. "Despite scarcities that still plague production, all of our manu- facturing plants had a substantial increase in output during the first four months of 1947. Public de- mand continues very good for our Victrola radio-phonographs, phono- graph records, television receivers and the new RCA FM receivers. We are making delivery of FM as well as standard broadcast trans- mitters, and are in production of television transmitters for which we have substantial orders." Reporting continued demand for RCA products in foreign countries, he said that the distributing or- ganization of the RCA Internation- al Division has been expanded. Subsidiary companies in Brazil and Argentina have revealed increased activities, and in Mexico RCA anti- cipates augmented business through the opening of a new phonograph record plant. "While the research facilities of the RCA Laboratories Division are again directed to peacetime pur- [RADIO AGE 21]