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••« ;•* ;*n DAVID SARNOFF, PRESIDENT AND CHAIRMAN OF THE BOARD, ADDRESSING THE 2'9TH ANNUAL MEETING OF RCA STOCKHOLDERS IN RADIO CITY, MAY 4, 1948. RCA Stockholders Meeting Net Profit After Taxes of Radio Corporation of America for First Quarter of 1948 Amounted to $5,764,498 — Earnings Per Common Share for Same Period Equal to 36 Cents, Compared with 28 Cents for First Quarter of 1947. NET profit, after taxes, of the Radio Corporation of America for the first quarter of 1948 was $5,764,498, representing an in- crease of $1,084,433, or 28 per cent, over the same period in 1947, Briga- dier General David Sarnoff, Presi- dent and Chairman of the Board of RCA, announced at the 29th Annual Meeting of stockholders held on May 4, in a studio of the National Broadcasting Company at Radio City. Profit for the first quarter of 1948 — before Federal Income Taxes—amounted to $9,- 631,498. Earnings per common share for the first quarter of this year amounted to 36 cents, as compared with 28 cents per common share for the first quarter in 1947. Consolidated gross income of RCA during the first quarter of 1948 amounted to $88,053,297, com- pared vi^ith $76,560,096 for the same period last year. This represents an increase of $11,493,201, or 15 per cent over the 1947 figure. During the past ten years, RCA has paid nearly $61,000,000, or 58 per cent of net profits, in dividends to its stockholders. General Sarnoff reported. Of this amount, $32,000,- 000 was paid to holders of preferred stock and $29,000,000 was paid on the common stock. He said that during the same ten-year period the net worth of the Corporation was increased by $48,000,000, and is now in excess of $113,000,000. 40,000 Employees on May 1 On May 1 of this year, RCA per- sonnel numbered nearly 40,000, he said, praising the loyalty and spirit of cooperation given to the Cor- poration by employees. "It is especially gratifying to report that there were no strikes in RCA during the past year," he de- clared. "The labor problems that arose from time to time were solved through genuine collective bargain- ing with the forty-one unions repre- senting our workers. Wage rates throughout industry in general are at the highest level in history- Wages and salaries paid to RCA employees in 1947 totalled nearly $108,000,000, or more than 34^^ of our gross income. "To meet increased living costs, the Radio Corporation of America has from time to time granted wage increases to its employees. The average weekly take-home pay for hourly paid employees in our manu- facturing division was $48.96 in January, 1948, an increase of 93% over January, 1941." General Sarnoff's report covered all phases of RCA activities in radio —research, engineering, manufac- turing, broadcasting and world-wide communications. "At the end of 1947, RCA had a backlog of unfilled orders amount- ing to approximately $100,000,000," [RADIO AGE 23]