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RCA Stockholders listen to the Chairman's Report at the Annual Meeting on May 4. New First-Quarrer Sales Record is Set by RCA B ' USINESS volume of the Radio Corporation of Amer- ica for the first three months of 1954 was the largest of any first quarter period in the history of the Corpo- ration, Brig. General David SarnofT, Chairman of the Board of RCA, announced on May 4 at the 35th Annual Meeting of RCA Stockholders in a studio of the National Broadcasting Company in Radio City, New York. "Our present inventories are well balanced with current sales and we foresee a good volume of business for the year 1954 as a whole," declared General Sarnofl. "We believe that color television will speed the day when the volume of RCA business will reach and exceed a billion dollars a year. "The youngest child in the electronics industry— color television—offers the greatest stimulus for progress and the surest promise for prosperity. In our new, rapidly developing and fast changing art and industry, it is only natural to find growing pains and constant need for appraisal and adjustment. However, these symptoms of youth respond to intelligent treatment with much greater promise for a healthy future than do the ailments of old age. "We look forward to the future of this promising industry and the maintenance of RCA's recognized position of leadership with complete confidence." Sales For First Quarter General Sarnofl said first-quarter sales of RCA products and services amounted to $226,609,000, an increase of 9 per cent over the first quarter of 1953- Profits, before Federal taxes, amounted to §20,470,000. After providing $10,404,000 for these taxes, the net profit for the quarter amounted to $10,066,000. This is an increase of 8 per cent over the profits earned in the first quarter of last year. After Preferred dividends, the Common stock earned 66 cents a share compared with 61 cents a share in the first quarter of 1953. Significant Developments In Television Significant developments in black-and-white and color television were listed by General SarnofT as follows: Television continues to expand as a medium of enter- tainment, news and education. As a new service in commerce and industry, it has become a major factor in the Nation's business. In RCA, television accounted for 50 per cent of the total volume of business over the past seven years and it reached 54 per cent in 1953- RCA's steadfast faith and confidence in the ultimate triumph of the compatible color television system which it advocated was completely vindicated when the Federal Communications Commission in December, 1953, ap- proved compatible signal standards for commercial operation of color television. RCA, intensifying efforts to bring this great advance to the American people, has helped and encouraged others in the industry to do likewise. Progress continues in development of the RCA tricolor tube, and RCA expects to improve its performance, increase the picture size and reduce the cost. Since February, tricolor tubes RADIO AGE 29