The talking machine world (Jan-June 1928)

The Talking Machine World, New York, June, 1928 109 Zenith's Ten Months Earnings, $727,995.29 Annual Report of President Made at Stockholders' Meeting Shows Considerable Progress — Assets of $2,144,161 E. F. McDonald, Jr., president of the Zenith Radio Corp., in his report to stockholders of the company at their annual meeting, held in the executive offices of the company on Tuesday, May 29, reported net earnings of $727,995.29 for the ten months ending April 30, 1928. The change in the date of the fiscal year from June 30 to April 30 is the reason for the report covering only a period of ten months. Mr. McDonald's report was as follows: "It is a pleasure to report to our stockholders that your company has made considerable progress during the past year. Zenith radio sets have had a far greater acceptance by the public than ever before. The prestige which our products enjoy, resulting as it does from our well-known policy of producing only the best radio that can be built, places us in a strong position in the industry. "A preliminary showing of our new models and circuits at our wholesale distributors' convention in April resulted in a large volume of orders. Our new automatic tuning device, now being made under patents which we acquired during the past year, represents, in the opinion of your officers, the most important step forward in radio development since the all-electric set was made commercially feasible. "During the past three months our production methods have been changed so that a larger manufacturing output may be achieved. Our laboratory engineers have designed systems and apparatus for inspection and testing which, we believe, go far beyond anything customary in the radio industry. Our production engineers have provided and built new machines peculiarly and specially desirable in the manufacture of Zenith radio. From these machines we expect still greater uniformity in our products. "Because of existing contracts, and particularly because of the necessity of having our business year end with the radio season, your directors changed the date of our fiscal year from June 30 to April 30. Our auditors' report for the last fiscal year is, therefore, for ten months. "After all charge-offs, depreciations, reserves, commissions, bonuses, royalties and all taxes, the net earnings of your company were $727,995.29 for the ten months ending April 30, 1928. . "The balance sheet as prepared by our auditors at the end of our fiscal year, April 30, 1928, is as follows: Assets *ZVl£l£% Cash $1,294,527.46 Receivables' "(Less Reserve) •••••••••••• oToIb'i^ Merchandise Inventory (Less Obsolete) 254,988 12 Equipment (Less Depreciation) Si'Y,rj, Miscellaneous 206,175.43 $2,144,161.19 Liabilities „.„,,„ Accounts Payable 84,933.72 Notes Payable • • „,.„,. Miscellaneous Accruals (Includin.K laxes) ■ ■ ■ ■ 264.8.W..V $349,773.1 1 Capital and Surplus (After Dividend Declared) .$1,794,388.08 Latin America Is Big T. M. Importer An analysis of the exports of talking machines and records for March (the latest compilation) indicates that South and Central American countries are becoming large buyers of these products made by manufacturers in the United States. The total figures in dollars amounted very closely to $740,000 for the month. For instance, 1,957 talking machines, valued at $88,536, and 136,289 records, valued at $62,701, were exported to Colombia; Cuba comes next with 951 talking machines, valued at $50,005, and 91,981 records, valued at $42,466; Mexico purchased 1,106 talking machines, valued at $44,980, and 111,887 records, valued at $54,990; Argentina 1,104 talking machines, valued at $31,593, and 76,087 records, valued at $54,032; Brazil made an equally good showing, ordering 570 talking machines, valued at $31,511, and 73,137 records, valued at $39,505; Venezuela bought 462 talking machines, valued at $17,926, and 35,304 records, valued at $15,291. Other South and Central American countries which made a good showing in the importation of talking machines and records from the United States were Ecuador, Chile, Uruguay, Guatemala, Honduras, Salvador and Nicaragua. Banquet to Honor Federal Executive L. C. F. Horle, Vice-President of Federal Radio Corp., Honored at Banquet Sponsored by Plymouth Electric Co. A banquet and meeting in honor of L. C. F. Horle, vice-president and chief engineer of the Federal Radio Corp., Buffalo, N. Y., was recently given at the Hotel Taft, New Haven, Conn., by the Plymouth Electric Co., wholesaler for Federal. More than eighty-five Federal retailers were guests. R. J. Mailhouse, president of the Plymouth Electric Co., acted as toastmaster and was followed by Mr. Horle, who outlined the progress of radio from 1905 to date. Earlier in the afternoon Mr. Horle gave a lecture to Yale students. K. E. Reed, sales manager of the Federal Radio Corp., outlined 1928 possibilities and emphasized the necessity for retailers to concentrate on a fewer number of radio lines to obtain maximum results in developing a successful retail business. Prizes were awarded to retailers who sold the greatest number of Federal sets since February 1. William Wakelee, of the DeLuxe Radio Parlor, Bridgeport, Conn., won first prize; second prize went to Louis Yudkin's Store, Danbury, Conn., and Morgan J. Bliss, of Heublein Radio Salon, Hartford, Conn., received third prize. A special prize was awarded to George T. Wurrii, representative of the Plymouth Electric Co., for selling the greatest amount of Federal merchandise in the last three months. American Light Co. Locates in Columbus The American Light Co., Zanesville, O., distributor for the Zenith Radio Corp., will locate its radio warehouse and offices in Columbus, O., it has been announced following a meeting between A. J. Goldberg and F. H. Lee, of the Zanesville organization, and T. H. Endicott and Oscar H. Hulberg, of the Zenith Co. Mr. Lee, who is known as one of Columbus' radio pioneers, will have charge of the Columbus branch of the business. It is understood that Zenith sets will be handled exclusively. The American Light Co. has been in business in Zanesville for 27 years, and has handled the Zenith radio for the past five years. Granted Magnavox Patent Oakland, Cal., June 5.— The Magnavox Co. recently announced that it had granted a license under Magnavox electro-dynamic loud speaker patents to the Utah Radio Products Co., of 1615 South Michigan avenue, Chicago, 111. Albert Brown is managing the business of J. M. Johannessen, music and radio dealer of Huntington, L. I., during his six weeks' visit to Norway. Mr. Brown is well known in Huntington and is experienced in the music field. Announcing the Advanced NEUTRODYNE (Slightly higher west of Rockies} SEE IT — HEAR IT at the Chicago ShoWj June 11-15 EIGHTEEN years of diligent manufacturing activities are back of the exceptional performance so apparent in the NEW APEX ALLELECTRIC NEUTRODYNE. This advanced set represents one of the greatest values in the RADIO field today— it means enormous sales and good profits for every dealer who is progressive enough to see the great possibilities of the APEX Receiver. This genuine NEUTRODYNE has self contained and highly-perfected powerpack. Employs six tubes, plus one rectifier. Only one tuning knob. Illuminated dial. Metal cabinet of attractive walnut finish. Greater distance and selectivity than many high-priced sets. Has a deep, mellow and natural tone. Easiest set to operate. See the APEX exhibit at the Radio Manufacturers' Association Trade Show — Booth B-87 Grand Ballroom Stevens Hotel, Chicago, June 11th to 15th, inclusive. APEX ELECTRIC MFG. CO., Division of United States Elcc. Corn. Dept. B, 1410 W. 59th St., Chicago. Gentlemen : I am interested in an APEX franchise and would like to receive complete details relative to same. Name Street City