Television digest with electronic reports (Jan-Dec 1954)

11 Trade Personals: Antony Wright resigns as Capehart Farnsworth consumer products v.p. . . . Ellis L. Redden, who recently resigned as Motorola adv. & sales promotion director (Vol. 10:5), takes same position at Magnavox; post had been vacant since resignation of Lauren K. Hagaman more than year ago . . . E. P. Gertsch, owner and pres, of Gertsch Products Inc., Los Angeles, elected pres, of West Coast Electronics Mfrs. Assn. . . . Roger H. Bolin, asst, to J. M. McKibben, v.p. & gen. mgr. of Westinghouse consumer products, named corporate adv. mgr., Pittsburgh, replacing Harry J. Heines, now v.p. of J. Walter Thompson Co., N. Y. . . . Wm. Balderston, Philco pres., reelected to National Industrial Conference Board . . . Robert L. Unger, employment mgr. of Hoffman Laboratories, named Hoffman Radio director of industrial relations; Wm. Cecil named personnel mgr. of Hoffman’s new Kansas City TV plant . . . Marcus S. Chacona heads new GE sales promotion & adv. task force offering counsel to GE distributors . . . Herbert J. Allen resigns as Admiral eastern sales mgr. . . . T. Stanton Fremont named appliance mgr. for all Admiral distributing branches . . . Charles .T. Klein named CBS-Columbia eastern district mgr., succeeding Bert Rice, now gen. sales mgr. of Broil-Quik Co. . . . Herbert Kabat, Olympic Radio gen. sales mgr., becomes sales v.p. March 31, when Albert Friedman takes on fulltime duties as firm’s merchandising consultant . . . Clark C. Rodimon named Raytheon asst. govt, contracts mgr., Waltham, Mass. . . . Eugene C. White named product mgr. for GE industrial & transmitting tubes, succeeding .John E. Nelson, now central sales mgr. for GE equipment tubes . . . Robert L. Parrish, from main plants in N. Adams, Mass., named mgr. of Sprague Electric’s plant at W. Jefferson, N. C., now under construction . . . John Goldschmeding, Texas sales mgr., promoted to sales mgr. of Philco refrigeration div., replacing Albert J. Rosebraugh, now div. sales v.p. . . . R. H. Lloyd named Graybar northwestern appliance sales mgr., Seattle . . . Robert L. Henry, ex-chief of process technology section in National Bureau of Standards electronics div., noted for work on “Tinkertoy” project, named manufacturing mgr. of ACF Electronics, Alexandria, Va., subsidiary of American Car & Foundry Co. . . . Leo Kagan, ex-Zenith & Bruno-New York, elected sales v.p. of Elco Corp., Philadelphia (components) . . . Frank M. Holliday, ex-Crosley, named Sheraton TV midwestem sales mgr., headquartering in South Bend, Ind. . . . Ray Barron, ex-WPIX, New York, named adv. & promotion mgr. of Kelton Co., Boston (high-fidelity equipment) . . . H. J. Tutwiler appointed sales mgr., Thomas A. Marshall development engineer of Miller TV, Burbank, Cal. (antennas) . . . Harold J. Adler, ex-Hallicrafters engineering director, named engineering v.p. of Edwin I. Guthman & Co., Chicago (electronic components). Emerson shows net profit of $449,231 (23i) a share) for 13 weeks ended Jan. 30, compared to $899,516 (46<‘) in corresponding quarter year ago. Though no sales figures were reported, pres. Benjamin Abrams estimated sales were 5-6 '/r above year ago, with competitive pricing forcing profits down. Stewart-Warner reports net profit of $4,081,000 ($3.04 a share) on sales of $128,798,000 in 1953, compared to $4,234,000 ($3.30) on $122,552,000 in 1952. Pres. James S. Knowlson told stockholders in preliminary report that profit decline was due largely to dip in defense orders. Arvin reports 1953 earnings of $2,255,000 ($2.53 a share) after taxes of $2,437,146 on sales of $73,395,197, compared to profit of $2,209,733 ($2.48) after $2,249,803 on .$64,289,781 in 1962. Aerovox lists 19.')3 earnings of $1,074,500 ($1.54 a haie) on record sales of $'_'7, 100,000, compaied In pinfit of $941,5.50 ($1.35) on $22,400,000 in 1952. Financial & Trade Notes: Philco sales went to record high of $430,420,000 in 1953, compared to $366,963,850 in 1952 and $305,328,670 in 1951, with earnings after all taxes amounting to $18,351,000 ($4.86 per share) as against $11,491,207 (.$3.15) in 1952 and $12,168,046 ($3.35) in 1951. Earnings included non-recurring income, after taxes, of $5,283,000 ($1.43) from $8,500,000 sale of WPTZ, Philadelphia, to Westinghouse (Vol. 9.8). Working capital during year increased from $45,483,000 to $54,665,000. Of total income, $6,016,000 was paid out as dividends and remaining $12,335,000 was re-invested to increase working capital and provide funds for plant expansion, which included opening of new TV plant in Philadelphia, construction of TV-radio plant in Toi'onto and refrigerator-freezer plant in Connersville, Ind. TV sales broke record, despite fact that “many customers at least temporarily postponed their purchases of TV receivers” last fall because of color publicity, report said. But it noted that TV market “has recovered from the special problems of last fall and our models are enjoying very favorable acceptance.” Predicting 150 new stations will go on air in 1954, extending service to 2,400,000 additional families, report said “trend toward replacement of sets with 7, 10, 12 & 14-in. picture tubes, obsolete by present standards, and purchases of second sets for the home, will give major impetus to TV sales in 1954.” * * if: Sylvania’s 1953 profits and sales were highest in company’s 52-year history. Earnings were $9,536,181 ($3.10 on 2,668,812 shares) after taxes of $14,950,000 on sales of $293,267,408, compared to profit of $6,960,626 ($3.04 on 1,870,081 shares) after taxes of $10,700,000 on sales of $235,023,437 in 1952. TV sales were “well above” 1952 while TV picture tube sales were 40% over 1952. Backlog of defense orders at year’s end totaled about $90,000,000, compared with $75,000,000 at end of 1952. Payroll for average of 27,500 employes was $111,176,513, up from $93,147,384 a year earlier. Total assets increased to $204,433,298 from $176,418,658 at year’s end. Westinghouse reports net profit of $74,322,000 ($4.53 a share) after taxes of $85,845,000 on record sales of $1,582,047,000 in 1953, compared to $68,581,000 ($4.23) after $111,939,857 on $1,454,272,598. Consumer products, including TV-radio, accounted for 23% of sales vs. 21% in 1952. Working capital at end of 1953 was $629,725,000, compared to $553,211,000 at end of 1952. Fourth-quarter profit was reported at $21,104,000 ($1.29) vs. $19,841,000 ($1.23) on $419,500,000 corresponding 1952 quarter. Tung-Sol Electric Co. reports earnings of $1,780,882 ($3.07 on 554,902 shares) after taxes of $2,250,000 on record sales of $40,017,549 in 1953, compared to $2,007,713 ($3.75 on 514,056 shares) after taxes of $3,425,000 on sales of $35,489,558 in 1952. Lower earnings were caused principally by “lower fourth quarter sales resulting from customer inventory caution, coupled with a substantial volume of non-recurring costs connected with our plant expansion and improvement program,” said chairman Harvey W. Harper. It spent $1,938,000 last year for plant expansion and new equipment. General Precision Equipment Corp. reports 1953 profit of $3,463,349 ($5.09 a share) after taxes of $4,404,000 on sales of $87,763,926, compared to earnings of $1,255,278 ($1.88) after taxes of $1,700,000 on $54,326,849 in 1952. Dividends: Corning Glass, 25f' payable March 31 to ■stockholders of record March 15; Arvin, 4.0(1: March 31 to holders March 15; American Phenolic, 25d Api-il 30 to holders April 16; GE Ltd., 3% % stock April 14 to holders Mai'ch 8; C.'ipilol Records, 1.5d April 1 to holders March 15; Derra Records, 17V-t Match 31 to holders March 17; Claude Neon, lOf/ March 31 to holders March 18.