Television digest with electronic reports (Jan-Dec 1957)

13 Ti^ORE COMPENSATION reports on officer-directors for 1956, as revealed in proxy notices (figures in parentheses indicate common stockholdings on date of proxy notices): Motorola — Paul V. Galvin, chairman, $82,812 (owned 99,453 shares beneficially, plus 186,696 held in trust & 13,227 held by his wife, constituting 15.45% of all outstanding shares); Robert W. Galvin, pres., $58,750 (154,007, plus contingent interests & 9282 held in trust and 3965 held by wife, constituting 18.5% of all outstanding shares): Edward R. Taylor, exec, v.p., $66,225 (3060); Daniel E. Noble, exec, v.p., $57,500 (5866); Frank J. O'Brien, v.p., $55,625 (5814); Elmer H. Wavering, exec, v.p., $57,500 (20,900); Edwin P. Vanderwlcken, v.p., $55,625 (600): Walter B. Scott, v.p., $46,250 (1958). (Annual meeting. May 6, Chicago.) DuMont Labs — Dr. Allen B. DuMont, chairman, $50,000 (31,901); David T. Schultz, pres., $75,000 (1000); Wm. H, Kelley, who resigned in July as a v.p. but remained throughout the year as a consultant, $45,000 (none). (Annual meeting. May 6, Clifton, N. J.) Unitronics Corp. (parent of Olympic Radio, David Bogen & Presto Recording Co.) — Morris Sobin, pres, of Olympic, $44,500 (8820): Lester H. Bogen, pres, of David Bogen & Presto. $31,565 (none); Wm. H. Husted, chief exec, officer, $31,083 (20,475). In addition, Bogen was granted 3-year option last July 24 to buy 2400 shares at $8,663 per share; Brantz Mayor, who became pres, of Unitronics last April 1 at annual salary of $35,000 and deferred compensation of $15,000, was granted option through June 30, 1961, on 19,998 shares at $9,875 per share. (Annual meeting, April 22. N. Y.) International Resistance Co. — Charles Weyl, pres., $54,596 (91,800); Harry A. Ehle. exec, v.p., $44,326 (15,700); Jesse Marsten, senior v.p.. $43,692 (8500); Edward A. Stevens, v.p. & treas., $37,922 (9540). (Annual meeting. May 1, Philadelphia.) Note: For previous executive compensation reports, see Vol. 13:12-13. Increased Admiral profits in 1957 are foreseen by pres. Ross D. Siragusa in April 11 report to annual meeting, saying first quarter will be profitable despite a 13% sales drop from first 3 months of 1956. Second quarter will equal last year’s and final half “should improve substantially,” he added. Last year’s Admiral profits were $1,037,274 (44<^ per share) on sales of $182,046,168 (Vol. 13:12). Admiral TV factory sales, he said, dropped less than the industry average in first quarter, while radio and hi-fi phonos were up 33%. He said that govt, backlog should be higher by June 1 and that increased volume of color sales is expected in last half of year, adding that color sets soon will have automated printed circuits. Raytheon, which sold TV-radio div. to Admiral in raid1956 (Vol. 12:22), earned $1,143,000 (40(1 per share) on sales of $52,270,000 in quarter ended March 31, had backlog of $250,000,000 in govt, orders on that date. Pres. Charles F. Adams told annual meeting recent change to calendar year basis made impractical any comparison with first 3 months of 1956, but for 7 months ending Dec. 31, 1956, earnings were $657,743 (23^ per share) on sales of $111,844,000. Whirlpool’s first-quarter sales were about $112,000,000, a 17% increase over similar 1956 period, pres. Elisha Gray II told Investment Analysts Society of Chicago this week. He didn’t estimate earnings but said they “probably will be a little less than the 62(1 per share” or $3,762,062 on sales of $95,068,150 in first quarter of 1956. Whirlpool sales in 1957, he added, should show a much larger increase than the 3%-5% he estimated for the major appliance industry. Erie Resistor reports net income of $956,452 (80«f per share) on 1956 sales of $23,300,749, compared with $959,433 (40(f) on 1955 sales of $22,358,644. It says 1957 “should be a satisfactory one from an earnings standpoint . . . expect that our shipments should exceed those of 1956.” Current assets at year’s end were $7,277,553; current liabilities, $3,566,533; long-term debt, $1,500,000. Unitronics Corp.. parent of Olympic Radio, David Bogen Co. &. Presto Recording, reports record net profits of $588,941 ($1.25 per share) on 1956 income of $28,054,836 vs. $474,626 ($1) & $18,432,097 in 1955. Current assets at year’s end were $14,808,070; total liabilities $9,756,269; long term debt $2,118,268; retained earnings $2,552,255. Eitel-McCullougli earned $1,254,488 ($1.68 per share) in 1956 compared with $645,844 (86(f) in 1955. United Artists Corp., last privately-held major movie company, moves toward public ownership in late April. It is offering public issue of 6% debentures for purpose of raising $10,000,000 and 350,000 shares of common stock to produce $5,000,000 more. Proceeds of $16,000,000 sale through F. Eberstadt & Co. would be used to retire debt and finance independent production by company, which last year grossed $2,000,000 from feature-film sale to TV. Formed in 1919 by Douglas Fairbanks Sr., Mary Pickford, Charles Chaplin & D. W. Griffith, UA was losing $100,000 per week by 1951, when management was turned over to group headed by lawyer Arthur B. Krim. Gross since has climbed from $18,000,000 to $65,300,000. Public sale will leave majority stock ownership with Krim group. Profits of 6 TV-radio manufacturers, all unidentified, declined by 23.3% in 1956 fi-om 1955 levels, though national corporate profits of 750 major companies last year were about equal to 1955 (actually up 0.1%), according to Wall Street Journal quarterly survey. The 6 TV-radio manufacturers aggregated profit of $63,276,000 in 1956, compared with $82,529,000 in 1955. Earnings of 14 electrical equipment manufacturers, including GE and Westinghouse, declined 3.3% (due primarily to strike at Westinghouse). Upcoming 20th Century-Fox annual report, says pres. Spyros Skouras in advance statement to stockholders, “will show the vital steps that have been taken to overcome lags in our flow of pictures and to improve further their entertainment appeal against the competition of free TV.” Earnings for 52 weeks ended Dec. 29, 1956 were $6,198,419 ($2.34 per share) on income of $122,251,864 vs. $6,025,039 ($2.28) on $120,807,208 for 53 weeks ended Dec. 31, 1955. Avco first-quarter earnings were nearly 5 times larger than during same 1956 period, chairman Victor Emanuel and pres. Raymond A. Rich told annual meeting this week at Nashville, Tenn. This reflected, they said, “continued growth of Avco’s industrial and defense business, specialized farm equipment business and broadcasting and telecasting operations.” U. S. Semiconductor Products Inc., Phoenix, oi’ganized Feb. 11 to manufacture semiconductors & other electronic devices, filed SEC registration (File 2-13246) April 11 for offering of 500,000 shares of $1 par common stock. Net proceeds of public sale through Jonathan «fe Co. were estimated at $997,050 by company. Friedrich W. Schwarz is pres. & gen. mgr. Decca Records earnings in first quarter of 1957 exceeded the $890,444 (55^ per share) earned in fii-st 3 months of 1956, pres. Milton R. Rackmil told annual meeting. In reply to stockholder’s question, he said Decca might consider buying more Universal Pictures stock under right conditions, with a view to eventual consolidation. Laboratory for Electronics Inc. expects to be “slightly in the black” for fiscal year ending April 26, on record sales of $6,500,000, compared with loss of $985,000 on sales of $6,136,000 in fiscal 1956, reports TFerZi Street Journal. Globe-Union Inc. earned $1,166,383 ($1.42 a share) in 1956 on sales of $58,667,310 vs. $1,671,996 ($2.03) on $56,622,579 in 1955; results include Wico Electric Co., acquired in June, 1956. Dominion Elcctrohome Industries earned $313,000 on sales of $13,565,000 in 1956, compared with $372,917 on $10,500,000 in 1955. Clarostat earned $227,924 (55(f per share) on sales of $7,468,492 in 1956, compared with $164,235 (39(1) on $6,415,740 in 1955. National Union Electric Co. earned $563,068 (33(‘ per sliare) in 1956, comimrod with loss of $638,696 in 1955 (Vol. 12:16).