Television digest with electronics reports (Jan-Dec 1958)

16 Financial Reports; Hazeltine’s gross 1957 income, including royalties, was $61,562,484, consolidated net income after taxes and all known charges being $2,030,612. Gross billings less provision for contract adjustments, royalties and miscellaneous were $55,700,484. Annual report for 1956 listed “total billings under govt, contracts and subcontracts” as $42,708,480 (Vol. 13:12) and earnings of $1,873,162. Chairman W. A. McDonald and pres. P. F. LaFollette reported 1957 billings on govt, contracts and subcontracts “reached a new high for any wholly peacetime year,” but 3 factors accounted for net profit not keeping pace with rise in sales ; (1) Reduced royalties. (2) Varying policies of Defense dept. (3) Rising costs. Notice to stockholders of annual meeting in Dover, Del., April 8 showed these executivedirector salaries and stock holdings: chairman McDonald, $65,048 (owns 2625 shares) ; pres. LaFollette, $49,388 (2000 shares) ; v.p. L. B. Dodds, $51,745 (522) ; exec. v.p. W. M. McFarland, $38,680 (734) ; v.p. J. B. Dow, $34,024. Decca Records earned $3,972,514 ($2.48 per share) on sales & I’oyalties of $31,774,276 in 1957 vs. $4,543,902 ($2.84) on $26,832,460 in 1956, pres. Milton R. Rackmil explaining decline in income last year was due to lower returns from Universal Pictures (Vol. 14:6,) in which Decca has 81.4% interest. Decca record div.’s pre-tax income rose to new high of $5,232,718 last year vs. $4,424,056 in 1956. RacLmil said he expects company to maintain regular 25d quarterly dividend rate this year. Note: Universal Pictures, also headed by Rackmil, lost $400,000-$450,000 in first fiscal quarter ended Jan. 31, annual meeting in N. Y. was told recently. In same period year earlier company earned $163,786 (12^). Universal has suspended feature production at studios “to take stock,” plans to resume July 1. Oak Mfg. Co. top officer-director remunerations for 1957, as reported in proxy statement for April 24 annual meeting in Chicago offices: Elof Sandsti’om, chairman, $60,194 (holds 8140 shares of common stock) ; Robert A. O’Reilly, pres., $60,194 (2450 shares) ; Edward J. Mastney, v.p., $33,455 (2275); Harry J. Veitch, v.p., $33,455 (188). Dividends: Motorola, 37%<i payable April 11 to stockholders of record March 28; Hofifman, 25^ March 31 to holders March 17 ; Howard W. Sams, 12d April 25 to holders April 15; Loew’s (Marcus), $1 March 31 to holders March 14; Universal Pictures, dividend omitted; Columbia Pictures, dividend omitted. American Electronics Inc. earned $603,650, or 93<( a share on 651,794 shares outstanding in 1957 vs. $376,128 (73^ on 517,860 shares) in 1956. . OFFICERS-&-DIRECTORS stock transactions as reported to SEC for Feb.: Allied Artists — Maurice Goldstein bought 1000, holds 13,100; Sam Wolf bought 3100, holds 20,050. Avco — George E. Allen bought 1000, holds 2500; Rudolph H. Deetjen bought 1500, holds 2500; Arthur H. Jones bought 200, holds 200; Kendrick R. Wilson Jr. bought 900, holds 2500. CBS — Arthur L. Chapman bought 500 "A,” holds 500; Lewis Gordon bought 100 “A,” holds 460; Clarence H. Hopper bought 100 "B.” holds 202; Merle S. Jones bought lOO "B,” holds 100. Columbia Pictures — Alfred Hart bought 2000, holds 5919. Corning Glass — Paul T. Clark exercised option to buy 500, holds 500; Frederick H. Knight sold 200, holds 2985. Davega — Leonard Cohn bought 1000, holds 16,023. Becca Records — Milton R. Rackmil bought 200 as co-trustee, holds 10,400 as co-trustee, 1713 personally. DuMont Labs— George G. McConeghy bought 100, holds 200. Emerson — Max Abrams bought 4700, holds 105,209 personally, 13,355 in trusts, 65,001 in foundations. GE — Ralph J. Cordiner exercised option to buy 4500, holds 18,155; Ray H. Luebbe sold 1000, holds 7460; C. K. Rieger sold 325, holds 3134; Chauncey Guy Suits sold 750, holds 4274; Arthur F. Vinson sold 1167, holds 5745. Guild Films — D. Van Alstyne Jr. sold 4000 and 1500 more through Van Alstyne Noel & Co., holds 9507 personally, 6333 In Van Alstyne Noel. Loew’s — K. T. Keller sold 200, holds none; J. Howard McGrath bought 500, holds 500. National Telefilm Assoc. — Bernard Tabakln Siegler Corp. earned $389,179 (26^ per share) on sales of $22,616,971 in 2nd fiscal quarter ended last Dec. 31 following merger of Unitronics Corp. (Olympic Radio & TV, David Bogen, Presto Recording) and Hufford Corp. (guided missiles equipment) vs. $267,934 (36^) on $6,706,463 in same period year earlier. For 6 months, consolidated net income was $757,781 (SO^^) on $39,279,806 vs. $539,953 (73<‘) on $13,587,849. Lower Siegler profit rate in comparison with sales was attributed by pres. John G. Brooks partly to expenses of mergers last Sept, and unexpected decline in sales of Centralia Heater and General Water Heater divs. Olympic div. reported “remarkable” calendar year sales & earnings increases with TV set sales up 19% over 1956, he added. Export TV sales increased 45%, export radio 37.2%, with business expanding particularly in Latin American markets, where Olympic pres. Morris Sobin saw outlook for even better 1958. He claimed Hallamore div. was biggest supplier of closed-circuit TV systems to military, doubling sales in 6 mo. ended Dec. 31. Philco’s 1957 officer-director salaries and stockholdings as disclosed in proxy statement for April 8 annual meeting in Philadelphia: pres. James M. Skinner Jr., $72,083, owns 10,157 shares of common; exec, v.p.’s Joseph H. Gillies, $45,000 (6122 shares); Larry F. Hardy, $45,000 (6590); John M. Otter, $50,000 (8504); Leslie J. Woods, $45,000 (7073); treas. Wm. R. Wilson, $32,500 (15,331). Ex-chairman Wm. Balderston, who retired Jan. 1, received $55,875 (stockholdings not disclosed). Proxy asked stockholders to vote on proposal to lift $50,000,000 capital borrowing limitation. Reports & comments available: On Westinghouse, in Review of Hirsch & Co., 25 Broad St., N. Y. On Hoffman, in report by H. Hentz & Co., 60 Beaver St., N. Y. On CBS, in opinion by L. 0. Hooper of W. E. Hutton & Co., 14 Wall St., N. Y. On Electronic Specialty Co., in review by Henry J. Low of Gude, Winmill & Co., 1 Wall St., N. Y. On Boston Herald-Traveler, in brief by Schirmer, Atherton & Co., 50 Congress St., Boston. On 1958 production & sales of TV sets, in survey by Arnold Bernhard & Co., 5 E. 44th St., N.Y. International Resistance earned $469,870 (35d per share) in 1957 on sales of $15,374,721 vs. $523,416 (39<‘) on $16,787,913 in 1956. Pres. Charles Weyl attributed 10.2% drop in profits and 8.4% in sales to “cutbacks & stretchouts in military spending beginning in mid-1957 and to severe reductions in oiders from manufacturers of consumer products in Nov. & Dec.” Texas Instruments earned $3,765,362 ($1.11 per share on 2,256,988 shares outstanding) on sales of $67,338,574 in 1957 vs. $2,349,103 (72<‘ on 3,008,275) on $48,699,398 sales in 1956. sold 500 “A.” holds 3100. Paramount Pictures — Maurice Newton bought 300, holds 1000; Randolph C. Wood sold 8040, holds 31.860. Philco — John M. Otter sold 500, holds 7984. RC.A — Elwen C. Anderson acquired 150, holds 327; Orrin E. Dunlap Jr. acquired 123, holds 536; Elmer W. Engstrom acquired 145, holds 1573; Ernest B. Gorin acquired 139. holds 539; Charles B. JoUiffe acquired 131. holds 1224; Charles M. Odorizzi acquired 125, holds 1426; Emanuel Sacks acquired 163, held 1065; Robert W. Samoff acquired 160, holds 651; Theodore A. Smith acquired 135, holds 476; Edward M. Tuft acquired 138, holds 402; W. W. Watts acquired 126, holds 366: Robert L. Werner acquired 149, holds 936— all under RCA incentive plan. Republic Pictures — Douglas T. Yates sold 10,000 through Tonrud Inc., holds 196,337 in Tonrud, 3777 personally; Herbert J. Yates bought 10,000, holds 67,160. Siegler — Robert L. PurceU sold 2000, holds 10,008; Donald Royce sold 1500, holds 11,916. Skiatron Electronics & TV— James M. Landis exercised AprU. 1957 option to buy 25.000. sold 4000, holds 27,275; Arthur Levey sold 11,200 in private transactions, holds 355,181; J. R. Poppele exercised option to buy 1000, sold 1000, holds 4900. Tung-Sol — Anthony Scala bought 1000, sold lOOO from joint account, holds 2030 personally, 30 in Joint account. Warner Bros. — B. S. Taplinger sold 500. bolds 500. Westinghouse — Tomlinson Fort sold 200, holds 1351; Leslie E. Lynde bought 300, holds 2128.