Television digest with electronics reports (Jan-Dec 1958)

13 Financial Reports; I /^BS INC. continued to rack up records in revenues and “ profits in first 1958 quarter, presumably due largely to fiourishing TV netwox’k & station business and highgear operations of its phono record subsidiary. Quarter’s net profit was $6,518,039 (83(f per share), up 10.3% from $5,907,323 (77^) in same 1957 period and highest for any quarter in firm’s history. Sales & other revenues totaled $103,296,857, up 7.7% from $95,946,932 for 1957 period. Shares outstanding at end of 1958 quarter were 7,881,400 while average number in 1957 was 7,651,446. Note: CBS net earnings for 1957 were $22,193,367 ($2.90 per share) on gross of $385,409,018, both being records. [For yearby-year data on CBS finances 1950-thni-1957, see Television Digest’s Special Report of May 10, 1958.] Magnavox first quarter earnings dropped to $791,000 (81<f per share) on sales of $20,854,000 vs. $924,000 (95^) on $22,042,000 same period last year. Pres. Frank FreiI mann attributed decline to “effect of receding consumer I buying” but said “current rate of incoming orders for 1 TV as well as hi-fi & stereophonic equipment is well ahead of last year.” For 9 mo. ended March 31, earnings were ; $3,199,000 ($3.34 per share) on sales of $69,209,000 vs. : $3,201,000 ($3.33) on $68,437,000 year ago. Admiral sales — as predicted in annual report to stocki holders in March (Vol. 14:13) — dropped to $38,418,799 in ! first 1958 quarter from $43,327,472 year earlier, resulting > in a loss of $91,977 vs. earnings of $565,110 (24^ per share) I for same 1957 period. Pres. Ross D. Siragusa said that i starting in March there has been an upturn in sales but he did not anticipate second quarter results. Symphonic Electronics Corp., private label phono manfacturer for Columbia Records, Westinghouse, Decca, as I well as its own hi-fi lines, has been acquired by F. L. I Jacobs Co., Detroit auto pai*ts manufacturer. Symphonic I earned $877,603 on sales of $20,139,295 for 9 mo. period ended Jan. 31; Jacobs lost $852,378 in 1957 on sales of $18,583,357. Cinerama Inc., owned 35% by Stanley Warner, 17% ( by Reeves Soundcraft, this week was admitted to trading 1 on American Stock Exchange. Its annual report for fiscal I 1957 shows operating income of $1,298,146, profit of $58,i 250 vs. $1,787,200 & $118,477 in preceding year. Major i part of decline was due to drop in theatre equipment ' business, only one new installation having been delivered ■ in 1957. ■ Dividends: CBS “A” & “B”, 25d payable June 13 to stockholders of record May 29; American Electronics, 12%(i June 16 to holders June 2; Hazeltine, 35<‘ June 13 to holders May 29; Time Inc., 75<‘ June 9 to holders May 26; Webcor Inc., 15(1 June 28 to holders June 12. Matthew M. (Matty) Fox’s C&C Television Corp., traded on American Stock Exchange, has purchased control of TV-radio sponsor Hazel Bishop Inc. (cosmetics) from adman Raymond Spector, its pres., who holds 836,000 shares, or more than 60% of its common stock. Spector reportedly gets $4.50 a share for total of $3,762,000, same price to be offered other Hazel Bishop shareholders within 90 days. Spector remains as pres, and chief exec, officer under 5-year contract. Fox’s firm, which acquired 750 features and 1000 shorts from RKO Teleradio for reported $15,200,000, borrowing from Prudential and other bankers for purpose, last Dec. announced acquisition of 87.5% of capital stock of Skiatron (pay TV system), and Fox himself was recently reported by SEC to have acquired 7900 shares of C&C TV stock to bring his holdings to 617,200 of which 609,300 are collateral against loans (Vol. 14:7). Bishop deal, it was indicated, involves utilizing accumulated TV station spot time to promote Bishop products, the time having presumably been acquired through exchange deals for the RKO films. Tele-Broadcasters Inc., one of few radio station groups whose stock is publicly traded (over-the-counter), plans to file for SEC approval of additional offering of 40,000 shares of 5(f par stock at $3.25 per share. Underwriter has not yet been decided. Presently reported outstanding are 350,000 shares. Proceeds will be used to build daytimers KUDL, Kansas City, and KALI, Pasadena, Cal. to fulltime. Other stations in group, headed by H. Scott Killgore: WPOW, N.Y.; WPOP, Hartford; WKXL, Concord, N. H.; WARE, Ware, Mass.; WKXV, Knoxville; KTIX, Seattle. Also held is 2-year lease on XEGM, Tijuana, Mexico. [For firm’s 1957 and first quarter 1958 financial reports, see Vol. 14:12, 14.] David Mahoney, pres, of Good Humor Inc., this week replaced Di*. Allen B. DuMont on board of Metropolitan Broadcasting Coiq)., new name chosen for DuMont Broadcasting Corp. to separate its identity from Allen B. DuMont Laboratories Inc., which Dr. DuMont heads as chairman. Storer Broadcasting Corp. earned first quarter net of $751,203 (30(* per share) vs. $1,286,445 (52(‘) in same 1957 period, attributing decline to starting costs of newlyacquired WVUE, Wilmington-Philadelphia. Standard Coil Products had net loss of $266,508 on sales of $12,701,848 for the first 1958 quarter vs. earnings of $39,334 on $13,766,805 year earlier, attributing drop to strike at Kollsman Instrument subsidiary. Amphenol Electronics earned $302,118 (43(i per share) on sales of $7,161,002 in first 1958 quarter vs. $425,194 (85d) on $7,665,662 year earlier. General Precision Instrument earned $471,695 (16^ per share) on sales of $43,001,024 in first 1958 quarter vs. $1,107,732 (85^) on $43,537,613 year earlier. OFFICERS-&-DIRECTORS stock transactions as reported to SEC for April: C&C TV — Matthew Fox bought 100, bought 800 by pledgee, sold 2300 by pledgee, holds 615.800 of which 607.000 are collateral against loans; Walter S. Mack sold 2000. holds 184.200. Corning Glass — Frederick H. Knight sold 800, holds 2185. Decca — Samuel H. Vallance sold 400 (capital), holds 100. DuMont — Frederick H. Guterman bought 100, holds 500. El-Tronics — Harold R. Baxter sold 40,000. holds 53,010. Emerson Radio — Benjamin Abrams bought 100 (capital), holds 261,866. GE — George L. Irvine sold 200, holds 2448; Charles R. Pritchard bought 1320, holds 6074; Harold E. Strang sold 1000, holds 6909; Wm. C. Wlchman sold 600. holds 4276. General Precision (Equip. — T. Roland Berner bought 334 ($3 cum. conv. pfd.) and 175 more for trusts, holds 334 personally, and 175 In trusts. Guild Films — David Van Alstyne Jr. sold 2000, holds 7407; Harry A. McDonald sold 200, holds 500. Hoffman — Bruce L. Birchard sold 100, holds none. Litton Industries— Charles R. Abrams Jr. bought 3. sold 215, holds 3511; Roy L. Ash sold 28, bought 367, holds 51,425 personally. 14,686 In partnership; H. W. Jamieson sold 528, bought 357, holds 45,790 ■ personally, 14,676 In partnership; George E. Monroe received 17,229 • in exchange for stock of Monroe Calculating Machine; Norman H. ii Moore sold 500, holds 15,500; Fred R. Sullivan received 2662 in exchange for stock of Monroe Calculating; Charles B. Thornton sold 64, bought 806, holds 123,249 personally, 32,304 In partnership. Loew’s — Louis A. Green bought 4857 through Stryker & Brown, holds 142,535 In Stryker & Brown; Jerome A. Newman bought 800 personally, 980 through Graham-Newman, holds 5330 personally, 6125 in Graham-Newman; Joseph Tomlinson bought 5400 through Corp. A, sold 3800 through Corp. A, holds 180,000 personally, 1600 In Corp, A, National Theatres — B. Gerald Cantor bought 500, holds 109,000: Jack M, Ostrow bought 1400 and 20,000 through corporations, holds 5000 personally, 80,000 in corporations: E. C. Rhoden bought 2000 through holding companies, holds 35,800 personally, 55,525 in holding companies. Philco — Gaylord P. Harnwell bought 312, holds 520. Raytheon — Harold S. Geneen bought 8010, holds 8210: Robert H. I. Goddard bought 606, holds 12,733; D. R. Hull sold 500, holds 550; N. B, Krim bought 225, holds 4725; Ernest F, Leatham bought 292, holds 6130, Siegler — J, S. Johnson bought 1666, holds 17,554. Skiatron Electronics— Arthur Levey sold 13,350, holds 340,331. Webcor — William L. Runzel bought 100, holds 100. Westinghouse — Buford M. Brown bought 100, holds 100; L. W. McLeod bought 100, holds 1083. Zenith — Hugh Robertson bought 200, holds 1818.