Television digest with electronics reports (Jan-Dec 1958)

15 Financial Reports; /~^BS’s WILLIAM S. PALEY & Frank Stanton ranked 23rd & 25th, respectively, among top earners of 1957, according to May 24 Business Week, which tabulates salaries and other compensations for leading executives in various categories of industry with comparisons with 1956 — to arrive at general conclusion that executive pay did not trend up last year. Top earner of all was Bethlehem Steel pres. Arthur B. Homer, $623,336 in salary & bonuses before taxes. Among the others: 1957 Additional 1936 Additional Salary Comp. Salary Comp. AVCO MFC. CORP. Victor Emanuel, chmn. , $150,000 $125,000 K. R. Wilson Jr., pres 77,517 James D. Shouse, Chmn. Crosley Bcstg. Corp. 87,500 75,000 AMERICAN TEL. & TEL. F. R. Kappel, pres $187,850 $ 51,783 E. J. McNeely, exec, v.p 130,370 — C. W. Phalen, exec, v.p 107,750 67,606 C. F. Craig, chmn.* 113,283 257,200 * Chmn. to May 31, 1957. COLUMBIA BROADCASTING SYSTEM A. Wm. S. Palev, chmn. $299,807 $ 35,584 $300,000 $ 16,526 Prank Stanton, pres. 299,807 24,625 300,000 12,335 Henry C. Bonfig, v.p. 54,230 (A) Paid or set aside for pension plan. GENERAL ELECTRIC CO. R. J. Cordlner, pres.** $264,973 1,863s.* $259,988 1,741s. P. D. Reed, Chmn.** 168,740 1,131s.* 165,032 1,044s. R. Paxton, exec, v.p.** 170,603 976s.* * Shares valued at 56?s a share. Payable in 15 to 20 annual installments after termination of employment. ** Reed retired as chmn., Cordiner became chmn., and Paxton pres. April, ’58. PHILCO CORP. J. M. Skinner Jr., pres. $ 72,083 $ 57,689 Leslie J. Woods, exec. v.p. 45,000 40,000 John M. Otter, exec. v.p._ 50,000 50,000 W. Balderston, chmn.* _ 55,875 75,000 * Resigned Dec. 26, 1957. RADIO CORP. OF AMERICA A B David Sarnoff, chmn. $200,000 $200,000 . Frank M. Folsom, pres . 165,000 $ 15,000 165,000 $ 19,993 John L. Bums, pres.* 125,000 20,000 E. W. Engstrom, sr. v.p. 110,000 10,980 110,000 13,993 * Became pres. March 1, 1957. (A) Bonus is payable in five annual installments, if earned out, and amount shown was paid in 1957. (B) Amount paid in 1956. WESTINGHOUSE ELECTRIC CORP. G. A. Price, chmn. $138,779 A $117,833 M. W. Cresap Jr., pres 109,979 A 94,666 J. K. Hodnette, exec. v.p. 97,767 A — (A) 1,018 shares, 1,018 shares and 707 shares, respectively, awarded as portion of compensation for 1957. Payable in shares of common stock in five annual installments after retirement. General In.slrumcnt, leading components manufacturer, doubled earnings to $1,020,840 (74<* per share) on record comsolidated sales of $39,195,749 in fiscal year ended Feb. 28 vs. $505,407 (37^) on $33,254,735 year earlier. Profit for latest period was figured after giving effect to tax benefits from acquisition of Radio Receptor Co. (Vol. 14:12). Sales increase was attributed largely to 32% boost in military-industrial electronic products volume, but chairman Martin H. Benedek said General Instrument sold more TV tuners than in 1956 despite lower industry production, “maintained its i>osition” as supplier of deflection components to TV set-makers, increased unit & dollar volume of radio intermediate frequency transformers. He said that operating profits from TV components — because of “unsatisfactory pricing” and recession — “leave much to be desired,” however, indicating that lower TV sales in first fiscal quarter will help make its returns “unsatisfactory.” Oak Mfg. Co. earned $30,653 (5<‘ per share) on sales of $3,459,157 in first 1958 quarter vs. $138,210 (21^f) on $4,736,847 year earlier. Stockholders of C&C Television Corp. (Matty Fox, pres.), formerly C&C Super Corp., are being asked to approve 1-for-lO reverse stock split and change firm’s name to Television Industries Inc. at special meeting June 17. They’re also asked to approve reduction in authorized shares from 10,000,000 to 3,000,000. C&C is the finu which acquired RKO film backlog, holds substantial film-for-time barter spots (Vol. 14:21) and proposes to acquire control of cosmetics manufacturer Hazel Bishop Inc. (Vol. 14:19). Its annual report shows 1957 net income fx'om operations of $937,323 which, after allowing for net loss to July 31, 1957 on non-TV operations, left net loss of $205,257 for year. Under reorganization agreement of July 31, 1957 it had transferred to National Phoenix Industries Inc. all non-TV operations, shares in latter being distributed to stockholders. Major diversification into TV field was completed this week with purchase of Hal Roach Studios, Culver City, by Scranton Corp., Scranton, Pa., whose major stockholder is F. L. Jacobs Co., Detroit auto parts manufacturer. Jacobs recently acquired Symphonic Electronics Corp. (Vol. 14 :20) , claiming to be largest exclusive manufacturer of conventional & hi-fi phonos. Already deep in TV film business {Gale Storm Show, Racket Squad, My Little Margie, etc.) Hal Roach plans new TV film distributing finn, production of commercial & industrial films, increase in present schedules for TV & theatre films. Hal Roach Jr. remains as pres, of new Scranton div. Barnes Engineering Co., Stamford, Conn., spun off old Olympic Radio in 1955 with R. Bowling Barnes going over as pres., reports net loss of $36,393 on consolidated sales of $579,574 for 6 months to Dec. 28, 1957, expects sales for second 6 months of fiscal year ending June 30, 1958 will approximate $900,000. Sales were adversely affected due to Defense Dept.’s procurement stretchouts, along with legal costs of suit filed by Servo Corp. of America. Backlog on March 28 was $580,000. Sales estimate for year to end June 30 includes $250,000 of wholly-owned subsidiary Multra Corp., which did $105,000 in 6 months ended Dec. 31. IT&T had best first quarter in history, consolidated earnings rising to about $6,000,000 (Siif per share) vs. $5,900,000 (82(‘) year earlier, pres. Edmond H. Leavey told stockholders at annual meeting in N. Y. this week. Orders at end of period were “slightly under” those on hand at close of first 1957 quarter but “were still very substantial,” he said, reporting that earnings of telephone & radio operating companies, and American Cable & Radio “continue to improve.” Beckman Instruments first quarter sales were $9,699,892 vs. $9,844,533 same 1957 quarter, but had net loss of $353,314 vs. profit of $62,740 last year. Sales for 9 mos. ended March 31 were $29,327,875 (net loss $435,529) vs. $27,488,706 (net profit $770,571) same period last year. Technicolor earned $78,971 (4^ per share) in 16 weeks ended April 23 vs. $69,000 (3(f) year earlier. Dividends: Sylvania, 50(‘ payable July 1 to stockholders of record June 10; Hoffman, 254 June 30 to holders June 13; Decca Records, 254 June 30 to holders June 16; Meredith Publishing, 454 June 12 to holders May 29; Arvin Industries, 25^ June 30 to holders June 9. Reports & comments available: On Hoffman, in study by H. Hentz & Co., 60 Beaver St., N. Y. On Westinghouse, in review by Green, Ellis & Anderson, 61 Bi’oadway, N. Y. On IT&T, in study by Fahnestock Co., 65 Broadway, N. Y.