Television digest with electronic reports (Jan-Dec 1959)

VOL. 15: No. 32 19 pany’s backlog at June 30 stood at a record $11.1 million, nearly 100% civilian, compared with the year-ago figure of $6.9 million. “We are assured of earnings for the 3rd quarter considerably in excess of that earned during the first 6 months,” he added, “and anticipate that our earnings for the year of 1959 will exceed $2 per share.” All change-over costs for 1960 models were amortized during the 2nd quarter. Employment rose from 850 to 1450 during the period. For 6 months ended June 30: 1959 1958 Sales $9,059,728 $6,874,970 Net income (loss in ’58) . 154,022 (16,006) Earned per share 37<^ — Shares (pro forma) 415,300 415,300 For 3 months ended June 30: Sales $4,225,464 $3,729,703 Net income 83,925 42,449 Earned per share 20^' 104 * ♦ ♦ Muntz TV showed continued improvement, with net profit for 10 months ended June 30 totaling $320,235 on sales of $5,519,039, compared with $124,989 on $3,526,384 for the same period last year. Muntz estimated that July sales were twice as great as those of July 1958 and at the highest point since discontinuance of retail branches in 1954. Stock splits: Magnavox directors proposed a 2-for-l split and said they will consider an increase in the dividend later this year “provided earnings & economic conditions warrant.” Shareholders will vote on the split & an increase in authorized common shares from .2 to 3.5 million at the annual meeting Oct. 28. Directors of Gen. Telephone & Electronics, parent company of Sylvania, proposed a 3-for-l split & an increase of authorized common shares from 30 to 90 million, subject to stockholder approval at the meeting April 20. GT&E’s board increased the quarterly dividend to 55^ from 50^. Raytheon sales & earnings increased substantially during first-half 1959, which also recorded a record $400 million backlog of govt, business, compared with $280 million at 1958’s close, pres. Charles F. Adams reported last week. Including operations of Machlett Labs, which merged with Raytheon May 25, figures for 6 months to June 30: Sales Earnings Earned per share . . Shares outstanding For 2nd quarter: Sales Earnings Earned per share . . . 1959 $232,082,000 5.050.000 1.49 3,376,880 120,031,000 2.563.000 75 1958 $179,101,000 3.890.000 1.29 3,020,449 98,708,000 2.156.000 Du Mont Labs reports a loss of $29,826 on sales of $4,786,272 for 12 weeks ended June 21. For the first 24 weeks of 1959, the loss was $117,672 on sales of $9,243,436. Last year’s first-half loss was $5,124,000 on sales of $18,493,000. Pres. D. T. Schultz said current debt has been reduced by $3,235,000 since Jan. 1 and that operations are expected to be profitable for the balance of the year. 6 Sonotone reports increases in sales & earnings for the months ended June 30: Net sales Net income Earned per share . . . 1959 $11,674,000 480,250 1958 $11,261,000 380,813 32(* Motorola’s 1959 earnings will px’obably be “quite a bit over $6 a share” and sales “substantially over the $250 million predicted earlier,” pres. Robert W. Galvin told the Stockbrokers Assn, of Chicago last week at the Midwest Stock Exchange. The company’s earnings last year were $3.80 a share. OfficerS-&-Directors stock transactions as i-eported to SEC for July: Aamirai. James K. Oberly exercised option to buy 1000, holds 1024. Allied Artists. Koger W. Huriock bought 500, holds 18,100. Aloert Zugsmitn oouguc 3000, holds 03,800. American lioscli Arma. William S. Wasserman sold 1000 through holding company, holds 3000 in holding company, 45u0 in trusts, 12 personally. AB-PT. E. Chester Gersten bought 500, holds 1000. Audio uevices. Joseph K. McCammon sold 1000, holds 17,431. Avco. Clarence b. Irvine bought 1800, holds 5200. blank b. Larson sold 3500, holds 2003. James Snouse bought 5000 on option, nolds 10,080. belock instrument. Stanley B. Grant exercised rights to acquire 1098 and 1008 more for trust, holds 21o3 personally, 1008 in trust. Columbia Pictures. L. J. Barbano bought 20,000 through Fico Corp., in which he & 14 other officers or directors are beneficial owners, holds 117,430 in Fico Corp., none personally. Samuel J. Brisxin bought 2000. nolds 2050 personally, 100 jointly with wife, 538 in S. J. Briskin Pictures. Charles bchwartz sold 2042 through bchwartz & Frohlich, holds none in bchwartz & Fiohlich, none personally. Consolidated Electrodynamics, b. H. Donnell bought 200, holds 10,200. X. P. Morgan bought 100, holds 100. Corning Glass. William H. Armistead exercised option to buy 3000, holds 3000. Paul T. Clark exercised option to buy 2000, holds 2000. William C. Decker exercised option to buy 6000, holds 18,237. John F. G. Hicks exercised option to buy 1000, holds 4250. Frederick H. Knight exercised option to buy 2500, holds 3185. Norman J. Vang exercised option to buy 2500, holds 2500. Filmways. William Cowan bought 500, holds 500. Richard B. Sage sold 400, holds 8840. A1 Simon bought 600, holds 1000. Gabriel. Richard J. Seltzer sold 200, holds 200. General Dynamics. Clifton M. Miller sold 1000, holds 14,000. GE. Kay H. Luebbe bought 2481, holds 12,623. Harold F. Smiddy exercised option to buy 1875, holds 11,250. General Instrument. M. C. Hutchison sold 300, holds 1000. General Precision Equipment. Gaylord C. Whitaker sold 1850 through trusts, holds 16,690 in trusts, 6026 personally. General Telephone & Electronics. Lawrence A. Appley bought 100, holds 400. Globe-Union. George C. French Jr. exercised option to buy 1000, holds 4175. Hoffman Electronics. Bruce L. Birchard exercised option to buy 600, sold 200, holds 600. I. J. Kaar exercised option to buy 500, holds 1500. IBM. Edward E. Ford sold 6900 through trust, holds 85,435 in trust, 41,241 personally. Louis H. LaMotte exercised option to buy 1667, holds 6318. William J. Mair sold 251, holds 2935. H. M. Sibley exercised option to buy 190, holds 1227. H. W. Trimble Jr. exercised option to buy 100, holds 117. Bernard F. Wiegard sold 300, holds 660. Albert L. Williams sold 700, holds 3003. International Resistance. Jesse Marsten exercised option to buy 1000, holds 11,500. Alfred H. Williams bought 300, holds 600. John M. Zimmerman exercised option to buy 1500, holds 2020. ITT. Fred M. Farwell bought 216, holds 2266. Litton Industries. Alfred B. Connable sold 1200, holds 5800. Loew’s. George Killion bought 500, holds 10,000. P. R. Mallory. J. Taylor Foster sold 550, holds 1796. National Telefilm Assoc. E. Jonny Graff bought 1300 and exercised option to buy 2000 more, sold 1000, holds 4600. National Theatres. B. Gerald Cantor bought 2400 and 3100 more through Cantor Fitzgerald & Co., holds 102,400 personally, 18,100 in Cantor Fitzgerald & Co., 5000 in Cantor & Son Inc., 3000 in Cantor Fitzgerald Foundation, 1000 in Cantor Fitzgerald & Co. profit sharing trust, 1000 in First Nevada Corp. Burt Kleiner bought 3000 and 3100 more through Cantor Fitzgerald & Co., holds 15,000 personally, 18,100 in Cantor Fitzgerald & Co., 300 in Cantor Fitzgerald Foundation, 1000 in First Nevada Corp. Paramount Pictures. George Weitner bought 200, holds 445. Philco. Charles S. Cheston sold 200, holds 2300. Oscar O. Schreiber sold 100, holds 1577. RCA. John Q. Cannon exercised option to buy 400, holds 858. George W. Chane exercised option to buy 400, holds 418. Robert A. Seidel exercised option to buy 4000, holds 4500. Theodore A. Smith exercised option to buy 2000, holds 2743. Raytheon. Edward L. Bowles exercised option to buy 3819, holds 3819. N. B. Krim sold 2000, holds 4460. Stanley P. Lovell bought 100, holds 625. Siegler. Merrill L. Bengtson exercised option to buy 1666, sold 8800, holds 9686. John G. Brooks exercised option to buy 710, holds 27,929. Standard Coil Products. John R. Johnson exercised option to buy 15,000. holds 15,000. Texas Instruments. Cecil H. Green sold 8000 in private transaction, holds 296,310. P. E. Haggerty sold 200, holds 125,250. J. E. Jonsson sold 8000 in private transaction, holds 387,380. Eugene McDermott sold 8000 privately, holds 303,418. C. J. Thomsen sold 700, holds 13,317. Thompson Ramo Wooldridge. V. G. Nielsen sold 1000, holds 10,238. 20th Century-Fox. James A. Van Fleet bought 200, holds 500. United Artists. Leon Goldberg bought 100, holds 100. Universal Pictures. N. J. Blumberg bought 100, holds 100. John J. O’Connor bought 100, holds 100. Budd Rogers bought 100. holds 100. Weslinghouse. R. D. Blasier exercised option to buy 1360, holds 2183. Francis E. Dalton exei’cised option to buy 250, holds 1001. W. O. Lippman bought 600, holds 1921. George G. Main exercised option to buy 1000, holds 1350 personally, 400 in trust. Otis O. Rae exercised option to buy 250, holds 1386. W. W. Sproul Jr. bought 1200 on option, holds 2276. Zenith. Clifford J. Hunt sold 1230, holds none. Frank A. Miller sold 300, holds 1700. Decca Records earnings more than doubled during first-half 1959, jumping to $196,202 (13<* a share) compared with $76,370 (5(*) earned during the same 1958 period. The figures include Decca’s share in the undistributed earnings of subsidiary Universal Pictures. Clevite Corp., for 6 months ended June 30, reports net income of $3,396,842 ($1.78 a share) vs. $1,186,319 (59if) for the same 1958 period.