Television digest with electronics reports (Jan-Dec 1959)

20 DECEMBER 28, 1959 Finance Skiatron Electronics & TV Corp. last week took issue with SEC’s announcement that the pay-TV promoter’s stock-registration statement may be false & misleading (Vol. 15:51 p20). Commenting on SEC’s announcement & the 10-day suspension in trading of Skiatron stock (Dec. 18-27), Pres. Arthur Levey said: “We believe that the registration statements of this company, prepared by expert legal counsel, fully & accurately reflect the business affairs of the company, and that to our knowledge, no material facts were ever kept from stockholders.” He promised to cooperate with SEC, which presumably will schedule a hearing in the case invoMng stock allegedly sold by Matthew Fox without SEC registration. The SEC was scheduled to meet Dec. 24 to decide whether to order another 10-day suspension. Columbia Pictures nearly tripled its net profit in fiscal1960’s first quarter and anticipates equally profitable operations for the 2nd quarter ending this week (31). The improved performance is due in part to healthy revenues from TV films (Vol. 15:51 p20). Columbia TV subsidiary Screen Gems had revenues of $35-$40 million in fiscal 1959 compared with $30-$35 million in fiscal 1958, reports SG vp-gen. mgr. Jerome Hyams, and “we should do equally as good or better” in fiscal 1960 ending June 30. For 13 weeks ended Sept. 26: 1959 1958 Net profit $886,000 $319,000 Per common share 65<f 21^ Common shares (1959) . . 1,270,350 1,270,350 Times-Mirror Co. racked up a 52% gain in profit in the 44 weeks ended Nov. 1. Pres. Norman Chandler said principal contributors to the improved results were its wholly owned TV subsidiary KTTV Los Angeles and the Los Angeles Times and Mirror-News. For 44 weeks ended Nov. 1: Revenues Net income Per common share Common shares . 1959 $79,855,159 3,762,192 3 27 1,152,000 1958 $69,379,582 2,478,191 2.15 1,152,000 United Telefilms Ltd. submitted for stockholder approval last week (22) a proposal to reorganize on a 1-for4 consolidation basis and with a change of name to Creative Telefilms & Artists Ltd. Pres. G. P. Cass said the Torontobased concern will expand by acquiring products in all phases of the entertainment field. United Telefilms’ present authorized capital is 6 million shares, of which 3,993,000 are outstanding. Thompson Ramo Wooldridge has acquired Radio Industries Inc., Des Plaines, 111. maker of TV-radio transformers & ceramic disc capacitors, for 87,160 shares of TRW stock. Additionally, 36,894,542 shares of TRW stock have been allocated for distribution through 1964 to Radio Industries shareholders, according to a formula that will apply if RI’s earnings increase. Privately held RI produces $6-$7 million sales annually. TRW Pres. Dean E. Wooldridge said that RI will be operated as a whollyowned subsidiary, with no changes in management or personnel planned. Associated TV Ltd., British commercial program contractor, seeks SEC registration of 50,000 shares of “A” ordinary registered stock in an application (File 2-15922) submitted by Morgan Guaranty Trust Co., N.Y. Dominion Electrohome Industries Ltd. anticipates a 30% drop in profits in 1959 from record 1958 despite a slight increase in sales. Pres. C. A. Pollock of the Canadian TV-radio-phono concern told stockholders that “while this may seem a substantial drop, 1959 should still yield a good profit return on investment. Pollock noted that TV sales have slumped from 1958’s level, that stereo is ahead but not up to expectations, that radio business is in trouble. “Imported transistorized radios from low-wage countries have been so competitive that the industry in both Canada & the U.S. has not been able to compete,” he said. “Ways & means of meeting this competition are being intently studied; it may be some time before answer is found.” Muntz TV Inc. foresees a $l-million profit on $12-million sales for the 1960 fiscal year ending Aug. 31. Pres. Wallace A. Kiel said first-quarter sales, for the period ended Nov. 30, had more than doubled to $4,082,000 from $1,988,000 in the year-ago quarter. He said Muntz will offer a 1960 line of 24-in. sets, is looking at 19-in. picture tubes, and doesn’t think the market is ripe “at this time” for 23-in. TV. Muntz, which concentrates 90% of its activities in TV, also will have stereo-TV combos, ranging from under $200 to around $350. Muntz is operating under Chapter X reorganization. Eitel-McCullough will acquire for stock this week (31; .2 Geneva, 111. electronics firms. National Electronics Inc. and Industrial Tubes Inc. Pres. W. W. Eitel of the San Carlos, Cal. tube producer said Eimac will issue 175,450 shares of its authorized but unissued capital stock in exchange for all the outstanding stock of the 2 111. concerns. John Hutchings, pres, of both National Electronics and Industrial Tubes, said the 2 companies anticipate combined 1959 sales of $3 million. Both will be operated as whofl owned Eimac subsidiaries. Data-Control Systems Inc., Danbury, Conn, makei radio telemetry systems for missile & space progr^ seeks SEC registration (File 2-15943) of 122,500 outst ing common shares, 75,000 for public sale, 10,000 fc employe stock-option plan, 37,500 for possible sale by ent holders. The public sale, intended primarily to working capital (price & terms to be supplied i amended SEC statement), is underwritten on an all-or basis by C. E. Unterberg, Towbin Co. Universal Pictures anticipates a net profit from .. «tions approximating $900,000 for the fiscal year ended Oct. 31, compared with fiscal 1958’s loss of $2,0.20,055. fotal net will be about $4.6 million, but includes a non-recurring profit of $3,667,387 from the sale of the Univers'’ ‘■'Vio last Dec. Decca Records owns about 87% of Uj crsal’s 900,000 common shares. Reports & comments available: National Video Corp., prospectus, Bache & Co., 36 Wall St., N.Y. 5 . . . Allied Radio, analysis, Shearson, Hammill & Co., 14 Wall St., N.Y. 5. Common Stock Dividends Stk. of Corporation Period Amt. Payable Record Avco Corp ■ Q $0.12 Va Feb. 20 Jan. 29 Columbia Pictures . . Stk. 2V2% Jan. 29 Dec. 29 Daystrom . Q .30 Feb. 15 Jan. 27 Electronic Associates . Stk. 3% Dec. 31 Dec. 24 General Dynamics . . . Q .50 Feb. 10 Jan. 8 Packard Bell . Q .12 V2 Jan. 25 Jan. 11 Packard Bell . Stk. 2% Feb. 11 Jan. 11