Television digest with electronic reports (Jan-Dec 1952)

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11 Financial & Trade Notes: Profits of TV-radio com panies in 1951 dropped 34.4% below 1950 level, according to Wall Street Journal’s annual compilation of full-year earnings reports by 808 firms in 38 different industries. The 5 firms in TV-radio category made profits totaling $58,189,171 in 1951 vs. $88,773,274 in 1950. TV-radio manufacturers showed third greatest profit decline in tabulation, highest being aircraft manufacturers with drop of 66.8%, autos & equipment 37.7%. Overall average decline of the 808 firms was 12.3%. Electrical equipment (18 firms) showed decline of 20%, movies (5 firms) registered drop of 0.5%. * * * * Raytheon net profit was $408,000 (19<f a share on 2,170,942 shares outstanding) on sales of $28,698,000 for quarter ended Feb. 29, and $1,125,000 (440 on sales of $74,046,000 for 9-month period. Preceding year’s comparable quarter showed $519,000 (270 profit on sales of $23,000,000, and 9 months $1,797,000 (94 on 1,736,753 shares) on sales of $64,055,000. Current backlog of orders exceeds $170,000,000, states president C. F. Adams Jr. Muter Co. and wholly owned subsidiaries, Rola and Jensen, had gross sales of $12,387,390 in 1951, compared with $14,389,725 in 1950 (Vol. 7:15). Consolidated net income was $595,423 (91^ on each of 651,200 shares) aftei Federal taxes of $648,000 vs. $1,034,200 ($1.59) after Federal taxes of $1,000,000 in 1950. Wells-Gardner 1951 sales were $12,758,749, net income $451,447 and consolidated earned surplus $2,599,494, after Federal income taxes of $285,000. Sales in 1950 were $17,825,098, net income $954,235, surplus $2,394,228, taxes $954,235. Sprague Electric Co. sales rose to $38,491,215 in 1951, net earnings being $2,720,334 ($5.44 per share) after $5,780,200 Federal taxes. This comparies with 1950 sales of $28’, 614, 860, profit of $3,345,404 ($6.84) after $3,380,500 tax. General Precision Equipment Corp. and subsidiaries report 1951 profits of $596,546 (99<> a share) on sales of $29,872,429 vs. 1950 profits of $871,899 ($1.45) on $27,0(2,360 sales. * * * * CBS officer-director salaries, bonuses and stockholdings, as reported in this week’s proxy statement for annual meeting April 16: Wm. S. Paley, chairman, $100,000 salary (beneficially owns 99,010 shares of Class A out of 1,268,700 outstanding, 254,700 Class B of 1,069,196 outstanding); Frank Stanton, president, $100,000 salary, $51,597 bonus (810 A, 3025 B); Joseph H. Ream, executive v.p., $65,000 & $17,475 (100 A, 100 B); Edward R. Murrow, director, $132,144 (200 B); Bruce A. Coffin, president of Hytron, $26,922 & $25,000 (16,583 A, 17,540 B); Lloyd H. Coffin, chairman of Hytron, $26,922 & $25,000 (16,608 A, 16,758 B); David H. Cogan, president of CBS-Columbia, $26,922 & $25,000 (5004 A, 4804 B); James B. Conkling, president of Columbia Records, $45,833 & $10,000 (none). Other directors’ holdings: Class A — Prescott S. Bush, 210 A & 300 B; J. A. W. Iglehart, 3400 A & 1300 B; Samuel Paley, 6800 A & 15,000 B; Dorsey Richardson, 10 A. Class B— Frederick L. Chapman, 35 A & 35 B; Ralph L. Colin, 1000 A; Leon Levy, 14,100 A & 40,900 B. In testimony in FCC’s Paramount hearing this week, CBS exhibit disclosed Mr. Stanton as owner 32.5% of stock of Audio-Electronics Inc., Cincinnati, and 26% of Planned Music Inc., Columbus, O., both distributors by wire of recorded music. ABC proxy statement for April 8 meeting lists Robert E. Kintner, president, at $75,000 a year; C. Nicholas Priaulx, v.p. -treasurer, $27,499; Paul Whiteman, v.p., $119,190; Mark Woods, who resigned as vice chairman last June, $50,000 (and payment over next 6 years of $87,500). Stromberg-Carlson reports that its broadcasting (WHAM & WHAM-TV, Rochester) gross and net income reached new highs in 1951. Says annual report: “WHAM held its sales up to about the same volume as 1950 and was even able to show an increase in [local] sales. WHAM-TV also continued its rapid growth.” Consolidated statement showed 1951 sales of $33,632,495 (including broadcasting operations), net earnings of $685,777 ($1.66 on each of 331,119 shares) after taxes of $1,266,559. This compares with 1950 year’s sales of $39,192,917, earnings of $974,731 ($2.53) after $1,253,939 taxes. President Robert C. Tait told stockholders “the decrease in both gross income and net earnings was entirely the result of the reduced sales and lower prices of TV sets.” Stromberg’s 3 other divisions (broadcasting, sound equipment, telephone) enjoyed best year in history. Mr. Tait called 1951 “bad year [for TV] because of industry-wide conditions that demoralized the market,” but added that TV market is now “somewhat improved.” For selling $300,000 worth of stock to public (600,000 shares at 50^ each) based on assets of Monarch Radio & Television Corp., 61 Crescent St., Brooklyn, and Pix Stores Inc., Charles Greenhaus was charged this week by N. Y. attorney general Nathaniel Goldstein with fraudulent stock transactions and temporarily enjoined from selling securities. Greenhaus won fame 20 years ago as “The Boy Wizard of Wall Street” and has served several prison sentences for fraud. Accused with him were 9 others, including George J. Martin, Wall St. security dealer. Actual assets of companies, it was claimed, were worth only $28,000, besides which defendants issued to themselves 200,000 shares without cost. Defendants were given until April 9 to show cause why injunction should not be made permanent. Official Films Inc., formed under aegis of Isaac D. Levy, ex-CBS director (Vol. 7:29,42), has authorized issuance of 188,914 additional shares of common stock, is offering these first to present stockholders (1 for each 7 now owned) at $1.50 per share until April 10. Money is to be used for working capital. During last 6 months of 1951, net sales, rentals and royalties of films amounted to $321,611, loss on all operations $205,888. For year ended June 30, 1951 net sales and rentals totaled $885,621, net loss $80,385. Unsettled conditions in appliance fields and Govt.’s decision to stretch out defense program given as reasons by Avco president Victor Emanuel for decline in sales during quarter ended Feb. 29 to $65,505,420, down 24% from $86,380,616 for same 1951 period. Consolidated net income for the 3 months was $1,888,293 (20^ on 8,886,862 common shares) vs. $3,590,976 (40tf on 8,638,176 shares) same quarter of year before. Philco will ask stockholders at June 6 annual meeting to authorize board to borrow up to $25,000,000 for capital purposes. Management is not soliciting proxies and states it has no immediate plans to use this authority, but wants it to obviate delays in calling meetings on 60-day notice as required by state law. Cornell-Dubilier has filed SEC registration covering $4,000,000 of 20-year sinking fund debentures, to be underwritten by syndicate headed by Kidder, Peabody & Co. Swiss-made Eidophor theatre-TV projection unit has been installed in 20th Century-Fox’s home office theatre in New York, and is undergoing tests and adjustments. Film company’s technical director Earl Sponable called results “pi-etty promising,” said plans for immediate future await arrival next week of president Spyros Skouras, now on West Coast.