Weekly television digest (Jan-Dec 1960)

VOL 16: No. 25 19 Finance Pacific Mercury Electronics reported a 10% sales increase but lower profits for the 9 months ended March 31 as compared with the same 1959 period (see financial table). Pres. Joe Benaron blamed unusually heavy engineering & start-up expenses at the company’s specialized missile-cabling facility in Joplin, Mo., and explained that these expenses will continue in the 4th quarter. These expenditures, he added, will make it possible for Pacific Mercury to participate substantially in missile & space projects. He also cited as contributing to the company’s favorable outlook its subsidiary Telemetering Corp. of America and the National Automation Corp., in which Pacific Mercury has a controlling interest. He predicted higher sales for the Thomas electronic organ. Benaron made no comment about Pacific Mercury’s TV-radio-phono business — mainly as a supplier to Sears Roebuck. Hoffman Electronics will set new sales records in 1960, but profits will be lower than last year because of starting costs for several new products. Pres. H. Leslie Hoffman told the annual meeting in 'Los Angeles last week. Vptreas. Carroll F. Underwood said 1960 earnings will dip to about $1.5 million ($1 a share) from last year’s $1,990,165 ($1.31) while sales climb to $64 million from $46 million. Hoffman said 2nd-quarter earnings will be “somewhat better” than the first quarter’s $2,530 (vs. $526,273 in first quarter 1959). He asserted that the company’s consumer products line is being strengthened (Example: “We have been weak in the portable field,” he said, exhibiting the firm’s new 19-in. portable), and that new “more advantageous” payment terms have been worked out for dealers. Granco Products, producer of FM sets, will have sales of about $3.3 million for the fiscal year ending June 30 — up from $3,070,000 in fiscal 1959 — Pres. Henry Fogel told the annual meeting last week. Earnings for the year are still “in question,” he said, because of a plant fire last winter and expenses of moving to a new plant. In fiscal 1959, Granco earned $49,152 (15^ a share). For fiscal 1961, he predicted a sales jump to $4-$5 million and earnings of 30-40^ a share. The forecast was predicated on acceptance of Granco’s upcoming inexpensive FM auto radio and on FCC’s expected FM stereocasting standards, which “will give the entire FM industry a tremendous boost.” Granco’s board voted to raise the 5% annual stock dividend to 10%. Daystrom’s board voted last week to redeem the company’s 4%% convertible subordinated debentures due March 1, 1977. The issue is redeemable at 104.375% plus accrued interest on July 14. Until July 8, each $1,000 debenture is convertible into 30 shares of common stock. Reports & comments available: Amphenol-Borg, report, Carreau & Co., 115 Broadway, N.Y. 6 . . . Standard Coil Products, report, Stein Bros. & Boyce, 14 Wall St., N.Y. 5 . . . Siemens & Halske, A.G., study. Bear, Steams & Co., One Wall St., N.Y. 5 . . . Esquire Radio & Electronics, prospectus, Myron L. Lomasney & Co., 39 Broadway, N.Y. 6. Common Stock Dividends Stk. of Corporation Period Amt. Payable Record Capitol Records .... .. Q $0.50 Jun. 30 Jun. 15 Columbia Pictures . . . Stk. 2V2% Jul. 29 Jun. 30 General Bronze .... .. Q .25 Jun.. 29 Jun. 20 Motorola .. Q .50 Jul. 16 Jun. 30 Sonotone .. Q .07 Sep. 30 Sep. 2 Western Electric . . . .. Q .90 Jun. 30 Jun. 20 OVER-THE-COUNTER COMMON STOCK QUOTATIONS Thursday, June 16, 1960 Electronics TV-RadioAppliances Amusements The following quotations, obtained in part from the National Asao^ elation of Securities Dealers Inc., do not represent actual transactions. They are intended as a guide to the approximate range within which these securities coitld have been bought or sold at time of compilation. stock Bid Asked Stock Bid Asked Acoustlca Associates _ 32% 35% Magna Theater . 3% 3-11/16 Aerovox 10% 11% Magnetic Amp. 11% 1278 Allied Radio 20% 22 Magnetics, Inc. .. 11 12% Astron Corp. 2% 3-1/16 Maxson (W.L.) 9% 10% Baird Atomic. 37% 40% Meredith Pub. 36% 39% British Ind. . 16% 18 Metropolitan Bestg. 14 15% Capital Cities Bests. 8% 9% Milgo Electronics 22% 25% OGS Labs _ . 14 16% Narda Micro 6% 7% Control Data Corp. 44 48% Narda Ultra _ 5 5% Cook Elec. 16 17% National Co. 21 22% Crais Systems _ 18% 20% Nuclear of Chicago 36 38% Dictaphone 42 45% Official Films . 1-7/16 1-11/16 Dlgltronics 23% 25% Pacific Automation 9% 10% Eastern Ind. 13 14% Pacific Mercury 7 8% Eitel-McCullouerh 28 30 Perkin-Elmer 47% 51% Eleo Corp. 18% 20% Philips Lamp _ 155% 161% Electro Instruments 55 59% Pyramid Electric 2% 3-3/16 Electro Voice 12% 14% Radiation, Inc. 26% 28% Electronic Assistance 19 21 Howard W. Sams 44% 47% Electronic Associates _ 25 27 Sanders Associates 50% 54% Brie Resistor 8% 9% Silicon Trans. 8% 9% Ehcecutone 35 38% Soroban Engineering _ 22 237s Farrington Mfg. 56% 60% Soundscriber 16% 18% Fischer & Porter 14% 15% Speer Carbon 21% 23 FXR _ 61% 66 Sprague Electric 69% 73% General Devices 22% 24% Taylor Instrument 74 78% G-L Electronics 11% 12Va Technology Inst. 12% 13% Granco Products 4% 5% Tele-Broadcasters _ _ 1% 1% Gross Telecasting 18% 20% Telechrome 9% 10% Gulton 54% 58 Telecomputing _ 8% 9% Haydu 1/16 5/16 Telemeter _ _ 16% 1878 Hewlett-Packard 78% 83% Time. Inn. 60% 64 High Voltage Eng. 147 160 Tracerlab 9% 10% Infrared Ind. . 23% 2578 United Artists 7% 31 8 Interstate Engineering 26% 28 United Control 337< Itek 78 82% Universal Trans. 1% 2% Jerrold 10% 11% Vitro . 14% 1574 Lab for Electronics 47 50% Vocaline _ 3% 4% Leeds & Northrup 42 45% Wells-Gardner 17 18% Lei, Inc. 3% 4% WJR Goodwill Station 8% 9% L.F.E., Inc. Ling Altec Electr. 10 25y« 12% 27% Wometco Ent. _ 1278 13% Desilu Productions’ record net for the year ended April 30 — 225% over fiscal 1959’s profits (see financial table) — would have been higher if the WGA strike hadn’t occurred during the final 3 months of the fiscal year. Said Desi Arnaz: “There was little reduction because of the strike in the company’s production of its own TV series, but the production for others on a cost-plus-fee basis was reduced.” Amaz added he did not expect the strike to affect next season’s production, but conceded it had cut into the development of new properties. He mentioned that Desilu is considering investing in a Broadway musical starring Lucille Ball, with recording & TV rights. Ampex posted record sales & earnings in its 1960 fiscal year ended April 30 (see financial table). Both revenue & profit were 47% ahead of a year ago. The financial report includes the performance of Orr Industries, which was merged into Ampex Oct. 7, 1959. Ampex said the current outlook is excellent for each of its 5 operating companies and Ampex International, and forecast continued sales & earnings gains in the new fiscal year. Factbook No. 31 Closes July 15 The 1960 Fall-Winter edition of Television Factbook (No. 31) is now being prepared for September release by the editors of Television Digest. To reserve your advertising space for this new upcoming edition we suggest you get in touch with our Business Department today. Final advertising deadline is July 15.