Weekly television digest (Jan-Dec 1963)

14— TELEVISION DIGEST JANUABY 28, 1963 Financial Reports of TV-Electronics Companies These are latest reports as obtained during the last week. Dash indicates the information was not arailable at press time. Parentheses denote loss. Company Period Sales Pre-Tax Earnings Net Earnings Per Common Share Common Shares Avco 1962 — year to Nov. 30 $414,280,128 $ 39,340,276 $ 18,790,276’* $1.72* 10,937,474 Story below 1961 — year to Nov. 30 323,142,012 25,513,052 12,982,052 1.24 10,511,500 Electronics Corp. of 1962 — year to Dec. 31 8,300,000 300,000 .41* 726,095 America 1961 — year to Dec. 31 7,544,277 256,577 .31* 749,495 Emerson Radio 1962 — year to Oct. 31 80,371,180 4,766,734 2,278,159 1.00 2,278,739 Story on p. 13 1961 — year to Oct. 31 70,903,466 3,751,344 1,851,684 .81 2.278,739 Hawley Products 1962 — year to Dec. 31 7,500,000 400,000 1.40 260,000 1961 — year to Dec. 31 5,880,000 104,570 .44 238,450 Muter Co. 1962 — year to Dec. 31 16,500,000 350,000 .28 1,257,695 1961 — year to Dec. 31 14,553,107 243,962 .19 1,199,094 Packard Bell Electronics 1962 — qtr. to Dec. 31 14,275,000 522,000 .61 854,043 1961 — qtr. to Dec. 31 12,045,554 475,000 .57 840,094 Howard W. Sams 1962 — 6 mo. to Dec. 31 6,864,372 487,451 .90* 536,154 1961 — 6 mo. to Dec. 31 6,707,953 478,309 .90* 526,950 Webcor 1962 — 6 mo. to Nov. 30 24,000,000 49,000 .05 940,737 1961 — 6 mo. to Nov. 30 29,278,000 1,923,000 1.95 940,737 Notes: ’Record. ^ Before non-recurring profit of $1,249,989 (11^ a share) on sale of TV broadcasting properties. • After preferred dividends. Mergers & acquisitions: ITT & General Controls Co. have agreed to merge, subject to approval of their stockholders. Latter’s products include controls for household appliances • Howard W. Sams has acquired for undisclosed cash American Handbook & Textbook and its Theo. Audel & Co. Div. which publishes broad range of training & handjrman books in variety of fields, including engineering & electrical ♦ Avnet Electronics has bought 50% of Production Technologies, Jamaica, N.Y. maker of sheet metal dies. Avnet also has option to buy remaining ownership, will move Production Technologies to its Plainview, N.Y. facility • Beckman Instruments & Vector Mfg. have dropped their merger plans (Vol. 2:49 pll) • Litton Industries, owner since 1959 of 50.17% of Svenska Dataregister AB, Stockholm manufacturer of point-of-sale recorders & cash registers, has acquired a total of more than 90% of firm’s outstanding shares • TV-Electronics Fund shareholders have approved continuation of their management & underwi'iting agreement with TV Shares Management Corp., paving way for sale by latter of 40% of its stock to Kansas City Southern Industries (Vol. 2:49 pl6). KCSI will pay $10 a share, or $4,025,530, for stock offered by group headed by onetime TV Shares Management Pres. William H. Cooley & ex-dir. Robert D. Michels • Standard Kollsman Industries has purchased Grigsby Co., maker of electronic switches for “substantial sum of cash & stock.” TV-radio broadcasters were among 6 of 72 major industrial groups that closed 1962 with their stock performance ahead of 1961’s, noted Jan. 23 Fhiancial World. Broadcasters’ 12.2% gain was topped only by shipping’s 13.1%. In 1961, only 5 groups failed to post improvement, compared with 1962’s 66 decliners. Declines ranged from 0.5% for equities of electrical household appliance firms to 50.8% for vending stocks. Electronics stocks were down 25.7%. TV-radio manufacturers were off 18.1%. Interestingly, Journal noted, “shipping companies & TV-radio broadcasters, the 2 outstanding gainers in 1962, had ranked close to the bottom of the list a year earlier.” RCA hopes to surpass 1962’s first-quarter record sales & earnings this year. Pres. Elmer W. Engstrom told dinner meeting of N.Y. Society of Security Analysts last week at special presentation by RCA’s top management team. Chmn. Brig. Gen. David Samoff, looking hale & hearty after recuperating from gall-bladder operation, reiterated that “pioneering & profit do become compatible.” Among highlights presented by top RCA officials: (1) RCA home instrument, tube & component sales increased 22% over 1961, with profits up 55%. TV sets’ dollar volume reached all-time high. (2) Computers will cross into profit column within 2 years. (3) RCA’s sales to govt. ($600 million in 1962) account for 35% of its total business. (4) Color broadcast equipment could become $100-million business between 1963 & 1970. (5) RCA anticipates nearly fivefold increase in TV stations by 1970. (6) NBC’s after-tax earning increased 35% in 1962, sales 12%. Avco earnings rose 45% to record $18.8 million in its 1962 fiscal, ended Nov. 30, as sales climbed 28% to $414.3 million (see financial table). Company also had non-recurring income of $1,249,989 (lit} a share) from sale of TV broadcasting properties. Operating profit in 4th quarter totaled $6.4 million & was record for any quarter. Previous fiscal high was 1961’s $13 million. Previous quarterly high: fiscal-1962’s 2nd quarter earnings of $5.1 million. Avco said go\^t. business accounted for 70% of 1962 sales, but consumer operations produced “slightly” more than 50% of profits. Common Stock Dividends Corporation Period Amt. Payable Stk. of Record Rajd;heon . . Stk. 3% Mar. 1 Feb. 7 StewartWarner Q $0.35 Mar. 9 Feb. 15 Texas Instruments Q .20 Mar. 14 Feb. 14 National Video “A” Q .06 Feb. 25 Feb. 5 TV-Electronics Fkind — .03 Feb. 28 Feb. 1