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12— TELEVISION DIGEST
FEBBUABY 4. 1963
Financial Reports of TV -Electronics Companies
These are latest reports as obtained daring the last week. Dash indicates the Information was not STsilable at press time. Parentheses denote loss.
Company
Period
Sales
Pre-Tax
Earnings
Net Earnings
Per
Common
Share
Common
Shares
Beckman Instruments
1962 — 6 mo. to Dec. 31
$ 37,244,317
$ 4,338,436
$ 2,343,436
$1.53
1,534,943
1961—6 mo. to Dec. 31
34,550,469
3,872,913
2,092,913
1.37
1,529,419
Granco Products
1962 — 6 mo. to Dec. 29
1,200,000
43,000
.08
1961 — 6 mo. to Dec. 29
1,220,000
(137,000)
—
—
Lear Siegler
1962—6 mo. to Dec. 31
98,042,972
4,970,657
2,914,056
.74'
3,911,168
1961^
—
1962 — qtr. to Dec. 31
51,065,033
2,479,508
1,534,433
.39*
3,911,168
1961‘
—
P. R. Mallory
1962 — year to Dec. 3U
99,060,031
10,671,145
5,121,145
3.22‘
1,530,642
1961 — year to Dec. 31
85,197,027
9,363,224
4,513,224
2.82’.'
1,530,642*
Toft Bestg.
1962-9 mo. to Dec. 31
9,329,842
3,840,842
1,827,379
1.16
1,570,717*
1961 — 9 mo. to Dec. 31
7,973,358
2,858,670
1,379,810
.88
1,570,717*
1962 — qtr. to Dec. 31
3,600,444
1,712,825
863,343*
.55
1,570,717*
1961 — qtr. to Dec. 31
3,079,328
1,304,090
635,624
.40
1,570,717*
Varian Associates
1962 — 13 wks. to Dec. 29
17,929,322
1,079,517
.27
3,950,090
1961—13 wks. to Dec. 29
16,232,466
826,543
.21
3,897,373
Vornado
1962 — qtr. to Nov. 30
38,893,322
1,080,339
1,023,204
.78
1,310,593
1961 — qtr. to Nov. 30
28,202,406
889,821
863,929
.66
1,310,593
Westinghouse
1962 — year to Dec, 31'
1,954,479,000
98,661,000
57,061,000
1.56’
35,623,294
Story on p. 1 1
1961 — year to Dec. 31
1,913,770,000
86,946,545
45,446,545
1.23’
35,612,003
1962 — qtr. to Dec. 31
526,730,000
—
16,932,000
.46’
35,623,294
1961 — qtr. to Dec. 31
526,258,000
20,434,000
.56’
35,612,003
Notes: ^Comparison figures not available because of June-1962 merger
of Lear & Siegler. * After
preferred
1 dividends.
• Outstanding
Dec. 31,
Common Stock Dividends Corporation Period Ami. Payable
Stk. of Record
Internat’l Resistance
Q
$0.10
Mar. 1
Feb. 15
Lear Siegler .
Q
.10
Mar. 1
Feb. 11
Meredith Publishing
Q
.35
Mar. 13
Feb. 21
Storer Bestg.
Q
.45
Mar. 8
Feb. 21
Storer Bcstg.-“B” .
Q
.12%
Mar. 8
Feb. 21
Taft Bestg.
Q
.15
Mar. 14
Feb. 15
Taft Bestg. .
. Stk.
2%%
Mar. 14
Feb. 15
Tung-Sol Electric
Q
.17%
Mar. 1
Feb. 15
Westinghouse
Q
.30
Mar. 1
Feb. 8
Zenith
Q
.25
Mar. 29
Mar. 8
Reports & comments: GPE, comments, J. W. Sparks & Co., 120 Broadway, N.Y. 5 • AT&T, Magnavox & United Artists, comments, Orvis Brothers, 15 Broad St., N.Y. 6 • RCA & Westinghouse, discussions, Reynolds & Co., 120 Broadway, N.Y. 5 • Bendix, discussions. Hornblower & Weeks, 40 Wall St., N.Y. 6 • Terminal-Hudson Electronics, review, Baruch Brothers & Co., 44 Wall St., N.Y. 6 • Avco & Whirlpool, comments, Bruns, Nordeman & Co., 52 Wall St., N.Y. 5 • AB-PT, analysis, Hirsch & Co., 25 Broad St, N.Y. 4.
GE’s 71st annual meeting will be held April 24 in San Francisco, marking first time meeting has been scheduled west of Chicago.
Matsushita enters hi-fi component field with Panasonic “Motional Feedback” system containing amplifier & 2 speaker systems, to be priced at $375 in U.S.
1962. * Record. ‘ Preliminary. • Adjusted to reflect 29t stock dividend Dec. 1962.
Brokers Look At CBS: Enthusiastic, indeed, are major stock brokers about CBS Inc., if recent reports of their research departments are criterion. J. R. Williston & Beane, for example, described CBS as “world’s leading advertising medium,” said it “is experiencing an extremely prosperous 1962 year that should easily prove the most successful of its history from both a sales & an earnings standpoint.” Divine & Fishman Inc. echoed: CBS “ranks as the largest generator of advertising dollars in the world. Perhaps this obscures the basic fact that CBS is the leading broadcasting company in the U.S. . . . especially in profitability.”
CBS’s 1962 sales, Williston & Beane, noted, “are expected to reach a half-a-billion dollars for the first time ever, with earnings of at least $3.15 a share expected, compared with $2.47 a share last year, on sales of $474 million. Earnings for 1963 should show further gains, carrying to $3.50 a share or more.”
Divine & Fishman sees it this way: “With no drain from the electronics division [sold in mid-1961] & margins well under control, earnings seem assured of achieving a new peak [in 1962] of perhaps $3.10 per share on volume of perhaps $495 million. As for 1963, TV hillings should record another peak, radio profits should be maintained. Additionally, there will be a 20^ per share fillip to earnings through, in effect, placing a greater burden of program costs on affiliates. All in all, revenues should perhaps reach $510 million & earnings could well ascend to the $3.70 mark.”
Interestingly, in our first analysis of stock brokers’ analyses of broadcasters & electronics firms (Vol. 3:1 p6), Abraham & Co. forecast for CBS 1962 per-share earnings of $3.20 & “rise to around $3.70 in 1963.”