Weekly television digest (Jan-Dec 1963)

12— TELEVISION DIGEST JULY 8, 1983 Financial Reports of TV-Electronics Companies ThcM arc latest rsports as obtained dnrins the last week. Dash Indies tas the Informatloii was not arailabls at prsas tliae. PaxcntlMsca denote loss. Company Period Sales Pre-Tax Earnlng:s Net Earnings Per Common Share Common Shares AT&T 1963 — year to May 31 1962 — year to May 31 1963 — qtr. to May 31 1962 — qtr. to May 31 $9,198,283,000 8.673.1.52.000 2.377.973.000 2.242.430.000 $1,413,8.35,000 1,332,774,000 363,656,000* 346,857,000 $5.83 5.65 1.49 1.47 242.641.000 235.887.000 243.611.000 236.160.000 Ampex 1963 — year to Apr. 27* 1962 — year to Apr. 27 93,271,000' 84,106,000 5,005,000* 2,203,000* .64 .41 7,803,000 7,786,457 Corning Glass 196.3 — 24 wks. to June 16 1962 — 24 wks. to June 17 1.30,754,107* 118,904,523 $ 26,964,647 24,793,015 14,343,647* 13,528,015 2.10 1.98 6,791,885 6,789,000 A. C. Nielsen Story below 1963 — 9 mo. to May 31 1962 — 9 mo. to May 31 33,448,783 29,.575,945 2,299,165 2,124,529 1.34 1.24 1,710,000 1,710,000 Pacific Industries 196.3 — 9 mo. to May 31 1962 — 9 mo. to May 31 21,291,697 17,784,684 (210,358)* 606,091 .32 1,887,2.39 1,887,239 Notes: * Record. ® Preliminary. ’Includes $470,000 gains from sales from 2 property sales & resultant $267,968 net earnings for period, of fixed assets & equipment leases. * Before $478,326 net capital gain Sylvania Controller Roy E. Drew was killed, Pres. Gene K. Beare and 2 other Sylvania and GT&E officials injured in July 2 crash of Mohawk Airlines plane as it was taking off at Rochester, N.Y. airport for White Plains, N.Y. & Newark, N.J. Six others in plane were killed and total of 36 injured. Beare suffered broken collarbone and leg. David K. Elwell, Sylvania dir. of new-product planning, lost a leg. Dr. Lee L. Davenport, Pres, of GT&E Labs, who walked away from crash, later was hospitalized, and discharged July 3. Beare & Elwell are in Strong Memorial Hospital, Rochester. Drew, 47, had returned to Sylvania last Jan. from Plax Corp., Hartford, Conn., where he was controller & asst, treas. He previously had been with Sylvania for 20 years. He is survived by his wife, mother and one daughter. The 4 executives were returning to their homes in N.Y. area from new-product planning meeting in Batavia. General Instrument foresees record sales & increased earnings in 1964’s first fiscal quarter ended May 31. In year-earlier quarter, GI earned $202,000 on $21.2 million sales. Chmn. Martin H. Benedek described first-quarter performance as turnabout from 1963 fiscal year, ended Feb. 28, which produced loss of $2.7 million. Among optimistic factors for new fiscal year, he said, GPs Semiconductor Products Group is now marketing "highly advanced products which should have a favorable effect on our semiconductor sales & profits.” He also expects tuner-making Sickles Div. to benefit from all-channel law. A. G. Nielsen registered sharp gains in sales & earnings in the 9 months to May 31 (see financial table) and increased its quarterly dividend on common stock to 17V^<? from ISt*, payable Aug. 1 to stock of record July 12. Reporting profit rise to $2.3 million from $2.1 million on sales gain to $33.4 million from $29.6 million, Nielsen noted that recent Congressional investigation of TV-radio audience rating services “had no material effect on our progress for either the latest quarter or for the year to date.” Adler Electronics, currently traded over the counter, will apply for American Stock Exchange listing. RCA’s Camden-area plants were struck midnight July 1 by some 2,000 engineers in dispute over layoff formula, wages, other issues. Engineers are members of Assn, of Scientists & Professional Engineering Personnel, which claims some 600 engineers were fired in recent months without regard for union seniority system. Negotiations, under reopener clause in 3-year contract signed July 1, 1961, began early in May. After 2 hours of picketing, truce was declared when company & strikers agreed to recommendation of Federal Mediation & Conciliation Service that layoff-procedure issue be referred to study committee of 4 representatives each from RCA & union. No deadline was set for settlement of issue, but union said strike will be called if talks break down. Mergers & acquisitions: Automatic Radio Mfg.'s NewTronics subsidiary has acquired Continental Electronics & Sound System * Electronic Communications has purchased for cash virtually all assets of Electronic InstrumenU for Research, Baltimore • Eric Electronics & Ionic Industries, both Santa Monica, Cal., have merged and Irving Rossman, Ionic pres., is expected to become pres, of new firm. Eric maks hi-fi components, Ionic portable phonos. Indictments on rebate charges were handed down by Federal grand jury in Boston against Joseph L. Travers, former pres. & treas. of Precision Microwave, and Raytheon purchasing agent Charles H. Pomfret, Former is charged with paying Pomfret $3,000 “as an inducement for award of subcontracts” to Norfolk Precision Machine Corp., also headed by Travers. Industrial Electronic Hardware anticipates record earnings of “better than $50,000 or 7<} a share” on $1.8 million sales in fiscal-1964’s opening quarter ended June 30, reported Chmn. Bernard Offerman. This compares with year-earlier profit of $5,477, 1^ a share, on $1.5 million sales. Metromedia has sold $7.5 million of 5%%, 15-year notes to institutional investors via Kuhn, Loeb & (3o. and Carl M. Loeb, Rhoades & Co. Proceeds are being used to acquire KTTV Los Angeles.