Weekly television digest (Jan-Dec 1963)

12-TELEVISION DIGEST NEW SERIES VOL. 3, No. 40 These are latest reports Financial Reports of TV-Electronics Companies as obtained during the last week. Dash indicates the information was not available at press time. Parentheses denote loss. Company Period Sales Pre-Tax Earnings Net Earnings Per Common Share Common Shares AT&T 1963— year to Aug. 31 $9,343,885,000 — $1,441,958,0001 $5.92 243,560,000 1962— year to Aug. 31 8,822,666,000 — 1,366,557,000 5.76 237,189,000 1963— qtr. to Aug. 31 2,401,292,000 — 383,147,0001 1.57 244,442,000 1962— qtr. to Aug. 31 2,255,690,000 — 355,024,000 1.47 240,768,000 Avnet Electronics 1963— year to June 30 46,941,923 $ 4,862,518 2,441,048 .80 3,068,956 1962— year to June 30 39,695,992 5,594,775 2,774,798 .93 2,979,614 Collins Radio 1963— year to July 31^ 250,000,000 — 3,680,000 1.65 2,230,080 1962— year to July 31 207,775,637 — 3,477,000 1.56 2,230,062 Federal Pacific 1963— year to June 30 95,010,667 — 1,745,673 .38 2,426,096 Electric 1962— year to June 30 97,285, 128 — 1,504,588 .29 2,371,127 Four Star TV 1963— year to June 29 22,076,70o3 — 793,5014 1.25 600,000 1962— year to June 30 19,962,980 — 734,077 1.20 600,000 Gllfillan Corp. 5 1963— year to May 31 33,713, 187 — 786,331 .67 — 1962— year to May 31 39, 172,585 — 1,048,936 .90 — International 1963— year to June 30 — — 484,865 .20 2,414,542 Rectifier 1962— year to June 30 — — 1,207,282 .50 2,414,542 Pentron 1963— year to June 30 10,330, 160 105,838 (208,53^ — 2,532,644 Electronics 1962— year to June 30 10,752,544 572,218 356,911 . 15 2,441,037 Notes: ^Record, ^preliminary, ^includes $500, 000 tax-free insurance payment on life of late Chmn. Dick Powell. ^After "substantial" write-offs of development costs of several properties and pilot films, pioneer & early TV set maker now being acquired by ITT (Vol. 3:39 pl2). 6^ier $338,012 in "extraordinary expenses," including $259,065 loss on disposal of obsolete inventories. Litton Industries & Chmn. Charles (Tex) Thornton were front-cover profiled by Oct. 4 "Time" magazine which summarized: "Since Thornton took over Litton just 10 years ago next month, when it was only a tiny microwave tube company, it has developed into one of the most remarkable growth companies of the age. In that decade, Litton has increased its sales 18, 570% and its earnings 10, 175%. It has never had a quarter in the red. In one of the greatest acquisition sprees of all times, it has absorbed some 40 other corporations, now has 71 plants in the U. S. and 12 other countries." Litton, nation's 100th biggest corporation, has topped halfbillion-dollar in sales, "will probably reach $750 million this fiscal year. By next year, if this growth continues, its sales should lift through the billion-dollar mark and put it among the top 50 U. S. companies." Magazine emphasized Litton's versatility, noted that its "200 products range from hulking nuclear submarines to tiny electronic tubes that can send radio & TV signals back to earth from millions of miles out in space." Llng-Temco-Vought anticipates 1963 earnings of $2. 25-$2. 40 a share on 2, 783, 885 shares outstanding. This is down from 1962's $3.03, but. Vice Chmn. & Chief Exec. Officer James J. Ling noted, 1962 earnings reflected a tax loss carry-forward. Sales this year will be "up slightly" from 1962's $325.4 million. L-T-Vs product mix now runs 15% commercial (including electronics), 35% military electronics, 50% aerospace. Company will pay its initial cash dividend— a 12 1/2 ? quarterly payout— Oct. 21 to holders of record Oct. 1. MERGERS & ACQUISITIONS: Tung-Sol still regards | Purolator a "threat" despite fact that "it is apparent that I the shares acquired through the offer [Vol. 3:39 pl2] fell I short of its goal," Chmn. Donald A. Harper & Pres. I Frank J. Ehringer wrote stockholders, adding: "From I what we can learn, the amoimt of stock tendered was so * small that Purolator was forced to make purchases in the open market." Purolator now owns 32% or 300,000 of Tung-Sol's 926,826 outstanding shares Bessemer Securities has acquired a 30% interest in Silicon Transistor. Bessemer also has interests in 2 other semiconductor producers— Crystalonics Inc. and Unitrode— and Met com Inc. , maker of microwave equipment Republic Corp. has acquired for undisclosed cash General Water Heater Co. & Pioneer Mfg. , both of Los Angeles. They , manufacture garbage disposal units, swimming pool heaters, other home & commercial products, will be operated as Republic subsidiaries. . . Thompson Ramo Wooldridge has absorbed subsidiary Space Technology Labs which becomes an operating group under new name TRW Space Technology Labs. Ruben F. Mettler named group pres. . . Electronic Research Associates is exploring acquisition of several companies, has some $1 million in cash and marketable securities, plus treasury stock, available for purchases, according to Chmn. -Pres. 1 Donald D. Greig. Eltel-McCuUoug^i has been approved for trading on American Stock Exchange. Symbol and listing date \<*ill be announced later.