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12-TELEVISION DIGEST
OCTOBER 14, 1963
These are latest reports
Financial Reports of TV-Electronics Companies
as oblained 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
GE
?963— 9 mo. to Sept. 30
$3,606,459,000^
$392,467,000
$192,400,000^
$2. 14
90,096, 748
Story below
L962— 9 mo. to Sept. 30
3,483, 153,000
370,459,000
179,495,000
2.01
89,521,886
1963— qtr. to Sept. 30
1, 209, 101,000l
—
66, 280, 000
■74,
90,096,748
1962— qtr. to Sept. 30
1,164,317,0002
—
59, 518,OOo2
.67^
89,521,886
General
1963—6 mo. to Aug. 31
47, 121, 239^
861,683
508, 183
.20
2,570,401
Instrument
1962—6 mo. to Aug. 31
41, 194, 131
477, 609
355, 309
. 14
2,565,401
Story below
1963— qtr. to Aug. 31
22, 938,0871
332, 503
257, 503
. 10
2,570,401
1962— qtr. to Aug. 31
20,005,693
153, 259
153, 259
.06
2, 565,401
P. R. Mallory
1963—9 mo. to Sept. 30
73, 680, 668
6, 261,368
• 2, 948, 475
1.81
1,621, 113
1962—9 mo. to Sept. 30
73, 957,409
6,587,099
3, 192,401
1.96
1,621, 113
1963— qtr. to Sept. 30
23,610,621
2,164,571
1,001,893
.61
1,621,113
1962— qtr. to Sept. 30
24,878,915
2, 253,048
1, 142,022
.70
1,621, 113
Metromedia
1963—39 wks. to Sept. 29
45, 680,000^
2,310,000^
1.28
1, 746, 464
1962—39 wks. to Sept. 30
38, 200, 266
—
1, 292,691
.72
1, 707, 682
.
1963 — 13 wks. to Sept. 29
17, 700,000
—
472, 000
.26
1, 746, 464
1962—13 wks. to Sept. 30
11,993,434
—
271,036
. 14
1,707,682
RCA
1963—9 mo. to Sept. 30
1,314,000,0001
91,700,000
44, 200, 000 1
2.40
17,390,000
Story (11 p. 11
1962—9 mo. to Sept. 30
1,265,500,000
69, 900, 000
34,300,000
1.88
16,947,000
1963— qtr. to Sept. 30
436, 700, 000^
30, 800, 000
14,800,000^
.80
17,390,000
1962— qtr. to Sept. 30
411,600,000
21,300,000
10, 300, 000
.56
16,947,000
Raytheo;
1963—9 mo. to Sept. 30
364, 398,000
—
4, 962, OOO'*
1. 15
4,125,238
1962—9 mo. to Sept. 30
440, 884, 000
—
7,819,000
1.89
4,011,326
1963— qtr. to Sept. 30
109,573,000
—
1, 303, 000
.30
4,125,238
1962— qtr. to Sept. 30
128, 125,000
—
2,483,000
.60
4,011,326
Wrathtr Corp.
1963— year to June 30^
13, 180,000l
—
899, 296^
.51
—
1962— year to June 30
12,000,000
—
593,341
.34
—
1 2
Notes: Record. Voluntary price adjustments arising from sale of products involved in 1961 anti-trust cases had
effect of reducing earnings by $3. 7 million (4^5 a share), sales $7. 8 million. ^Outstanding Sept. 30, 1963, reflecting conversion of 5% series A preference stock March 1963 and 2% stock dividend Dec. 1962. '^Before special $3, 550,000 (81^ a share) charge for phasing out East Coast semiconductor operation (Vol. 3:10 plO). ®Does not inchde A. C. Gilbert toy company, 51% owned by Wrather.
GE*s defense business slipped below year -earlier levels but more-than-compensating "sales strength in consumer goods, industrial equipment and international shipments" pushed 9 -month s^es & earnings to record levels, Chmn. Ralph J. Cordiner announced (see financial table). Earnings in first 3 quarters rose 7% to $192. 4 million on 4% sales gain to $3. 606 billion. Thirdquarter earnings jumped 11% to $66.3 million on 4% sales rise to record $1. 209 billion. Cordiner also noted a "general firming of prices in the electrical equipment and appliance market," termed it "one of the most favorable developments of 1963. "
Manufacturers' excise taxes for TVs, radios, phonos, & components rose to $184, 220, 000 in fiscal year ended June 30 from $173, 024, 000 in preceding year. Internal Revenue Service also reported that taxes for these products in April-June period rose to $47, 305, 000 from $43, 971, 000. Total excise taxes increased in 1963 fiscal year to $5, 610, 309, 000 from fiscal1962' s $5, 132, 949, 000.
"Heightened rivalry throughout electronics field suggests that future profits growth will be much more difficult to achieve than sales expansion," noted "Financial World" in Oct. 9 analysis of "Electronics— Deflated Group." Emphasizing that postwar period witnessed "speculative orgies in a large number of stock groups," magazine declared: "Undoubtedly, the biggest boom and bust of them all has occurred in electronics. . . Although most electronics issues have lost their luster and are well deflated, few appear to be much of a bargain even at current levels."
General Instrument continued comeback from loss sustained in 1963 fiscal year ended Feb. 28 (Vol. 3:22 pl2) with record sales and sharply increased earnings in fiscal1964' s first half and September quarter (see financial table). March-Sept, profit climbed to $508,183 from $355, 309 a year earlier on 14% sales gain to $47. 1 million. Chmn. M. H. Benedek attributed improvement in part to increased shipments of uhf TV tuners to set manufacturers.