Weekly television digest (Jan-Dec 1963)
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NEW SERIES VOL. 3, No. 43
TELEVISION DIGEST-1 1
Trade Personals
Leon J. Knize, formerly Ravenswood pres. & onetime Stromberg-Carlson consumer products mktg. mgr. , joins Fisher Radio as mktg. vp.
John T. Morgan, ex-Philco, promoted from merchandising vp to sales & merchandising vp, Sylvania Home & Commercial Electronics Corp. . . Brock P. Hayes, exTexas Instruments & CBS Electronics, named General Instrument national distributor sales mgr. for Semiconductor Products.
Harold Travis named Silicon Transistor financial vp, a new post, and secy.-treas. . . Donald J. Flngleton elected Globe -Union finance vp, succeeding R. W. Conway, resigned.
R. W. Lee named pres, of General Precision's information systems group, succeeding W. E. Bratton, resigned.
J. Walter English, formerly Fairchild Camera & Instrument controller, appointed finance vp of Simmonds Precision Products.
Paul Thayer named Ling-Temco-Vought senior vp in reorganization; J. O. Weldon becomes corporate vp & gen. mgr. of new Continental Electronics Div. , W. R. Kiefer corporate vp & gen. mgr. of new LTV Michigan Div.
Frank J. Healy, Sylvania senior vp, awarded National Electrical Mfrs. Assn.'s James H. McGraw Medal for Cooperation, cited as "developer of scores of important new products and markets, and the creator of thousands of jobs in electrical and allied industries."
Allred S, Gusein, former Karastan Rug Mills ad, sales promotion & store planning dir. , joins Magnavox as mktg. SVC. vp.
Franklin S. Riley Jr. appointed asst. mgr. , Westinghouse's N.Y. PR office.
CBS Is In "active negotiations right now" to acquire new companies, according to CBS Inc. Pres. Frank Stanton. Acquisitions will not be TV or radio properties, and "our next move will definitely not be in equipment," he said. Further gains for CBS Inc. for year's first 3 quarters were summarized by Stanton in address last week to Los Angeles Society of Financial Analysts: CBS-TV network sales, daytime & nighttime, were "substantially higher" than first 9 months of last year. Sales by CBS's 0-&-0 TV stations were "well above" last year's same period. CBS radio sales were "well ahead" of 1963, while compensation to radio affiliates was "more than double the amount we forecast at this time a year ago."
Movlelab foresees record 1963 sales of about $7 mils.lion, up from 1962's $6.5 million, and earnings a "little ijbetter" than year-ago's $292, 278. Pres. Saul Jeff ee said expansion spending, including $750,000 investment in i|firm's N. Y. film processing lab, has held earnings down. 'I He forecast higher sales & earnings in 1964, noted withilout further detail that Movielab is negotiating to process iIabC-TV's news film.
EICO Electronic Inetnunent has moved into larger, 100, 000 -sq .-ft. hq plant at 131-01 39th Ave. , Flushing, 5ueens, N. Y.
Muntz TV pre-tax earnings in 1963 fiscal year ended Aug. 31 slipped slightly to $1,023,799 from year earlier $1, 047, 841 (see financial table). Taxes whittled net earnings to approximately $632,000. No Federal income taxes were required in fiscal 1962 because of tax-loss carryforward credits. Sales rose 3.3% to record $11. 8 million from $11.4 million. Chmn. Floyd Dana & Pres. Wallace Keil forecast sales rise to $16 million in 1964 fiscal year, estimated that Muntz TV's current market share of about 1. 5% of TV industry total would rise to some 3% by 1965. Company plans to put about 20% (or some 20, 000 units) of fiscal-1964 TV production into color sets, said current TV sales rxm approximately 70% combinations (vs. 60% last year), consoles 10% (vs. 20%), tables & portables 10% (10%), lowboys 10% (10%). Slated for introduction by year's end is Japanese-made 16-in. set. Keil said Mvmtz has no present plans to add tinyvision sets. He forecast 1964 industry sales of some 6.5 million TVs, including 1.25 million color sets.
Motorola, which opened 1963 with 45% profit slide in first quarter (Vol. 3:19 pl2), continued to rebound with record sales & earnings in 3rd quarter (see financial table). July-Sept. surge pushed 9-month sales to record $270.3 million from year-earlier $244. 7 million, closed profit gap to $9 million vs. $9. 1 million. Sept.-quarter sales rose 15% to $98. 2 million. Profits were up 20% to $4. 1 million. Pres. Robert W. Galvin said each of Motorola's 6 domestic divisions contributed additional sales and/or earnings to the improved results, noted that international revenues also increased. He predicted favorable 4th-quarter performance, with both sales & earnings exceeding those of 1962's final period, added; "This will result in record sales for 1963 and total profits higher than last year." Motorola in 1962 earned $12. 2 million on record $346.9 million sales.
Westlnghouse losses in electric utility & marine group operations, coupled with unusually heavy expenses in 3rd-quarter introduction of new consumer products, resulted in July-Sept. profit dip to $13 million from yearearlier $14. 6 million, despite 14% sales rise to $536. 1 million (see financial table). Nine-month earnings slipped to $39. 6 million from $40. 1 million, although sales were up to $1. 556 billion from $1. 428 billion. Pres. Donald C. Burnham said all product groups contributed to increased volume. New orders & backlog of unfilled orders continue to rim well ahead of year ago, and Westinghouse expects total 1963 sales to top record $2,009 billion set in 1957.
Chapter 11 plans of 25% each have been filed by Wilcox-Gay & wholly-owned subsidiary Majestic International (Vol. 3:28 pl2) with Referee Louis J. Castellano, N. Y. Wilcox-Gay proposes 2-1/2% cash payment on confirmation, 9 payments of 2-1/2% each at 6-month intervals. Majestic would pay 50% of annual net profit until creditors receive 25% of their claims. Hearings on both plans are scheduled for Oct. 30. Meanwhile, Wilcox-Gay has been authorized, with referee's approval, as exclusive sales agent for German-made SABA line of TVs, radios, phonos, tape recorders.
IBM's largest stockholder is Fairchild Camera & Instrument Chmn. Sherman M. Fairchild, with 150, 000 shares. Next largest: .IBM Chmn. Thomas J. Watson & family, 117, 000 shares.
Muntz TV stock purchase of 17, 000 shares by vp Jack Simberg boosts his direct holdings to 51, 500 shares.