Document 15KDx1Q6x4yJXNbpKMpd03Lpm

Q g <3 1 w ix o 3 fci 125 i-3 C II Hn s< oPh O I--I 05 H S*s OH-H O H Ah 05 ks H CJ <! O fs* 125 25 VO Og IS lg* 4| 3 N13824 To the Stockholders of National Lead Company: The following is a Consolidated Balance Sheet of National Lead Company as of June 30, 1946 and a Statement of * Consolidated Income and Surplus for the first six months of 1946. The consolidation includes only domestic subsidiaries in which National Lead Company owns all of the outstanding capital stock. Dividends received from foreign corporations owned in part or in whole, domestic corporations not wholly owned, as well as interest cm bonds and miscellaneous items not directly connected with current operations, are included in the item of "Other Income" Dividends on National Lead Company Preferred and Common Stocks owned by the Company itself are not included in this statement, either as dis bursements or as income. Fl e t c h e r W. Ro c k w e l l , President. NATIONAL LEAD COMPANY And Its Wholly Owned Domestic Subsidiaries CONSOLIDATED BALANCE SHEET JUNE 30, 1946 Current Assets: ASSETS Cash......................................................................................................... V v ............................................................ United States Government Securities at cost (approximately equivalent to amount at market quotations) Other Marketable Securities at cost (at market quotations $3,305,270.71) ...................... $ 1,055,008.27 Less, Reserves................................................................................................................................ 522,891.57 Accounts and Notes Receivable......................................................................................................... $ 13,623,523.89 Less, Reserves.................................................... ..................... ....................................................... 1,357,381.20 Notes Receivable from Employees...................................... ......................................................................................... Inventories ...................... ................... -........................................................... .............................................................. Total Current Assets................................ ................................................................................................. Fund for deferred expenditures cm expansion and development: United States Government Securities at cost (approximately equivalent to amount at market quotations) ................................................................................................................................................... Investments in and advances to Unconsolidated Subsidiaries: Investments, at cost or below.... ................................... ......................................................... $ 5,414,700.66 Advances.......................................................................................................................................... 2,027,859.44 $ 7,442,560,10 Less, Reserves...................................................................................................................*........... 8,832,418.11 Miscellaneous Investments, at cost or below................................................................... ................ $ 2,002,907.18 Less, Reserves................................................................................................................................. 1,028,778.99 Plant Property and Equipment (including intangibles) .......... ................................................... $103,266,418.27 Less, Reserves for Depredation, Depletion and Amortization................................... .......... 66,607,995.76 Patents and Licenses, less Amortization. Prepud Expenses, Deferred Charges, etc. r v $ 15,662^83.42 17,241,302.62 582,116.70 12*266,142.69 82,899.64 22,916,096.77 $ 68,650,791.84 10,000,000.00 3,610,146.99 974,128.19 46,658,417.51 841,175.65 985,991.04 $131,120,65-' % --I'tfi'i--1"lU'-ffTTr"; 5 V LIABILITIES Current Liabilities: Accounts Payable and Accrued Liabilities................................................................................................................... Payable to Unconsolidated Subsidiaries....................................................................................................................... Provisions for Taxes, including Federal Income and Excess Profits Taxes...................................................... Dividend Payable August 1,1946 on Class B Preferred Stock.................................................................................. $ 6,298,261.61 120,963.18 10,368,679.05 116,193.00 Total Current liabilities Reserves: Fire Insurance........ Employer's Liability Pension .................... Contingencies.......... General Inventory ,. 16,904,096.84 $ 4,797,284.02 426,664.80 5,475,594.88 4,080,357.52 700,839.71 15,480,240.43 CAPITAL Capital Stock: Authorized Preferred Class A, 7 pet. cumulative, non-callable, $100 Par Value ...$ 25,000,000.00 Preferred Class B, 6 pet. cumulative, non-callable, $100 Par Value ... 25,000,000.00 Common, $10 Par Value......................................................................................... 50,000,000.00 Issued $ 24,367,600.00 10,327,700.00 30,983,100.00 $100,000,000.00 $ 65,678,400.00 Capital Surplus........................................................................................* ............. ............................ 485,295.18 Earned Surplus....................................................................................................................................... 37,620,866.66 $103,784,661.84 Less, Reacquired Capital Stock at cost....................................................................................... 5,048,247.89 98,736,313.95 OOOO-NLI-O0O018322 $131,120,651.22 L \J? ilHVJUMlU Sales.................................................................................................................................... Cost of Goods Sold* Taxes (except Federal Income and Excess Profits Taxes) and Other Expenses.............................................. ..................................................... ------Six Months Ended Jane SOtb 1946 1945 $78,910,059.47 $90,006,981.47 70,897344.50 $ 8,512314.97 78,071,083,96 $11,935347.51 Depreciation, Depletion andAmortization.................................................................... Other Income ................................................................................................................... 1,518,818.95 $ 6,998,896.02 1,656,827.82 $ 8,650,228.84 2,570,766.21 $ 9365,081.36 621,106.13 $ 9,986,187.43 Federal Income and Excess Profits Taxes.................................................................... 3,580,76845 Additions to Reserves: Pension ...................................................................................................................... ... -- -- Total Net Income....................................................................................... $ 5,069,455.89 6,44734130 $ 8,538,S45.63 62,500.00 $ 3,475345.68 Dividends on Preferred Stock Outstanding: Class A.......................................................................................................$797,275.60 Class B ....................................................................................................... 232386.00 1,029,661,50 Amount Earned on Common Stock....................................................... JIM^)397983|^ $797,275.50 232,886.00 1,029,661.50 $ 2,446,184.13 Amount Earned per share of Common Stock Outstanding................ $1,307 %7m ANALYSIS OF CONSOLIDATED SURPLUS Six Months Ended Jane 80th 1944 1945 Earned Surplus--At beginning of year Add: Net Income for Six Months.... $35,126,404.77 5,069,455.89 $83,737388.76 3,475,845.63 $40,195360.16 $37313,729.89 Deduct: Dividends Paid During PeriodPreferred Stock Outstanding: Class A................................................ Class B ................................................ $797375.60 232,386.00 $797,275.50 1,029,661.50 282386.00 1,029,661.50 Common Stock Outstanding'......... .................. 1,545,832.00 772,666.00 Total Dividends Paid.......... .................. $ 2,574,993.50 $ 1,802.327.50 Earned Surplus--June 30th.................. .. Capital Surplus--June 80th...................... Total Surplus--June 80th, .................. $37,620366.66 .................. 485395.18 .................. $38,106,161.84 $35,411,401.89 485396.18 $3_5,896397.07 0000-NL1-000018323