Document 2JVgn6VyxLBaOeJw83bwjkNkb

Q S3 H sz; hJ <t3 Oh 2 OO 1 HH HU >H S5 VO pH N13828 To the Stockholders of National Lead Company: The following is a Consolidated Balance Sheet of National Lead Company as of June SO, 1943 and a Statement of Consolidated iTMTMTM and Surplus for the first six months of 1943, The consolidation includes only domestic subsidiaries in which National Lead Company owns all of the outstanding capital stock. Dividends received from foreign corporations _____, ...______1___ __1__1 _ mltAtln nomaJ as nail as mtarasf an hnnHs anil mianallanaAUB ltonvs Tint. ments. Dividends on National Lead Company Preferred and Common Stocks owned by the Company itself are not included in this statement, either as disbursements or as income. __ __ _ _____ ,, ., Fl e t c h e r W. Ro c k w e l l , President. ASSETS Current Assets: Cash ....................................................................................................................................... United States Government Securities at cost (at market quotations $9,809,050.83) Other Marketable Securities (at market quotations $5,225,980.79).......................... Accounts and Notes Receivable...................... ......... .................... .................................................. Less, Reserve for losses................ ................................................................................. ................... $ 11,948,938.06 9,786,926.89 1442,760.60 $18,853,494.94 1,058,546.22 12,794,948.72 Notes Receivable from Employees................................................................................................................................. Inventories .................. ..................................................................................................................................................... 237,474.96 20,590,981.05 Total Current Assets $ 56,497,025.28 Investments in and Advances to Affiliated Companies less Reserves Miscellaneous Investments less Reserves......................................................................................................................... Plant Property and Equipment (including intangibles).................................................................... $94,193,648.78 Less, Reserves for Depreciation and Depletion........................................................................... 39,211,942.02 7,710,668.12 1,337,955.89 54,981,706.76 Patents and Licenses, less amortization............................................................................................................................. Prepaid expenses, deferred charges, etc.......................................................................................................................... Post-war Refund of Excess Profits Taxes....................................................................................................................... 73,440.79 689,795.50 480,000.00 $121,770,587.84 LIABILITIES Current liabilities: Accounts Payable and Accrued Liabilities....................................................... Payable to Affiliated Companies......................................................................... Provisions for Taxes, including Federal Income and Excess Profits Taxes Dividend Payable August 2, 1943 on Class B Preferred Stock.................... $ 4,553,749.60 165,052.48 13433,607.83 116,193.00 Total Current Liabilities............................................................................................................................... Reserves: Fire Insurance....................................................................................................................................... $4,797434.02 Employer's Liability. ........................................................................................................................... 426,664.80 Pension..................................................................................................................................................... 2,185,194.88 Contingencies ......................................................................................................................................... 8,425,000.00 General Inventory................................................................................................. Amount Equal to Post-war refund of excess profits taxes............................................................ 700,339.71 480,000.00 Miscellaneous ......................................................................................................................................... 81,634.37 $18,068,602.91 12,096,117.23 CAPITAL Capital Stock: Preferred Class A, 7 pet. cumulative, non-callable, $100 Par Value Preferred Class B, 6 pet. cumulative, non-callable, $100 Par Value Common, $10 Par Value.......................................................................... Capital Surplus Earned Surplus Less, Reacquired Capital Stock Authorized Issued $ 25,000,000.00 $24,367,600.00 25.000.000.00 10427,700.00 50.000.000.00 80,983,100.00 $100,000,000.00 $65,678,400.00 886,672.92 81403,419.91 $97418,492.83 6,612,625.63 91,605,867.20 $121,770,687.34 * An agreement covering renegotiation of profits for 1942 has been reached with the U. S. Government under which an assessment of $600,000 will be made. After receiving a credit of $640,000 against Excess Profits taxes due for 1942, a net amount of $60,000 will have to be paid. Since the agreement was reached in July, the entry to cover this transaction will be reflected in the financial statements to be submitted to the stockholders as of December SI, 1948. The payment of the $60,000 wijf be charged to the Reserve for Contingencies. OO0O-NLI-OO00I8273 CONSOLIDATED STATEMENT OF INCOME Six Months Ended June 30th- 1943 Sales .................................................................................................................................. $70371371.28 1942 $66392,971.07 Cost of Goods Sold, Taxes (except Federal Income and Excess Profits taxes), and Other Expenses.......................................... ....................... ................................. 61,045,498.64 67.159369.09 $ 9,325,772.64 Depreciation and Depletion............................................................................................ 2360385.65 $ 9,733,701.98 1.464.617.33 Other Income .................................................................................................................. 499360.11 $ 7374,147.10 Other Charges ................................................................................................................ $ 7374,147.10 Federal Income and Excess Profits Taxes.................................................................. 4.754318.57 $ 2,519330.53 Additions to Reserves: Reserve for Foreign Investments.................................................... $270,276.62 Reserve for Contingencies.................................................................. .......... 270376.62 Total Net Income............................................ ...................................... $ 2348,953.91 Dividends on Preferred Stock Outstanding: Class A.................................................................................................. $783,276.50 Class B.................................................................................................. 282.386.00 1,015,661.50 Amount Earned on Common Stock.............................. ...................... $ 1333392.41 Amount Earned per share of Common Stock Outstanding $.399 44635432 $ 8,715,438.87 228.587.62 $ 8,486,85136 5,618.549.78 $ 2368,801.47 $265,478.89 625.000.00 890.473.89 $ 1,977,827.58 $783375.50 282.886.00 1.015,661.50 $ 962.166.08 $.311 ANALYSIS OF CONSOLIDATED SURPLUS Earned Surplus--At beginning of year Add: Net Income for Six Months.......... i 1943 $30,742,793.50 2,248,953.91 $32,991,747,41 Deduct: Dividends Paid During PeriodPreferred Stock Outstanding: .............Class A ................ 77777 Class B .................................................. $788,275.60 282386.00 $ 1,015,661.50 Common Stock Outstanding.................... .................. 772,666.00 Total Dividends Paid....... .................. $ 1,788,327.50 Earned Surplus--June 80th........................ Capital Surplus---June 30th........................ Total Surplus--June 30th... .................. $31,203,419.91 .................. 836,672.92 ......... jy^>ggjl 1942 $80,320,201.24 1.977.827.58 $32.298.028.82 $783,275.60 232386.00 $ 1,015,661.50 772,666.00 $ 1,788327.50 $80,509,701.82 120,71930 $30.630,420.52g 0000-NLI-000018274