Document 2jDBZ2RZ1m46801abJ7r0g44N

FILE NAME: Keene (KNE) DATE: 1981 DOC#: KNE006 DOCUMENT DESCRIPTION: 1981 Moody's Industrial Manual entry for Keene Corporation 1981 VOL. 2 J-Z iVlOGDY5 INDUSTRIAL MANUAL \ e e M COVERING NEW YORK, AMERICAN & REGIONAL STOCK EXCHANGES & INTERNATIONAL COMP ANIES WILLIAM o . DWYER, Publisher HOWARD G. KIEDAISCH, Ass t Publisher L. JOSEPH ROGERS, Gen. Manager ROBERT P. HANSON, Editor-in-Chief Editorial Board ROBERT W. BURKE BRIAN T. COFFEY ALFRED G. ELLINGHAM HAROLD H. GOLDBERG ALVIN E. GOUVIA JOHN J. IERACi BERNARDO DIANE R. KRUTZ JOSEPH B. LEIGH WILLIAM H. MOORE WILLIAM M. PAGLIONE FRANK R. PLATAROTE MICHAEL A. RABBIA G. SCERI, JR. Moody's Investors Service acompany of The Dun &Bradstreet Corporation SEE FOLLOWING PAGE FOR COMPLETE LI5T OF OFFICES Copyright 198! In' MOODY'S INVESTORS SERVICE, INC Now York All rights roserx ed MOODY'S INDUSTRIAL MANUAL 5173 fercd 924 f o r e a c h F V O c o m . sh . a n d 92,750 fo r C o n so lid a te d B alance S h e e t, e e o f D ec. 31 etch 91,000 p r in . a m t P V O c o n v . d e b . 7Vbs, (9000 o m itte d ): 1989. T h e r e m a in in g s h a r e s w e re a c q u ir e d Assets: 1980 1979 through a s t a t u t o r y m e r g e r in A u g u s t, 1980. C a s h ............................ 8,221 11,707 In N o v . 1980, C o . p u r c h a s e d a s u b s ta n tia l Receiv., n e t ................ 104.634 74,360 interest in t h e r a w c o tto n tr a d i n g firm o f P o ly In v e n to rie s................ 180,938 134,327 cotton S.A., G en ev a, S w itzerlan d . Oth. curr. a s s e ts ........ 14.975 2,756 Business: A h o lding co m p an y , o p eratin g through follow ing D ivisions and Subsidiaries: International T rad e D ivisions; Fulfills an im portant highly-specialized function in world-wide trad in g of goods an d com m odities. B alfour, M aclaine In tern atio n al L td.-- E x ports a w ide v ariety of products consisting of heavy m achinery and equipm ent, replacem ent p arts and certain processed and m anufactured com m odities, all p ro d u ced in U.S. an d C anada. T ra d e s on w orldw ide basis in such n atu ral and processed com m odities as coffee, tim ber an d w ood products, agricultural com m odities, ju te products, unfinished textiles, rubber, tea, spices, and food products. B alfour M aclaine, Inc.--A m em ber of the C om m odity E xchange Inc., the N ew Y ork Coffee, S ugar & C ocoa E xchange, Inc., N .Y . M ercantile E xchange, C otton TotAl n ir r ............ CONef prop., etc.......... O ther a s s e t s .............. G o o d w ill.................... T otal .................. Liabilities: N otes, etc., p ay ........... Accts., etc., p ay ........... Incom e t a x e s ............ T otal cu rr............ Long tm . d e b t............ Def. me. ta x e s ............ M inority in L .............. $5 cum. pfd. stk .......... Com. stk. ($ 1 )............ Add. pd.-in cap........... Retained earn ............. Def. empl. compens. . 308.768 24.812 17,710 2,280 353,570 123,109 94,933 11,132 229,174 73,399 6,684 4.849 2,100 3,549 23,933 12,511 *2,629 223,150 16,162 7,977 2.351 249,640 79,447 62,695 8,344 150,486 59,203 4.331 7,200 3,052 13,632 14,473 *2,737 Exchange, New Y ork F utures E xchange, Inc., C hicago B oard of T rade, Chicago M ercantile E xchange, International M onetary M arket and T otal .................. N et curr. a s s e t s ........ CBDepr. & a m o r t... 353,570 79,594 8,587 249,640 72,664 6,363 M in n e a p o lis G r a in E x c h a n g e a c tin g a s Long T arm O sbt: 1. Kay C orp. su b o rd in a te d b ro k e r a n d d ealin g m em b er, m a in ly in sinking fund d sb a n tu ra 13Vis, d u s 1M8: silver, gold, copper an d coffee, cocoa, Rating--B cotton, livestock, etc. A U T H .-- 910,000,000; o u tstg . D ec. 31, 1980, Y an E k ris & S to e tt In c.-- Im p o rte r of 910,000,000. g reen coffee in to th e U.S. D A T E D --D ec. 1, 1978. D U E -- D e c . 1, 1998. R .E .B . W illcox Si Co. (N ew Y o rk ), In c.-- IN T E R E S T --J& D l to ho ld ers registered im porter of ju te carp et backing. M & N 15. Allied In tem atio n al-A m erican E agle T R U S T E E -- Irv in g T ru s t Co. T ra d in g C orp.-- Im p o rte r of In d u strial D E N O M IN A T IO N -- F u lly reg istered . 91,000 fasteners into the U nited States. and an y integral m ultiple thereof. T ran sfer Retail D ivision: O p erates 308 retail jew elry able an d exchangeable w ithout service charge. and leased d e p a rtm e n ts in sto res. O p eratio n s C A L L A B L E -- As a w hole o r in p a rt a t a n y are co n d u cted in 33 sta te s. tim e on a t least 30 d ay s' notice to each N ov. K ay Jew elers-- O p erates jew elry stores. 30 as follow s: D e R o y J e w e le rs -- O p e r a te s je w e lr y 1979 .. ...110.00 1980 .. ...108.50 1981 .. . . . 107.00 stores. 1982 .. . . . 105.50 1983 .. . . . 104.00 1984 .. . . . 102.50 . M a r c u s Si C o . In c .-- O p e r a te s le a s e d fin e 1985 .. . . . 102.00 1986 .. ...101.50 1987 .. . . . 101.00 je w e lr y d e p a r t m e n t s in m a jo r 1988 .. . . . 100.50 d e p a rtm e n t sto re s th ro u g h o u t th e a n d th e re a fte r a t 100. N o t callab le, h o w ev er, E a s t e r n U n ite d S ta te s a n d W e s t c o a s t. p r io r t o D ec. 1, 1988 t h r u re fu n d in g a t a n in B la c k S t a r r Sc F r o s t L td .-- " G u ild " t e r e s t c o s t o f le s s t h a n 1 3 % % p e r a n n u m . A lso je w e lr y s to r e s o ffe rin g g o o d s of c a lla b le f o r sin k in g fu n d (w h ic h se e ) a t 100. g e n e r a lly h ig h e r q u a lity a n d p ric e th a n S I N K I N G F U N D -- A n n u a lly , D ec. 1. 1988-97, "F ine" jew elry stores. sufficient to red eem 9750,000 prin cip al am o u n t PVO In tern atio n al Inc.: A diversified in ter of debs, o utstg., p lus sim ilar optional p a y national food, chem ical specialties and agri m ents. S inking fu n d designed to re tire 75%, of issue prior to m aturity. cultural p roducts com pany. S E C U R IT Y -- N o t secured. S ubordinate to all O fficers senior debt. A.C. v a n E k r is , P re s . & C h . E x e c . O ff. IN D E N T U R E M O D IFIC A T IO N --Inden M.R. L a v in g to n , E xec. V iee-P res. tu re m ay be m odified, except as provided, Arie N u g te re n , E xec. V ice-P res. w ith consent of 66% % of debs, outstg. D.S. S u h , V ic e -P re s. R IG H T S ON D E FA U L T --T rustee or 25% of J.C. B e lk n a p , V ice-P res. & C hief F in . Off. debs, outstg. m ay declare principal due and R.I. W eitzer, V ice-P res., Sec. Si G en. C ounsel p a y a b le (30 d a y s g race fo r p a y m e n t of in te r R.E. D iaz, C o n tr. Si P rin c. A cctg. Off. est). M urray A ckerm an, T reas. & Asst. Sec. L IS T E D --O n A m erican Stock E xchange. Allana S ears, A sst. S ecretary P U R P O S E -- P roceeds will be used to rep ay D irecto rs short-term debt to banks. O F F E R E D -- (910,000,000) a t 100 p lu s a c Earl of C arrick J.R . Stoner cru ed in terest (p ro ceed s to Co., 96.5) o n D ec. H.K. Jo y c e M .R .L a v in g 6to, n1978 t h r u B e a r, S t e a m s & C o . a n d a s s o c i A.C. v a n E k r i s W .I. G erard ates. Andre Ben L assin O liver Stahel PRICE RANGE-- 1980 1979 1978 Arie N u g te re n H .A . Z aki H ig h .................... 96 104% 100% Paul H allingby, Jr. L o w .................... 82 87% 98 Auditors: A rth u r Y o u n g & Co. Annual Meeting: In M ay . Q u aran taad Debt: Kay C apital N.V. g u a ra n te e d floating ra ta a u ro n o te a , d u e 19B5: No. of S tockholders: D ec. 31, 1980, 1,600. No. of E m ployees: D ec. 31, 1980, 3,250. Principal Office: 320 K in g S t., A lex an d ria, VA 22314. Tel.: (703)683-3800. Consolidated Incom s Account, y sars ended Dec. 31 ($000 o m itte d ): Net s a l e s ................ Other in c o m e ........ Total ...................... Cost of s a l e s .......... Sell., etc., exp.......... Interest .................. Income t a x e s ........ dJInc. contin. op. .. Earn., com. sh. .. 1980 886,871 17,042 903,913 793,170 79,678 22,084 3,763 5,218 $1.39 Gain pro assets 5,300 Net I n c o m e .......... 10,518 Prev. ret. earn......... 14,473 Pfd divs................... 366 Com. divs. ( c a s h ).. 2,316 Com. divs. (stk.) .. 9,662 136 Retained earn......... 12,511 EUTimes chgs. earn. 1.41 OLJEam., com. sh. .. $2.83 Yr. end com. shs. .. 3,549,000 {TJAfter 93,915,000 (1979, 12,112,000) deprec. & am ort. 1979 754,341 10,802 765,143 671,010 63,406 16.383 6,590 7,754 $2.10 1978 459,242 5,294 464,536 395,261 50,119 6,182 6,552 6,422 $1.70 7,754 13,685 426 1,526 5,014 6,422 8,570 475 832 14,473 13,685 1.88 3.10 *2.10 *1.70 3,052,000 2,775,000 92.784,000; 1978, (TIAs reported on 3,679.000 (1979, 3,510,000; 1978, 3,509,000) avg. shs., adj. for 10% stk. div. 2/80 & 15% stk. div. 2/81. 0 O n income from contin. oper., before income tax. R a tin g --B A u th ., 920,000,000; o u tstg ., D ec. 31, 1980, 920.000. 000. D u e Ju ly I, 1985. Issu ed in b e arer form w ith coupons. 910,000 denom ination. In terest p ay ab le q u arterly Jan ., A pr., Ju ly a n d O c t. 1. Interest payable a t rate % of 1% above three-m ontn L ondon interbank offered note, determ ined quarterly. I n t e r e s t r a t e f ro m A p r. 28, 1981 t h r u J u l y 27. 1981, 17% % . C a lla b le b e g in n in g J u l y 1, 1982 a t 100. N o sinking fund. U nconditionally guaranteed by K ay C orp. Proceeds to repay sh o rt term debt. O ffered (920,000,000) in J u ly . 1979 o u tsid e U .S. a t 100 th ro u g h a sy n d ic ate led b y K idder, Peabody International; B ankers T ru st In ter national: B anque Bruxelles L am bert; B anque N ationale de Paris; C redit L yonnais; R oth schild B ank; Societe G enerale and S venska H andelsbanken. Kay Capital N.V. co n v ertib le su b o rd in a te d d e b e n tu re 8 %e, d u e 1995: ` R ating--B A u th ., 915,000,000; o u tstg ., D ec. 31, 1980, 915.000. 000. D u e D ec., 1995. C onvertible-- In to co m m o n sto c k a t 926.96 per share. Purpose-- Proceeds used to repurchase o u ts tg . 95 c u m . p>fd. s to c k a n d to r e p a y p a r t of C o .'s s h o r t te r m in d e b te d n e s s to b a n k s . I s s u e d (915,000,000) d u r in g th e f o u r th Quar te r of 1990. O ther Long Term Debt: O u tsta n d in g , D ec. 31, 1980, 926,952,000 co m p rised of: (1) 95,000,000 te rm lo an w ith in te re st a t b a n k 's p r im e r a t e p lu s 1*/*% d u e s e m i- a n n u a l ly fro m 1981 to 1985 w ith a 9500,000 p a y m e n t in 1986. (2 ) 92,000,000 te rm lo an w ith in te re st a t b a n k 's p r im e r a t e p lu s 1 % % d u e in 1984. (3) 912,000,000 9 % % S enior n otes, due sem i-an n u ally 1983-1992. (4 ) 97,000,000 10l/2% s e n io r n o te s d u e s e m i a n n u a lly 1984-94. (5 ) 92,000,000 te rm b a n k lo an w ith in te re st a t b a n k 's p n m e r a t e p lu s 1 % % d u e 1984. (7) 9952,000 o th e r debt. C apital Stock: Kay C orp. com m on; par. 91: A U T H O R IZ E D -- 10,000,000 sh a res; o u ts ta n d ing, D ec. 31, 1980, 3,549,000 sh a res; reserv ed fo r o p tio n s , 151{000 s h a re s ; r e s e r v e d f o r is s u ance on conversion of subordinate debentures, 556,000; p a r 91. 91 p a r shs. sp lit 2 -fo r-l, N o v . 2, 1966. D IV ID E N D S -- (c alen d ar y e a rs since 1953): 1954-55 . . . .91.50 1956 ...........91.70 1957-58 . . . .91.60 0 1 9 5 9 ........... 1.40 0 1 9 6 0 ..........0.90 1961-64 Nil 1965 .............0.50 0 1 9 6 6 .......... 0.54 A fter 2-for-l stock split. 1966 .. .. .0.121/ , 1967 .. ..'.0.50 031968 - . .0.37 Vi 1969-72 ...N i l 1973 .. ...0 .1 0 1974 . . . . .0.20 1975 ......0.02 1976 .. ...0 .1 0 1977 . . . . .0.20 1978 .. .. .0.30 1979 .. . . .0.55 031980.. . .0.75 1X11981. .roo.37% 0 A lso stock dividends: 1959 and 1960, 2%; 1966, 5%; 1980, 10%; M ar. 16, 1981, 15%. S T o Ju n e 16, also paid 15% stk. div. V O T IN G R IG H T S --H as one vote per share. PR E E M PT IV E R IG H T S--None. T R A N S F E R A G EN TS-- M organ G uaranty T ru s t Co., N ew Y ork; A m erican Security B ank, N .A ., W ashington, D.C. R E G IS T R A R -- M o rg an G u a ra n ty T ru s t Co., NYC. L IS T E D -- On A SE (Sym bol: KAY). P R IC E RANGE-- 1980 1979 197$ 1977 1976 H ig h .................... 32% 16% 15 8% 5% Low .................... 12% 11Vs 6 4% 2Vs Preferred Retired: E n tire issu e of 5% c u m u la tive preferred; p ar $100 w as retired in N ov. 1980. KEENE CORP. History: In co rp o rated in N ew Y o rk on Dec. 31, 1979, a s su ccesso r to Co. of th e sa m e n am e incorporated in D elaw are; succeeding by m erg er in M a y 1967, to business of K eene Packaging A ssociates, established in Jan. 1955. In 1967, a c q u ire d M ack en zie-W alto n Co., Inc.; P en n M etal Co., Inc.; P ittsb u rg h -E rie Saw C orp. and substantially all of the assets and assum ed m ost of the liabilities of D using & H unt, Inc. In 1968, acq u ired C h a se -F o ste r, In c.; V alu e P rogram s for In dustry, Inc A lbert Sechrist M fg. Co.; B ufnel D ivision of S m ith In d u stries. Inti., Inc., 98% of th e outstan d in g capital stock of B aldw in-E hret-H ill, Inc. (subse quently sold) and 97% of outstanding capital stock of Bow ser, Inc. (now w holly-ow ned). In 1969 acq u ired K a y d o n E n g in e erin g C orp. an d M a rk et D ecorators Inc.; Stonco E lectric P ro d u cts Co., L ight & P ow er U tilities C orp., and Sm ithcraft Corp. In 1970 acq u ired w h e e le r R eflector Co., an d P artition Sales & M fg. Inc. In Ja n ., 1972, acq u ired T ay ler-S p o tsw o o d N o rth w est Inc., an d several p ro d u ct lines from Budd Co. In 1973, a c q u ire d S u n b e a m L ig h tin g Co., Inc. In Ju n e , 1973, acq u ired K en t L ighting. In A ug. 1973 Co. m erg ed R a y P ro o f C orp., o n b a s is o f o n e C o. co m . sh . fo r e a c h 1.96 R a y Proof shs. In S ep t., 1978 acq u ired A .P.V . B o w ser F il tration, L td. of C roydon, E ngland. In Ju n e 1979, acq u ired C rescen t L ig h tin g Corp. for cash. In D ec. 1979, Co. so ld its G ra tin g a n d P o rta F ab operations for cash and notes. Holding Com pany Plan Developm ent: In Feb. 1981 C o -an n o u n ced p la n s to fo rm a h olding com pany of w hich Co. w ould becom e a sub sidiary. T h e holding com pany w ould be called B airaco Corp. Co. said th at, under the propos al, Co. shareholders w ould receive tw o shs. of B airnco for each sh. of Co. T he plan, ap p r o v e d o n J a n . 30 b y C o .'s b o a r d , r e q u ire s th e e n d o r s e m e n t of C o .'s s h a re h o ld e rs . I t a ls o r e quires approval by the N ew Y ork Stock E x change for the listing of Bairnco shs. Business: P roducts m anufactured in four m ajo r g ro u p s as follow s: B E A R IN G S PRO D U CTS: C ustom B ear ings--C ustom engineered bearings for aero space, specialized m achinery, construction equipm ent, defense and other capital goods m arkets. R oller B earings--S tandard production roll er bearings for autom otive, appliance and oth er industrial m arkets. Thin-Section B earings--S tandard thin-section bearings for aerospace, instrum entation, textile and other industrial m arkets. L IG H T IN G PRODU CTS: Indoor Fix tures-- F luorescent, high intensity discharge 5174 MOODY'S INDUSTRIAL MANUAL ajid incandescent lighting fixture* for com m ercial, industrial and institutional m arkets; task lighting for all m arkets. O u td o o r F ixtures-- H igh intensity discharge and incandescent lighting fixtures for com m ercial, industriai, sp o rts and residential m ar kets. , M edical F ixtures--C olor-corrected exam i n atio n lighting an d p atien t room lighting fix tures for health care m arkets. F IL T R A T IO N PRO D U CTS: F iltration S y stem s-- F iltratio n and oil se p aratio n eq u ip m ent for industrial, aviation, m arine, utility and defense m arkets. W aste T reatm en t System s-- P rocess equip m ent for m unicipal and industrial w aste w ater treatm en t m arkets. Shielding System s--R adio frequency and m icrow ave shielding for health care, security, and defense m arkets; anechoic cham bers for in d u stry . IN D U S T R IA L PR O D U C TS: L am inates-- E lectrical an d electronic insulations; high fre quency ciruitry m aterials. C utting Services--C utting equipm ent and services for m eat processors and retailers; band saw blades for industrial m arkets. M etal Products-- E xpansion joints for the construction m arket; expanded m etal prod ucts for construction and industrial m arkets. T ran sit System s--A utom atic fare and d ata collection system s. Insulation--H igh-tem perature . m ineral wool insulation and insulating cem ents for ref racto ry , utility and industrial m arkets. P roperty: O w n s a n d le a se s 19 p la n ts a s fol low s: E ast Providence, R .I. P ark ersb u rg , W .V a. St. L ouis, M o. A u r o r a , 111. C h ic a g o , 111. G reeneville, T enn. O live B ranch, M iss. U nion, N .J. B ear. Del. In addition Co. leases L aG range, G a. G alt, O nt. Can. S u m ter, S.C. K alam azoo, M ich. M uskegon, M ich. (3) F o n ta n a , Calif. W ilm ington, M ass. N orw alk, Conn. C roydon, E ngland executive and adm in istrativ e offices in N .Y .C . Subsidiaries: K eene C orp. of C an ad a Ltd.; B ow ser F iltration, L td. Officer* G .W . B a iley , C h u m , ta P re s. G. F. M ahoney, V ice-President-Fin. H. A. M ileaf, Sec. R .J. P rata, T reas. V ice-Presidents R.A. S han tz M .S. Sellinger F ra n k M etzger Director* G.W . BaUey JT B okan E. R. A nderson F ichthorn III F. P. H arvey Auditors: A rth u r, A ndersen & Co. G en eral C ou n sel: A n d e rs o n , R u s s e ll K ill Ac O lick, P C. Annual Meeting: In A pril. No. o f Stockholders: D ec. 31, 1980, 3,657. No. of Employee*: D ec. 31, 1980, 2,222. Executive Office: 200 P a r k A ve. N ew Y o rk . N Y 10166. TeL (2121557-1900. Liabilities: D ebt d u e .................. . Acct*., etc., p a y ........ . 2,300 36,807 975 37,360 ---------- Total current .. . Long-tm. debt ........ . * Cv. subord. d eb t. . . . . Def. inc. ta x e s .......... . O ther liabil................ . Com stk. ($0.10) . . . . Paid in su rp .............. . R etained earn ........... . T otal ................ . Net curr. assets . . . . . Deprec., etc. . . . . 39,107 37,268 15,325 860 7,644 251 8,269 62,209 170,933 42,964 36,961 38,335 36,525 16,275 1,235 3,490 288 15,885 51,791 ----------163,824 43,288 34,137 >rapara- Uve purposes. Long Term D eb t O u tsta n d in g , D ec. 31, 1980, $38,843,000 consisting of: (1) $17,500,000 b a n k lo an s u n d e r revolving credit and term loan agreem ent effective Jan. 18, 1980. A g re e m e n t p r o v id e s re v o lv in g c re d it fo r m ax im u m b o rro w in g of $40,000,000. Co. haB o p tio n to b o rro w in th e dom estic o r E u ro d ollar m ark et. In te re st ra te is a t p rim e com m ercial ra te if b o rro w ed in dom estic m a rk e t an d % % above L ondon In te rb a n k ra te if b o r row ed in E u ro d o llar m arket. R epaym ent on KU lo a n is d u e in in s ta llm e n ts f ro m 1983 to 1987. (2) $2,345,000 6*4% -8% % M o rtg ag e n o tes p a y a b le in in sta llm e n ts th ro u g h 1991. (3) $18,000,000 in d u strial rev en u e b o n d s d u e 1997 th ro u g h 2009. I n te re s t r a te s a re a t 60% prim e com m ercial rate w ith a m axim um of 8% o n $11 m illion, 70% of p rim e com m ercial ra te w ith a m axim um oi 8% on $3 m illion an d 65% of p rim e com m ercial ra te on $4 m illion. (4) $998,000 o th e r n o tes a n d m o rtg a g e loans p a y a b le . . , In connection w ith R evolving C redit and T e r m L o a n A g re e m e n t a b o v e , C o. p a v s Va% com m itm ent fee on u nused am o u n t of credit. Co. also m aintains collected cash balances w ith banks of 5% of loan com m itm ent and an additional 5% w hen funds are bo rro w ed in the dom estic m arket. S ubordinated D ebt o u tstg . D ec. 31, 1980, $16,050,000 com prising: (1) $50,000 9 % C onvertible S u b o rd in a te d N o te s, d u e th ro u g h 1982. C o n v e rtib le in to co m m o n a t $26.57 p e r sh a re. (2) $16,000,000 5V*% convertible su b o rd i n a te d d e b e n tu re ( p riv a te ly h e ld ) d u e 1988. D ebentures are convertible into com . shs. at $26.98 a sh. r L oan agreem ents relating to certain of above debt contain covenants, m ost restrictive of w hich require m inim um w orking capital ra tio of 1.6 to 1; r e q u ire c o m p lia n c e o f c e r ta in debt to n et w orth tests on a quarterly basis w hich m ay lim it incurrence of additional debt: and lim it cash dividends, or the purchase of cap ital sto ck , to ap p ro x . $9,763,000. In su b se q uent years, 75% of consolidated net incom e will also becom e available for dividends, or purchase of com m on stock. C apital Stock: K een* C orp. com m on; p a r $0.10: A u th ., 10,000,000 shs.; o u tstg . D ec. 31, 1980, 2,507,048 shs.; in tre a s u ry , $1,610,961 shs.; re se rv ed fo r o p tio n s, 346,150 shs.; reserv ed for w a rra n ts , 11,244 shs.; re se rv e d fo r co n v e rsio n of d e b en tu res a n d n o tes, 594,914 shs.; p a r $ 0. 10. . H as one vote per share; no preem ptive O n M a y 1, 1967, a c q u ir e d R e g a l Product* C o rp ., H a r r is b u r g , P a . fo r a b o u t 51,064 coin- m on share*. O n M a y 31, 1967, a c q u ire d H .V . Keller M a n u fa c tu r in g C o., M u s c a tin e , l a . fo r 6,983 co m m o n h ares (old A pr. 30, 1970). I n M a r., 1968, ac q u ire d P erfec tio n Metal, In c., A tla n ta , fo r 20,927 com m o n hares. I n M a y , 1971 a c q u ire d .A lum inum Suppliers, Inc., an d N o rrab , Inc., C anton, O. O n O ct. 12, 1971 a c q u ire d a s s e ts of Building A ccessories, Inc. and P erm abit M anufacturing Inc., S araso ta, Fla. O n N o v . 1, 1971, a c q u ir e d fo r c a s h Coronet A lum inum Inc. a n d M id-C ontinent Manufactu rin g C o ., Inc., B utler, M o. In J a n . 1972 a c q u ire d C o lu m b u s S tove Co. a s u b s id ia r y of N a tio n a l In d u s tr ie s , Inc., for a n u n d is c lo s e d c a s h s u m (so ld J u ly 31, 1979). O n A u g . 1, 1979, a c q u ire d H a r le w Industrie for cash and notes. Busin***: M a n u fa c tu re s a lu m in u m window*. tiding p a tio d o o rs, screen a n d sto rm doors, tu b a n d sh o w er en clo su res, tu b u la r and w ro u g h t alu m in u m fu rn itu re , alu m in u m lad ders, carpets, w ood, m ica kitchen cabinets. P r o d u c ts a r e d is tr ib u te d t h r o u g h a b o u t 62 ow ned sales w arehouses th ro u g h o u t country Plant*: C o m p a n y a n d / o r su b s id ia rie s ha* plants at: M erced, Cal. W oodviile, Tex. Caldw ell, Tex. M ilford, Va. C a rters viile, G a. W aynesboro, Ga. Sw ainsboro, Ga. Rom e, Ga. C anton. Ohio Sanford, Florida S arasota, Fla. M uscatine, la. L inton, Ind. M iam i, Fla. D eland, Fla. M cK enney, Va. Sylm&r, Calif. Subsidiaries K eller T rucking. Inc. K eller B ath E nclosures, Inc. Keller C asuals, Inc. K eller-Scroll Show room , Inc. K eller International, Inc. K eller K itchen C abinet Southern, Inc. K eller L adders, Inc. Keller P roperties, Inc. K eller-Scroll, Inc. K eller A lum inum Suppliers, Inc. N orrab Inc. O fficers H .A . K eller, C h m n . P re s . & C h ief E x ec. Off. B.A. K eller, A sst, to P res. & C orp. Vice-Pres R .M . C o n n o rs , S e n io r V ic e -P re s., C hief Fin Off. & T reas. F red Phillips, V ice-Pres.-- M anufacturing H .A . K eller, Jr., V ice-Pres. & Sec. R o n M edlin, V ice-P res.-- B uilding Product* D iv. M ichael M o rettin i, C orp. C o n tr. & Chief Acct Off. Director* H .A . K eller H. A. Keller, Jr. R.M . C onnors I. S. Levine B.C. B rittingham A lan Stem heb S.W . L anger B en jam in Botwinick R .L. T urchin G*n*r*l C ounsel: L e v in e , R e c k so m Reed fir G eiger, M iam i, Fla., M udge, Rose, Guthrie & A lexander, N ew Y ork. Auditor*; E r n s t 6c W h in n c y . Annual Mooting: T h ird T h u rs d a y in Jan . No. o f S tockholder: J u ly 31, 1980, 2,518. C onsolidated Incom e Account, years ended Dec. 31 (S000 o m itted ): 1980 S1979 1978 N et sales, etc......... 210,112 202,326 163,859 Cost of sales, etc. . 137,091 135,932 110,268 Sell., etc. exp......... 35,161 36,023 30,181 O per. p r o f it----- 37.860 30,371 23,410 Other deduct., net 1,415 2,769 808 B a la n c e ................ 36,445 27,602 22,602 Gen. etc., exp......... 4,292 4,268 3,544 Asbestos litig. exp. I n t e r e s t ................ 5,071 3,393 2,422 Income taxes . . . . 9,076 9,113 7,934 Net In co m e ........ 12.006 10,828 8.702 Prev. ret. earn. - -. 51,791 42,466 35,063 D iv id e n d s ........... 1.588 1,503 1,299 Retained earn. ... 62,209 51,791 42,466 E arn ., com. ah. . $4.42 $3.52 $2.64 Yr. end com. shs. . 2,507,048 2.878,297 3,177,747 A fter $5,407,000 (.1979, *5,389,000; 1978, $4,938,000) depr. & am ort. As reported on 2,715,000 (1979, 3,076,000; 1978, 3,297,000) aver. com. & com. equiv shs.; $3.77 (1979, $3.06; 1978, $2.32) fully dilut ed. djlncl. Crescent Lighting Corporation acq. in Ju n e , 1979. C o n so lid a te d B alan ce S h e e t, a a o f D ec. 31 ($000 om itted): Assets: Cash & sec............... Receiv., n e t ............ I n v e n to r ie s ........ Def. inc. taxes . .. . Other curr. assets.. 1980 8,017 28.716 39,454 4,477 1,407 1979 9,877 26,076 39,963 3,378 2,329 Total current . N et prop., etc.. . . Exc. acq. c o s t ........ O ther a s s e t s .......... 82,071 56,532 31,559 771 81,623 48,820 31,612 1,769 Total 170,933 163,824 rights. i>ivv id e n d R e s tr ic tio n s : S ee L o n g T e r m D eb t. D iv id en d s P aid (since 1967): 1968 .............).. 1969-71 . . . . Nil 1972 ........... $0.05 1973 ...........$0.10 1974 ...........$0.15 1975 .............0.20 1976 . ...0 .2 5 1977 .............0.30 1978 ............. 0.40 1979 ............ 0.50 1980 ............ 0.60 1981 . . . . 0.15 Also paid stk. divs.: 1968, 300% . T o M ar. 31. . ,, T ran sfer Agent: Chem ical B ank, N .Y . R egistrar: U nited S tates T ru st Co. of N ew Y ork. , _ _ O ffered (400,000 sh s.) a t $24.50 a sh. on M a y 1, 1968 t h r u L a ird , In c . a n d a s so c ia te s . P r o ceeds to repay short-term bank debt and for w orking capital. ^ , __ (700,000) shs. a t $13.50 a sh. on J u ly 30, 1969 th ru E astm an D illon U nion Securities & Co. a n d L aird , Inc. an d A ssoc. 668,800 shs. re p re sented com pany financing. L isted: O n N y SE (Sym bol: K E ). Also listed on Philadelphia SE. Pnce Range: 1980 1979 1978 H ig h .................... 25 20V* 19% L o w .................... 17% 13 10% ,, 1977 1976 U*/* 10% 9% 4% Warrant*: O u tsta n d in g D ec. 31, 1980, w a r r a n ts to p u rc h a se 11,244 sh s. a t $8.50 ex p irin g 1984. KELLER INDUSTRIES, INC. H istory: I n_c_o_r p o__r_a_t_e_d u__n d e r F l o r i d a la w s A u g . 1, 19*511 "aaxs JJaalo u s ie & W in d o w E n g in e e r ing Inc.; Air C ontrol P roducts. Inc. adopted F e b . 28, 1955 w h e n sto c k of 16 a ffilia te d c o r p o rations w as acquired. P resent nam e adopted in J a n ., 1965. . In 1964 a c q u ire d S ilb y -D a lc o u rt C hem ical In d u strie s, Inc. fo r sto c k . In 1965 acq u ired P roduction Engineering Co. and A shkoute L td. No. of Employ***: J u ly 31, 1980,4,400. Office: 18000 S ta te R o a d 9, M ia m i, F L 33162. T*L: (305)651-7100. Consolidated Income Account, y e a n July 31 ($000 o m itte d ): 1980 1979 N et s a l e s .... 184,606 Cost of sales ....... 140,949 Sell., etc., exp.......... 39,942 Oper. income . . . . 3,714 O ther inc., n e t ........ 37 6 T o t a l ......... 4,091 I n t e r e s t .................. 3,252 Incom e t a x e s ........ crl97 Inc. cont. oper........ 1,036 Earn., com. sh. . . $0.30 179,396 131,957 36,57! 10,867 5 7 6 11.443 3.259 3,179 5,006 $1.45 Inc. disconl. oper. . N et In c o m a ........ .... 1,036 50 5,056 Prev. ret. earn.. . . . Divs. (c a sh )............ 45,870 1,037 41,852 1,037 andad 1978 157,35 111.193 32.210 13,955 302 14,257 2.236 5,702 6.319 $1 82 dr$4~3 5.477 38,145 756 Divs. ( s t k . ) ............ Retain, earn. . .. 45,869 45,870 41,852 Earn., com. sh. .. $0.30 $1.46 $151 Yr. end shs.............. 3,458,300 3,457,800 3,45i,300 A fter $3.411.706 (1979. $2.831.542; 1971 2,525,549) depr. am ort. $6,019.000 not restricted O n 3,458,270 (1979, 3,457,371; 1978, 3.461,506) sver shs. adj. for 3% stk. div. 7/78. Reflects chxe to (lifo) m ethod of costing inventories which reduced net Income by $2,671,000 ($0.77 a sh.). C onsolidated Balance Sheet, ($000 om itted): Assets: C a s h ........................ Receiv., net .......... T ax claim ............ Inventories . . . . Prepay., etc............. 1980 10,882 20,981 872 37,403 1,221 as of 1979 1,414 28,138 2,261 50,571 984 July *1 1971 2,072 20,465 55,577 1,931 Total cu rr,.. 71,360 83,368 80,045 74 MOODY'S IN D U STRIAL MANUAL S O p e ra tin g p ro fit . . _ 348,010 252,889 C o n s o lid a te d In c o m e A c c o u n t, y e a r s e n d e d No. o f S to c k h o ld e rs : J u n e 30, 1957, 650. O th e r i n c o m e ___ 90,453 31,415 J u n e 30: 1957 1956 No. o f E m p lo y ee s: J u n e 30, 1057, 320. T o ta l i n c o m e ____ 438,463 284,304 ii'N e t s a l e s $14.182,750 $18,145,349 H ead O ffice: M cM illan S t. a n d R e a d in g R oad, I n t e r e s t _________ 62,448 47,023 O p e ra tin g p ro fit . . 1,160,239 1,858,475 C in c in n a ti, O hio. Em pl. retire., etc.. 46,390 _______ O th e r in c o m e , n e t 171,196 166,675 "N ew "Y o r'k O---f-f-ice: S u ite 2501, E m p ire S ta te O ther deductions . 1,268 424 T o ta l i n c o m e ______ 1231,435 2,025,150 B ldg. ` Fed. incom e tax . . 76,675 67,589 F e d . in c o m e t a x e s . 645,000 1,040,000 Year to 11 m os. to fflN et p r o f i t ............. 251,682 169,268 M in o rity I n t e r e s t . 21,688 1,885 In co m e A c c o u n t: J u n e 30/57 J u n e 30/50 P re v . e a r n , s u r p __ 1,234,158 1,180,255 N e t i n c o m e ________ 664,747 983265 N e t s a l e s _________ $3,81-1.336 $3,69o 310 D iv id e n d s ............... 107,058 103,414 P re v . e a r n . s u r p .. 7,038,971 6,594,764 C o sts & e x p e n s e s _ 3,534,213 3,407.275 P r . yT. t a x e tc ., a d j. d r 1,902 c r 8,087 D iv id e n d s .............. 537,606 539,058 O p e ra tin g p ro fit -- 280.123 2vSS 825 M inority int. ad j.. _______ d r 38 E a rn , s u rp ., 6-30 . . 7,166,112 7,038,971 O th e r in c o m e , n e t 7.671 6 161 E a rn , su rp ., 3-31 -- 1.376.879 1.234,158 H F ro m S E C r e p o r t . . . T o ta l i n c o m e _____ 287,794 294,596 iC A iter d e p re c .: 1957, $252,444 1956. $214,717. S a le s a> E arnings, y e a n to J u n e M (In $); F ed . in c o m e t a x - - . 146,310 148,674 S ales an d E arnings, y e a rs to M ar. J1 (In N et N et N o. o f E a rn . ffiN et i n c o m e ......... 141,484 11b,122 $): N et N o. o f E a rn . ___ Sales Incom eShares on Com Prev. earn, su rp ... 1,133,520 1,106,577 Year S a le s P ro fit S h a r e s o n C om . 1957-- 14,182,750 $664,747 430,000 1.55 D i v i d e n d s ------------- 118,130 119,170 1957__ 9,390,117 251,682 271,543 0.92 1956.. . 18,145,349 983,265 430,425 2.28 E a rn , su rp lu s , 7-31 1,156,853 1.133,529 1 9 5 6 .. . 8,948,264 169,268 263,747 0.64 1955-- 17255,982 734,790 433,028 1,70 H iA fter d e p r e c ia tio n a n d a m o rtiz a tio n : 1957 1 9 5 5 .. . 8,326,319 291,259 249,619 1 J 6 1954.. . 18212,340 1,101,443 433,028 2.54 J. 1954__ 7,290,667 225,843 249,619 0.90 1953... 17,089,137 928,191 433,057 2.14 s, y ear* to J u n e 30 (in `i ). 1 9 5 3 .. . 5,653,506 99,783 _______ IE0.40 1952-- 17,748,531 902,697 393.689 2.29 N et N et No. of Earn. 1952__ 4,638,592 1951__ 3,833,193 62,645 ______ 152,210 _______ 0 1951-- 19,705,837 1224,327 393,689 3.11 0.61 1950-- 16,102,993 1.44S.941 393,689 3.67 1957-- Sales Incom e 3,814.336 141,4S4 Shares on Com 294,800 0 48 1950-- 2,774,009 18,575 ............. 0.08 1949-- 13,901,346 854,100 393,689 2.17 031956 3,696,210 146,122 296,300 0.49 Q lB ased o n 247,610 s h a r e s a n d d is r e g a r d in g 1948-- 10.707.942 656,870 393.762 1.67 [21955 3,695,876 155,267 300.000 0.52 p r e f e r r e d d iv id e n d s p a id i n 1953 a n d p r i o r C o n s o lid a te d B a la n c e S h e e t, a s o f J u n e 30: 1554.. A ssets: 1957 1956 1953-- 3,537,398 3,756,009 122,958 143,278 300,000 300 000 0 41 0 48 C o n s o lid a te d B a la n c e S h e e t, a t o f M a r. 31: C a s h _____________ U. S. t a x n o t e s __ A ssets: 1957 1956 $1.440,933 BJ$2,174,077 1952.. 3.660.893 134.74 300.000 0.45 2,544,831 2,490,481 1951-- 3,870,276 148,745 300,000 0.49 C a s h _________ . . . . Receivables, n et . . $353.373 1,144,033 $437,168 Receivables, n et . . [ I n v e n t o r i e s ____ 879,364 1,283,325 1220,294 1,104,167 1950-- 3,955,160 182,198 300.000 0 61 1,462,425 1949-- 4.050.893 138,432 300,000 0.46 [ ( I n v e n t o r i e s ____ 535,597 462.409 T otal cu rren t . $6,589,383 1 948- 4,337,813 246,097 300,000 0.82 $7,231.150 e 30. Prepaym ents, etc.. 59,956 92,679 L a n d , b ld g s., e t c .. 6.806,930 6,246,874 y e a r s e n d e d J u ly 31. '' Total cu rre n t . L and, bldgs., e tc -- $2,092,959 3,100,011 $1,871,620 D e p r e c ia tio n ____ N e t p r o p e r t y __ 2,790,870 3,253,386 3.553,544 2,867,286 3,379.588 A ssets: 1 o f J u n e 30: 1957 lice D eprec. & am ort.. 1,196,727 1,011,424 P a te n ts , e t c . _____ D eferred charges . 2 86,767 2 C a sh --------------------. 88,940 U. S. G o v t, se c u r. .. $605,630 259.243 $586,7S5 26o ,2^4 , ! N et property . . . D eferred charges . 1,903,284 65,735 1,779,446 106,603 T o t a l ..... ........... $10,229,696 Receivables, n et -,. $10,699,680 (^ In v e n to rie s ------ . 197,151 409,193 149,9/6 41c,120 'l \ T o ta l ________ $4,061,978 $3,757,669 L iabilities: A ccounts payable. $649.201 $488,075 T otal c u rre n t-- $1,471.217 $1,412,065 M L iabilities: N otes, etc., payable $615,445 $532,762 A c c ru a ls ________ Fed. inc. ta x res.. 397,432 31100,590 351,406 L a n d , b ld g s., e tc .-922,263 D e p r e c i a t i o n -------- 335,454 144,420 322,786 134.420 " i; A ccts. p a y a b l e ___ A c c ru e d t a x e s ----- 355,963 149.361 314,367 D ivs. p a y a b l e ___ 13L591 215,000 215,213 N e t p r o p e r t y ----G o o d w ill_________ 191.034 1 18S.SCC 1 O th e r a c c r u a l s ----- 146.438 27,606 T otal cu rren t . $1,362,223 $1.976.957 C a sh v al., life in s .. 232.133 21C,697 T otal cu rren t . $1.267.206 $1,006,326 M inority in terest. C om . sto c k ( S I ) __ 26,574 430.000 1,885 D ef. chgs., e tc. . . . 430,425 12,293 14,912 i t L o a n s p a y a b l e ___ Com. stock (SI) -- 785,891 271,543 884,019 C a p ita l s u r p lu s . . . 263,747 E a rn e d s u r p l u s __ 1,244,787 7.166,112 1,251.442 7.038,971 T o t a l .............-- L ia b ilitie s- $1,906,678 $1,832,04 j 5 Pd. & acq. surp. . . E a rn e d s u r p lu s __ 360.459 1,376,879 369,420 1,234,158 T o ta l ................. $10,229.696 Accounts payable . $10,699,680 A c c r u a l s _________ $176,837 40.91G $90,STS 47,488 T o ta l ................ $4,061,978 N et cu rren t assets 63,757,669 N e t ta n g . c--o--m--.--s--h--._- $5,227,160 $20.56 $5254,193 F ed , inc. ta x res._$2026 Emp. prof. shar. . . 136.310 17,963 145,774 19,481 N et cu rren t assets $825,753 $865294 E A t lo w er o f co st o r m a rk e t. N.e.t. t_a_n__e_. _c_o_m__.__e_h_.. $7.40 $7.08 EJI n c lu d e s $300.000 tim e c e r tific a te o f d e Total cu rren t-- $372,026 $312,621 E A t low er of cost or m arket. posit. T e rm L o an : O u ts ta n d in g , M a r. 31, 1957, H iA fter d e d u c tin g $440.000 t i . S . t a x n o te s . Com . s to c k ( $ 1 ) __ P a id -in s u r p l u s __ 294,800 82.969 296.300 89,591 $901,336. I n te r e s t, 4% %. D u e $27,500 q u a r te r ly t o S e p t. 30, 1965, In ch I n a d d itio n c o m p a n y C apital Stack: m o n ; p a r $1: L B aldw in R ubber Co. com E a rn e d s u r p lu s __ 1,156,883 1,133.529 a n n u a lly w ill p a y 25% o f e x c e s s c o n s o lid a te d A u th o riz e d . 600,000 s h a re s : o u ts ta n d in g . T o ta l .................. $1,906.678 $1.832.041 n e t e a r n in g s o v e r $100,000 u p to $50,000 p e r annum additionally. Com pany m ay not pay 430,000 sh a re s ; $ 1. in tr e a s u r y , 5,685 sh a re s ; par N et cu rren t assets N e_t t.o n gw.. c_o_m__. s_h. $1,099 191 $5 21 $1,093 444 $5.13 c a s h d iv id e n d s n o r in v e s t i n fix ed a s s e ts Is s u e d In 1936 in e x c h a n g e f o r f o r m e r ly o u t CDA t lo w e r o f c o st o r m a r k e t. w h ic h w o u ld re d u c e co n so lid a te d n e t w o rk sta n d in g n o p a r class A p re fe re n c e (fo u r C ap ital S to ck : t- B eau B ro m m etl Ties Inc. in g c a p ita l b e lo w $800,000. s h a re s c o m m o n f o r o n e s h a r e e l s a A ) a n d n o c o m m o n ; p a r $1: C a p ita l S to c k : 1. B a ld w in -H ill C o. c o m m o n ; p a r c l a n B c o n v e r tib le s to c k (53 1/1% o f co m A U T H O R IZ E D -- 300,000 sh a re s : o u ts ta n d in g , A U T H O R IZ E D --1.000,000 sh a re s ; o u ts ta n d in g . m on share for each share of class B). Has one vote per share w ith right of cum u 294,800 sh a re s ; in $ 1. tr e a s u r y , 5,200 sh a re s ; par 271,543 sh a re s ; p a r $1. lative voting for directors. V O T IN G R IG H T S --H a s o n e v o te p e r c h a re . V O T IN G R IG H T S --H a s o n e v o te p e r s h a re ; D iv id e n d s p a id ( c a le n d a r y e a r s ) : ADDITIONAL INDEBTEDNESS -- Com pany no cum ulative voting rights. P R E EM PTIV E RIG H T S--N one. 1 9 3 6 ... $0.87)6 [01917- $0.15 1938. _ 0.12)6 m a y m o rtg a g e Its a sse ts o r se ll & s u b s ta n tia l 1939-- 0.25 1940__ 0 .0 ) 6 1 9 4 1 ... 0.75 p a r t th e r e o f o r c r e a te a n y n e w s to c k h a v in g D IV ID E N D S (c a le n d a r y e a r s sin c e 1949): 1942-43 0.50 1944__ 0.60 1945-47 0.70 p r io r r ig h ts to t h e c a p ita l s to c k o n ly b y 1950-- $0.15 1951__ *0.05 1953-53 n il 001943. 0.77)i 1949__ 1954-- 0.25 S1955-57 0.40 1978-- 0.10 1211952. 1.10 1953__ 0.95 1950-51 120 1.00 1954-57 1.25 s e c u rin g th e c o n s e n t o f h o ld e r s o f 73% of such stock issued and outstanding. [Also sto c k d iv id e n d s; 1955 a n d 1956, 3%. 01 9 5 8 . 0.50 DIVIDENDS--(C alendar years): EjTo M a r. 28. ElA lso $1.15 sp e c ia l p a y a b le In c a s h o r la T R A N SFER A G EN T--T re n to n B a n k in g Co., sto ck 10/65ths sh a re fo r each sh a re held. 1937__ $' 0.80 1"9"38-3"9 $*0.50 1940-41 10.55 Trenton, N. J. A lso s to c k : 1948, 25%; 1952, 10% 19-12__ 0.50 1945__ 0.90 1943-- 0 75 m i48. 0.85 1944-.- 1.00 1947-53 0 50 O F F E R E D -- (30,000 sh a re s ) a t $6.50 p e r s h a re T o A p r. 28. 19_5_4_--_ 0..45. 1955-5.7 0.40 rfl9 5 8 . 0 10 o n N ov. 17, 1954 b y E s ta b ro o k & C o.. N ew P R IC E R A N G E -- 1957 1956 1955 1954 1953 (TiAlso 100% i n s to c k J u ly 24, 1956. Y ork and De H aven & Townsend, C router & Bodine, P hiladelphia. Proceeds from sale of H ig h - .................. 16% 17% 18Vs 17)6 13% dlT o M a r. 13. L o w ---------- 13 13 15% 11% 11 O FFE R E D -- (60,000 c o m m o n s h a re s ) a t $6 p e t 20,000 s h a re s a c c r u e d to c o m p a n y a n d w e r e T r a n s f e r A g e n t: N a tio n a l B a n k o f D e t r o i t s h a re in D ec., 1936 b y A. W . P o r te r . In e.. N ew used to redeem debentures and preferred stock and for w orking capital. D iv id e n d D isb u rs in g A g e n t: C o n tin e n ta l I l Y o rk . O ffe rin g in c lu d e d 30,000 s h a re s fo r c o m P R IC E R A N G E --1957, 7-4; 1956, 9Vr-7. lin o is N atio n al B a n k & T ru s t Co., C hicago pany account. , R e g is tra r: D e tr o it B a n k & T r u s t Co., D e P R IC E R A N G E -- 1957 1956 1955 1954 1953 BALDWIN RUBBER CO. tro it. H ig h .................... 55'8 534 53/s 534 6U H isto ry : I n c o rp o r a te d In M ic h ig a n , N o v . SI, L is te d o n 'D e t r o i t S to c k E x c h a n g e a n d L o w __________ 47/b 51b 47/s 47a 5U 1924. A m erican Stock Exchange. T ransfer A gent: F ifth T hird Union T rust Business: Engaged chiefly In th e m anufac tu re of ru b b er autom obile floor m ats. Alee BEAU BRUMMELL TIES, INC. Co., C in cin n ati. R egistrar: F irst N ational B ank. C incinnati m a n u f a c tu re s m e c h a n ic a l a n d e x tr u d e d ru ts- H isto ry : I n c o r p o r a te d in O h io , A u g . 1, 1921. L is te d o n A m e ric a n S to c k E x c h a n g e a n d h er p arts a t plants In Pontiac. A t th e tim e of Its organization com pany w as C incinnati Stock Exchange P ro p e rties: M ain p la n t o f b ric k c o n stru c know n a s W elsbaum B ros.-L elnlnger Co.: n a m t tio n is lo c a te d a t P o n tia c . M ich, o n a 816 a c r e c h a n g e d ln J9Z3 to W e ls b a u m B ro s.-B ro w e r BELKNAP HARDWARE & s ite a n d c o n ta in s a p p r o x im a te ly 300.000 sq . f t. Co.; p r e s e n t t i tle a d o p te d N ov. 25. 1939. MANUFACTURING CO. S u b s id ia rie s : C o m p a n y h a s a w h o lly -o w n e d B u s in e ss : E n g a g e d In t h e b u s in e s s o f m a n u , H isto ry : I n c o rp o r a te d in K e n tu c k y in 1880. h o ld in g c o m p a n y s u b s id ia r y a n d c o n tr o ls a n f a c to rin g a n d s e llin g m e n 's n e c k w e a r a n d O rig in a lly e s ta b lis h e d in 1840. Indiana com pany engaged In m anufacture of kindred lines. Business: O perates a w holesale hardw are p o lv -v in y l films. P ro p arty : P la n t located a t C incinnati. Ohio, business, d istrib u tin g bu ild ers and heavy O fficers: H. M. P ryale, C hm n.; M. D . M cL intock, P res, and T reas.; P . C. R ichardson, covers space. approxim ately 50,000 sq. ft. of floor hard w are, fu rn itu re, floor coverings, house hold equipm ent, plum bing and electrical fix V ice-Pres.; J . C. B rinkm an, Sec. an d Asst. Sales offices In N ew T reas.: H. E. H ow lett, A sst. Sec. Los Angeles. Y ork. Chicago and tu res and supplies, etc. D irectors: H. M. P ryale, A. C. G irard, P. C. R ichardson, Bloom field H ills, M ich.; H. E. O fficers: E. J . W elsbaum . P res.: H. J. Wolsbaum , lr t V ice-Pres. an d Treas.; G. R. Jacobs. P ro p erty : P lan t, a t L ouisville, K y., consists of a b o u t 46 acres of office, show room an d H o w le tt, P o n tia c ; H . A . S m ith , D e tr o it; M . D. W- J . E s te rm a n , R A . B ro w e r, V ic e -P re s.; w a re h o u s e floor sp a ce. M cLintock, B irm ingham , M ich. E. M. W essendarp, Sec. O fficers: C, R. BottorfT, Chm n.; Russell G eneral Counsel: H ow lett, B eier, P o n tiac, M ich. H artm an & t tU re,e,!o r! ; E J - W elsbaum . H. J. W eisbaum , P ro c ter, P res.; W. R. Caskey, C. A. G age, M B. Davis, D. E. Cross, Jr., H. H. B u rn ett, Vice- A uditors: H askins & Sells. J. H. W oeste, j . L. Schnberger. E. M. W es sendarp, R. A. B row er, E. T. Sm ith. Pres.; B erl Boyd, V ice-Pres. and T reas ; E. W. A nnual M eeting: F irst T uesday In Oct. G*n. C ounsel: N ich o ls, Wood, M arx and H eller, Sec.; L. E. D cn lin g c r, A sst. Sec.; C. W. A llen, Jr., C. B, P rice, Jr., Asst. Treas. No, o f S to c k h o ld e rs : J u n e 30, 1957, 2,700. G in te r , C in c in n a ti . N o. o f E m p lo y e e s: D ec. 31, 1956, 897. A u d ito r s ; H a s k in s Sc S ells. D irecto rs: J . H A n d erso n , J r., C. C B assett. W. B. B elknap, D E. Cross. Fred Kim m el, Jr.. Office: P o n tiac, M ich. A n n u al M eeting; S econd M onday in S ep t. G. E. M a rtch , G. P . M etcalfe, C. B. P ric e, J. MOODY'S IND U STRIAL M ANUAL 1033 b a if ie l d INDUSTRIES, INC. H istory: in c o r p o r a te d in D e la w a re M ay 11, 1959 as M issile S y ste m s C o rp .; p r e s e n t n a m e ad o p ted M ay 26, 1964. BALDWIN-EHRET-HILL, INC. . H istory: Incorporated In Pennsylvania Dec. VOTING R IG H T S -H as one vote p er share P R E E M P T IV E '^ G H T S --N o n e ^ f r d ir e c to rs - In 1963 a c q u ir e d w e s te r n b r a n c h o i F in a n cial D ata Corp., G ary, Ind. GJ1963-64 0.15 1905-66 '""flrf 1961-62 $0 20 In Ja n . 1965, m e r g e d M issile S y ste m s C orp. change. B aldw m -H ill t o . w as in N e w J e r s e y J a n . 23, 1935. in c o rp o ra te d s to c k d iv id e n d s: 1964, 3%; 1965 a n d of Texas and D alet Corp., w holly ow ned subsidiaries, now operated as a division. I n F e b . 1964, a c q u ir e d in s u la tio n D iv . of 1966, 5%, M erger A greem ent: See A utom atic S prink M undet Cork Corp. I n A u g . 1966, a c q u ir e d th e A c c o u s tic a l D i TRANSFER A G E N T -F irst T renton N ational Bank, Trenton, N. J. ler Corp. of A m erica {general index). Business: C om pany and subsidiary m anu vision of Elof H ansson, Inc., N ew York. I S S U E D - I n J u n e , 1959, 5,000 $100 p a r sh a re s facture electro-m echanical assem blies and systems for U. S. special w eapons program s. i n 1962 e n te r e d in to a J o in t v e n tu r e w ith P ali Corp. (see general index) fo r th e m anu in to 2O7T6?,t0n6iw7 a$el1?npe saira cMomiem' oCno-sih a'errees . rIenclamsseirfcieedr e ffe c te d A u g . 1, 1959, 552,134 s h a re s w e re is P ro p e rty : C om pany o w n s p l a n t of 225,000 factu re ot glass iibre pipe and blanket insu la tio n s . (T e rm in a te d F e b . 10, 1965.) su e d s h a re - f o r- s h a r e f o r 276,067 sh a re s ea c h sq ft. o n 14 a c r e s a t C a rr o llto n , T e x a s; 2 of E h ret M agnesia Mfg. Co. and B aldw in-H ill plan ts, o n e 120,000 sq. ft., t h e o th e r 60,000 sq. B u sin e ss: M a n u fa c tu r e s h ig h t e m p e r a tu r e _ ft on 30 a c r e s a t S h re v e p o rt, L a. a n d le a se s I n d u s tr ia l in s u la tio n s , c a lc iu m s ilic a te a n d ', P R IC E R A N G E -- 1966 1965 1964 1963 1962 p ro p e rtie s a g g re g a tin g 85,000 sq . f t. lo c a te d in m in e r a l w ool I n s u la tio n p ro d u c ts , a c o u s tic a l Grand P ra irie, and C arrollton, Tex. and products an d m erchandizes a line of non- H"rL iog-wh,..............-..-.-.-..-. 6Z' %i 53e 2 'U 5/4 4 5 4 B e v e r ly H ills, Cal. D irectors: F. W. B ailey, Chran., C hief Exec, m ineral wool insulation products, also G las style, a glass fib re acoustical ceiling board, BLAIR (JOHN) & CO. off. a n d T reas.; J . E . U pfleld, P re s , a n d C h ie f P r o p e r ty : O w n s p la n ts a t V a lle y F o rg e , P a ., H isto ry ; I n c o rp o r a te d in D e la w a re M ar. 6, Oper. O ff.; J . E. A n d e rso n , S ec.; D. U. D a v T re n to n , N. J., K a la m a z o o , M ich., H u n tin g to n , 1965 as su c c e ss o r to b u sin e ss fo u n d e d in 1933. ison, R. E. A lsh u le r. Ind. and T em ple, Tex., w ith aggregate tioor B usiness: Co. is the national sales re p re O th er O ffic e rs: E . E. W illits, W. W. U p fie ld 1, sp a c e of a b o u t 558,500 sq . ft. sentative for television and radio station, D. L. W a tte rs, V ic e -P re s.; E m m a L o u P e a k e , T h ro u g h B a ld w in -E h re t-H ill, S.A ., h a s a s e llin g t h e i r a d v e rtis in g tim e to n a tio n a l Brenda M ae Q uick, Asst. Seo. m inority in terest m Societa Italo-A m ericana, advertisers through th eir agencies; also p er A u d ito rs: E rn s t 8c E rn s t. Ita ly a n d in F ib re s M in erales de M exico, S.A. fo rm s c e rta in resea rch an d counseling fu n c C ou n sel; K in d e l 8c A n d e rs o n , L o s A n g e le s, C o m p a n y h a d 14 f o r e ig n lic e n se e m 1966l tions fo r statio n s it represents. Co. has offices Cal. , O fficers: A. M. E hret, Jr., Chinn.; E. R. in 8 cities. A n n u al M eetin g : F o u r th T u e s d a y i n M ay. S te v e n s . P re s.; L. T. C h o a te , V ic e -P re s.; M. A s o f D ec. 31, 1966, Co. r e p re s e n te d 48 No. of S to c k h o ld e rs : J a n . 31, 1967, 2,500. No. of E m p lo y ee s: J a n . 31, 1967, 1,000. M. W ilson, V ice-Pres. and Sec.; A. J. Di radio and .the U. S. 58 television s ta tio n s th ro u g h o u t Ienno, V ice-Pres. and T reas.; L. T. Choate, O ffice: 9465 W ilsh ire B lv d . B e v e rly H ills, P a u l E m e y , V ic e -P re s.; I r v in B e rm a n , C o n tr.; P ro p erty : Co. ow ns office building in C hi Cal. P . H. J a c k s o n , A sst. T re a s .; H. E. A u rric h io , cago, c o n ta in in g 164,500 sq . ft. of flo o r sp a ce, Unfilled O rders: 1967 1966 A sst. Sec. o f w h ic h 9,720 sq . ft. is u se d f o r its o ffice an d balance is leased to tenants. As of J a n . 3 1 ------- $40,252,000 $42,510,000 D ire c to rs : P . L. C o rso n , A . M . E h re t, J r ,, In v e s tm e n ts : A t D ec. 31, 1966, c o m p a n y C o n so lid a te d In c o m e A c c o u n t, y e a r s e n d e d W. A . D ill, R . J . L ew is, W. R . S p o ffo rd , E. B. o w n e d 50,000 com . shs. (9.25%) in B o sto n Jan. 31: 1967 1966 S te v e n s , M. M. W ilson. , H erald T rav eler Corp., w hich ow ns Boston Net sa le s ________ $31,429,769 $15,404,742 P u rc h a s in g A g e n t: A . E. F a r in a . H erald T raveler, a daily new spaper in Boston, Costs & e x p e n s e s . 28,401,588 14,274,195 G e n e ra l C o u n sel: B a lla r d , S p a h r , A n d re w s a n d ra d io s ta tio n W HDH a n d te le v isio n s ta Fed. incom e ta x _ 1,264,724 230,000 Sc In g e rs o ll. tio n W H D H -TV in B o sto n ; 10%. of coin, an d p"Net i n c o m e ___ 1,763,457 900,547 A u d ito rs : L y b ra n d , R oss B ro s. & M ont* 38% of 5% p fd . o f C e n tra l M ed ia B u re a u , Earn., com . sh a re . $3.03 $1.55 g o m e ry . Inc., w hich has developed com puter pro Cash flow , com . sh. 3.66 1.89 N o. o f S to c k h o ld e rs : D ec. 31, 1966, 442. gram s and related data-processing applica No. o f co m . s h a re s 581,500 581,500 E A f te r $305,017 (1966, $197,257) d e p r e c . 8c No. o f E m p lo y e e s: D ec. 31, 1966, 658. tions for the advertising agency field, and 2,000 com . sh s. o f M e re d ith P u b lis h in g Co. am o rt. O ffice: 500 B r e u n ig A v e., T re n to n . N . J . O w n s 51% in te r e s t (a c q u ire d in 1966) in Condensed Jan . 31: C o n so lid ated B alance S h e e t, Consolidated Incom e A ccount, years ended D ec. 31: 1966 1965 A m erican P rin ters & L ithographers, Inc. w hich has a p lant in Chicago producing A ssets: Cash -------------------- 1967 $1,494.954 1966 N e t s a l e s ____ ____ $2,232,156 O th e r in c o m e . . . . $27,055,900 147,698 $22,158,438 m ulti-colored advertising brochures and alogs. cat 282,287 M ark et s e c u r. __ (2.554,320 T o ta l ......................... 27,203,598 22,440,705 O ffic e rs: F ra n c is M a rtin , J r ., P re s.; T. C. Receivables, n e t _ In v e n to rie s ______ 689,014 1,432,925 827,716 C ost of s a l e s ____ 578,031 S ellin g , etc., ex p . . 21,815,059 4,145,603 17,700,527 H a rris o n , J a m e s T heiss, H a r ry S m a rt, J a c k 3,574,596 F ritz , E w a rd W h itley . M e lv in G o d lb erg , J . G. P re p a y m e n ts ____ 44,184 40,584 D e p re c ia tio n __ _ 460,362 463,403 R ose, V io e-P res.; P . M. K e lly , Sec. I n te r e s t _________ 359,328 338,381 D ire c to rs: J . P . B lair; F ra n c is M a rtin , J r.; Total c u rre n t _ Equip , etc., n e t _ $6,215,397 4,277,175 $3,678,487 D ef. F ed . in c. t a x . 2,548,839 N e t i n c o m e _____ _ 106,000 317,446 c r 15,000 T. C. H a r n s o n ; Ja m e s T h eiss; H a r ry S m a rt: 378,998 J . W. F ritz . Intangible assets - 59,487 70,275 R e ta in , e a rn ., 1-1 _ 3,930,338 3,721,917 A u d ito rs : T o u c h e , R oss, B a ile y & S m a rt. O ther a s s e t s _____ 73,629 48,322 D iv id e n d s (stk.) 341.756 170,57? N o. o f E m p lo y ee s: Oct. 31, 1965, 271, R e ta in , e a r n ., 12-31 4,106,028 3,930,338 O ffice: 717 F if th A ve., N ew Y o rk , N. Y. T o ta l ................. $10,625,687 $6,345,923 E a rn ., com . s h a r e . $0.51 S0.64 10022. L iabilities: Cash flow , com. sh. 1.25 i.42 In c o m e A ccount y e a rs e n d e d Dec. 31: N otes p a y a b le __ Accts p a y ., e tc. __ $57,949 2,588,661 $29,868 No. o f com . s h a re s 625.756 03596,122 1966 1,964,845 $0.61 o n 625,928 sh s. a d j. f o r 5% s tk , d iv . R e v e n u e s ................. $11,683,407 1965 $11,282,042 Fed. in c o m e ta x - 1,112,055 230,600 12/66, {$1.35 a d j. f o r s tk . div. S a la rie s, e t c . _____ 3,941,833 3,733,157 T otal Current- $3,758,684 $2,224,713 B a la n c e S h e e t, a s o f D ec. 31: A ssets: 1966 Selling, etc., exp. . 1965 P it. s h . c o n t r i b . __ 2,504,056 454,465 2,474,858 418,350 Notes p a y a b le . . . a ,540,556 617,068 C a s h ........................... $581,987 $492,913 P e n . p la n c o n tr ib .. 120,000 120,000 Def. F ed. inc. ta x . 58,848 . U. S. T reas. bills - ........... 299,738 In c o m e t a x e s ____ e,244,000 2,220,000 Com. s tk . ($0.10) .1 62.299 62,299 R e c e iv a b le s, n e t ... 7,499,252 6,181,943 {N et i n c o m e ____ 2,419,053 2,335.677 Paid-in cap ital . . . 2,186.184 2,186,184 I n v e n t o r i e s ____ 2,313,734 2.014,168 P re v . r e ta in , e a rn . 8,398,840 8,974,563 Retained earnings Stockhold. eq u ity . 3,338,069 5,586,551 1,574,611 P r e p a y m e n t s ____ 3,823,094 T otal cu rren t _ 55,956 $10,450,929 ____ 47,880 P a r tie , p fd . divs. $9,036,642 C o m m o n d i v s . ___ 837~848 258,200 G62.711 TReacquired stk .. Net stkhld. eq. . 318.952 5,267,599 318,952 N e t p r o p e r t y __ 3,504.142 In v . & a d \ \ , c o s t - 2,786,423 65,488 3,258,829 R e tire , tre a s . stk . . 63,488 T fr. to com . stk . 1.665 669 304,820 T o ta l ________ $10,625,687 $6,345,923 R ta in , e a rn ., 12-31 9,980,045 8,398.840 Net cu rre n t assets $2,456,713 $1,453,774 $13,302,840 $12,358,939 E a rn ., com . s h a r e . $2.35 $2.17 Net tang. com. sh. $8.96 $5.91 L ia b ilitie s : Cash flow , com. sh. 2.70 2.56 [141,489 sh s. a t co st. [^ In c lu d e s o v e r 110, N o te s p a y a b l e ___ $1,553,000 $549,400 N o. o f com . shs. 1,028,955 1,066,870 000 s h a re s o f I n t e r s t a t e E n g in e e rin g Co. A c c o u n ts p a y a b le . 1,053,414 1,086,422 A f te r _ $355,575 (1965, $413,474) d e p r. 8c (see g en eral index). A c c r u a l s _____ . . . . L ong T e rm D eb t: O u ts ta n d in g , J a n . 31, D ef. F ed . in c. t a x . 406,130 251,000 337,261 a m o r t. In c h $79,961 e q u ity in n e t e a rn s , of sub. ` 128,000 1967, $1,198,504 6 1, n o t e p a y a b le $10,933 (in B a la n c e S h e e t, a s of D ec. 31: cluding interest) m onthly; secured on land T otal cu rre n t . $3,263,544 $2,101,083 A ssets: 1966 1965 and buildings. N o te s p a y a b l e __ 4,265,981! 4,818,189 C a sh _____________ $519,291 $910,179 O th e r D eb t: O u ts ta n d in g , A p r il 20, 1967, D ef. F ed . in c. t a x . 200,000 200,000 R e c e iv a b le s, n e t . . 2,434,195 1,693.882 $400,000 6 ^ % u n s e c u re d n o te p a y a b le to b a n k , R e tire , c o n trib , . . . 100,000 83,000 P r e p a y m e n t s __ _ 24,803 22,735 due J u ly 31, 1968. C om . s to c k ($1) . . . 626,550 596,879 C a p ital S to c k : 1, B a ifie ld I n d u s tr ie s , In c, P a id - in s u r p lu s . . . com m on; p a r 10 c e n ts . A u th o riz e d , 5,000,000 R e ta in e d e a r n in g s . 743,537 4,106,028 632,270 T otal cu rren t . 3,930.338 N e t p ro p . & e q p . $2,998,289 6,170.588 $2,626,796 6,208,839 shs.; o u ts ta n d in g , 581,500 sh s .; in tr e a s u r y , S to c k h o ld . e q u i t y . R eacquired stk.- 5,476,115 2,800 '5,159,487 In v . in s u b . ______ 2,800 O th . in v e s ts ., co st- 1,674,947 2,184.109 2,006,501 41,489 sh s.; r e s e r v e d f o r o p tio n s, 32,150 shs. No dividends paid. N et stkhld. eq. . 5,473,315 5,156,687 L ife in s. c a s h v a l.. 59,710 54,010 Has one vote p er sh.. w ith rig h t of cum . G oodwill, etc. . . . . 1 1 voting for directors. No preem pt, rights. T o ta l ................. T ransfer A gents: B ank of A m erica N. T. & N et current assets $13,302,840 $12,358,959 $7,187,385 $6,935,559 - T o ta l ................. $13,087,644 $10,896,147 SA ., Los A ngeles, a n d Irv in g T ru st Co., N et tang. com . sh. [i]Depreciation * $8.75 $5,389,101 $8.65 L iabilities: $4,949,171 A ccts. p a y a b le . . . . $149,944 $280,290 N. Y. \ . R egistrars: C rocker-C itizens B ank, Los A n .7S4 (i&65, 757) eh s. a t co st, 0S$8,24 a d j, fo r N o t e s p a y a b l e ____ 700.000 geles a n d C hem ical B a n k N ew Y ork T ru st stk . div. L ow er cost o r m k t D ivs. p a y a b l e ____ A c c ru a ls , e t c . ____ 205,791 1,073,960 213,374 731.075 CoO.,ffNe.reYd. (148,125 s h a re s ) a t $15.75 a s h a re o n $4,T70e9r,m000L5o3a/4n%: Ou nustes tcaunrdeidn gn,o Dteecp.a y31a,b l1e96$61, 2(51,) F ed . In co m e ta x . . 456,880 205,658 Jan . 8. 1962 b y G e o rg e , O 'N e ill & Co., In c., 000 Q u a r te r ly to S ep t. 30, 1970, w h e n b a la n c e New Y o rk , a n d a sso c ia te s . O ffe rin g in c lu d e d o f $3,000,000 beco m e d u e . (2) $109,981 $\<g% T otal cu rren t . $2,586.575 $2,430v437 100,000 s h a re s f o r c o m p a n y a c c o u n t. n o te p a y a b le $1,157 m o n th ly in c lu d in g in te r C o m m o n ^ tk . ($1) . R etained earnings. 1,066,870 9,980,045 1,066,870 8.398.840 L isted : O n A m e r ic a n a n d P a c if ic C o a st e s t to O ct. 11, 1978; s e c u re d b y m o rtg a g e S to c k h o ld . e q u ity . 11.046,935 9,465,710 Stock E xchanges. o n p r o p e r ty w ith b o o k v a lu e o f $200,900 a t R e a c q u ire d stk . [5)545,846 P ric e R a n g e: [111960 1965 1964 1963 1962 D ec. 31, 1966. N et stkhld. eq. - 10,501,069 9,465,710 H ig h ----------------- 48 1 6 (i 6% 43i 153i C ap ital S tock: 1. B a ld w in -E h ret-H ill, Inc. L o w ..................... 183i 5/ 3*i 23,i 3 co m m o n ; p a r $1: T o ta l ________ $13,087,644 $10.896.147 [([Since lis tin g ; f o r e n tir e y e a r . 48-133,i. A U T H O R IZ E D --2,000,000 sh a re s : o u ts ta n d in g , N e t c u r r, a s s e t s __ $411,714 $1,196.359 N ote: A lso a u th o r iz e d 500,000 p r e f e r r e d D ec. 31, 1966, 625,75G sh a re s ; in tr e a s u r y , 794 (TjDepr. & a m o r t. $1,889,606 $1,778,080 sh a re s p a r $100 n o n e issu ed . sh a re s ; p a r $1. 37,915 shs. a t cost. $ 4 L. O W A' MOODY'S INDUSTRIAL MANUAL AMERICAN and FOREIGN JOHN SHERMAN PORTER, Eiitor-ia-ChUi Editorial Board Lloyd C. Sweet Arthur W. H errmann David M. Dat Frank J. P rendergast Frank J. S t . Clair George I. Blair David M. E llinwood George H. Parsons 1958 D. F. Shea, Publisher MOODY'S INVESTORS SERVICE 99 CHURCH STREET, NEW YORK 7, N. Y. PHILADELPHIA S u b u rb an Station Bid, BOSTON 75 Federal St. CHICAGO 155 So. La Salle St. LOS ANGELES WASHINGTON SAN FRANCISCO 606 So. Hill St. Woodward Bldg. Rtu' Bldg. LONDON: MOODY'S INVESTORS SERVICE, LTD. \ Copyright, 1958 by M oody's I nvestors Sekm ce, N ew YoKK-- A U rights reserved O F F E R E D --(96,000 s h a r e s o f w h ic h 66 000 R E G IS T R A R --H a r r is T r u s t A S a v in g s B a n k . 1ii^b6.5s0o Srp,e01r Isehheaar e,o(rp raoccceoeudns` toof ssetlolecrksh, o$1ld4.e8r5s /p0er CDhIVicIaDg oE.N D D IS B U R S IN G A G E N T -- C om BS paenckiallodaenpso..s..i.t.s....... 2,500,000 42,216 2,750,000 41,723 l n ? r h T J u > ** ld47 b y C e n tr a l R e p u b lic Co., p a n y . A c c ru e d t a x e s ----- an^ associates. P R IC E R A N G E -- 1957 1956 1955 1954 1953 D iv id e n d s ......... 601,195 32i055 634.719 32,055 P R IC E R A N G E -- 1957 1956 1935 1954 1953 BL uli>w'h .-.-.-.-..-.-.-..-.-.-..-.-.-..-.-.-. 97% 78%% . - 7% 11% ..................... 8% 6% 6 L o w ..................... 6 5% 5 8% 8% O th er a c c ru a ls . . . 7 8*4 186,344 174,798 7f/s 5% 5% S to c k O p tio n s: O u ts ta n d in g , J u n e 30. 1957 . . . T o t a l c V``r e n t - $4,310,426 $5,419,576 a t l a s P R E SS CO. o p tio n s h e ld b y o ffic e rs a n d e m p lo y e e s o n M tg e p a y a b l e ----- 669,114 350*665 In c o rp o ra te d In M ic h ig a n , S e p t 27 `J n s e n c y re s. . ^ r e Augar3Q, I95| f ' 75 P e r s h a re - P tiomi *x- MJ$1.J0 p r, p re l. s tk . 350,000 641,100 " 641,100 L311- c l " 1950. p u r c h a s e d c l a u s i n g M l* ' Co., O ttu m w a, la., m a n u fa c tu re rs o f lath es AUSTIN, NICHOLS & CO., INC. li Common stock . C ontrib. surplus . 195,578 1,864 998 188,200 B usiness: A ianulaclures and distributes wood and m etal bench latlies and latlie parts, drill H isto ry : I n c o rp o r a te d o n A u g . 23, 1919, In E a rn e d s u r p lu s . . 2,704,075 1,791,218 2,606,008 presses, bench caws and m illing m achines V irginia, to acquire th e business of th e old n.uai `nK ,^ c h ,0)* A. Co.. In c,, N e w Y o rk , a n d M .T o ta l ................. $10,735,291 $10,996,102 w o o d ' sh a p e rs .lU r* " d d i*trlbut<" n ,Ul1 " 1 Its s u b s id ia rie s ; th e e n t i r e c a p ita l s to c k o l N e t c u r r e n t a s se ts $4,325,270 $4,254,569 C om pany m ach in es a n d assem b les a p p ro x i T h e f a m e C an n in g Co.: 51% o f th e cap ital m ately 88% of its finished p ro d u c t, th e r e sto c k o f W ilson F ish e rie s Co.; a v eg etab le com. sh.. $16.71 JjT tt.low er of cost or m arket, $16.40 m ain Oer being p u rch ase d lo r resale. cunning p lan t a t W hiteland, Ind., and grocery li;A lter allow ing for liquidating value of brands ot W ilson & Co. p r^ ie rre c l stoclc a t $20 a sh a re . 8 u Prt0 |,m .y : P l a n t s lo c a te d a t K alam azo o , M ich.. O ttum w a, la. and W arsaw , In d O n S ep t. 2, 1947, c o m p a n y a c q u ir e d a n d subsequently m erged w holesale liquor busi (1956, 188,200) n o p a r sh a re s . 14,106,8o0 n o p a r sh a re s . S u b s id ia rie s : O w n s 99.92% o l s to c k o f P o w e r K ing Tool Corp., W arsaw . Ind ; an d en tire ness of D ixie D istributors, Inc., M i.m i C apital Stock: l, A ustin Nichols ft C o- Inc. stock of A tlas-C lausing, Inc., O ttum w a. Ia. Officers: J. E. P ennlm an, Pres.; E. H . M ars O n S e p t. 8, 1948, c o m p a n y p u r c h a s e d a sse ts " ^ S ta n d a rd W ine & S p irits Co., Inc., M ia m i !vW^ i.l1K. ic "nmo up,oart*iv # *o n v * rtiW o p r io r p r e fe re n c e land- Lxec. V ice-Pies.; G. C. N ancarrow . Vlcerre s.; 8. E. L eander. Sec and T reas. O n M a y 9, 1949 c o m p a n y p u r c h a s e d m o s t --106,850 sh a re s ; o u ts ta n d in g . 30, 1957, 106,850 sh a re s ; n o p a r . D irectors: J. E. Pennim an, F. E. L eander. of th e a s s e ts o f C a p ita l W in e Sc L iq u o r Co.. Inc., of T ren to n . N. J. P reference fo r assets G C. N an ca rro w , L u cien Sw eet, E. H. M arsJana. I n N o v ., 1951, c o m p a n y p u r c h a s e d m o s t o f KiGHTS--E ntitled to cum ulative A nnual M eeting: L ast T uesday In A ugust. Sch A u d ito rs: E rn st f t E rn s t a s s e ts o f L. C. B a te s Co., N e w H a v e n , C onn. d iv id e n d s o f $1.20 p e r s h a re a n n u a lly p a y a b le , I52> a c q u ir e d b u sin e ss o f E d J a n n 20ly e tc b * etC* * ,to c k of re c o r<* a b o u t Ho. o t S to c k h o ld e rs : J u n e 30, 1957, 356. w ard F. Sullivan, Inc., H artford. Conn. Business: C om pany is a n Im p o rter and P A ID --I n itia l d iv id e n d o f JO No. of E m p lo y ee s: J u n e 30, 1957, 385. w holesale d istrib u to r of w ines and liquors; to oO.ttM'ciec:h 1919-2U19 N o r th P i t c h e r S t.. K a la m a - a ls o b le n d s a n d r e c tifie s a lc o h o lic p r o d u c ts . S S S S e & i p a l i ^ q u a r t e r l ^ i S i e r e a f t e r R w U ` r J uCnen3in0.:,' d a te d Incom e A ccount, years ended 1957 1956 The com pany w as form erly engaged In the purchase, m anufacture and distribution of .Vh a ^ Nh e I 1GH^ H a* " e ^ " io r " <* * A ffirm a tiv e v o te o f 66 2/3% o f p r io r p r e f e r - N e t s a l e s _______ Costs & expenses $7,642,834 6,856,666 $6,268,568 food products. discontinued in M anufacturing activity 1937 a n d p u r c h a s e a n d w as dis corm nn, class by class, necessary 5,754,517 tr ib u tio n In D ec., 1928. to (1) Increase am ount of prior preference or D ep i e c ia tio n ____ N e t e a r n in g s ____ 199,141 587,027 198,296 315,755 P ro p e rtie s : C o m p a n y o w n s 80,000 sq . f t . a u V ir i a n y sto c k e q u a l o r p r i o r th e r e to ; O th e r in c o m e ___ T o ta l i n c o m e ____ 0353,130 4,071 building in M aspeth, N. Y,, w hich houses of fices, liq u o r rectify in g an d bo ttlin g p lan t, en tirety ^ property- and business as an I n te r e s t _________ 640,157 51,959 319.826 w a re h o u s e a n d d is tr ib u tio n c e n te r . 32.411 L IQ D ID A riO N RIG H TS--In an y liq u id atio n , Feu incom e tax .. Her p ro fit ______ 273,000 136.000 . ,, BrJ?n c h e s . a r e lo c a te d a t C o ra l G a b le s, F la.; W estbury, L. I.; H illside and T renton, N. J.; dendiT *1 Per Bbare and accrued dlvi- Prev. earn. surp. 315,198 3,733,295 151,416 W a s h in g to n , D. C.; W est H a v e n , C o n n .; L o s P R E E M P T IV E R IG H T S --N one. 3,581,879 A n g e le s, C al.; M o u n t V e rn o n , N . Y. CON VERTIBLE--In to com m on a t a n y tim e E ar--rnT , s.u r pr lu stL, *6-3w0v 4,t0u4t 8o ,.4w9o3 o3,,t7o3o3..z2y95 O ffic e rs : T . F . M c C a rth y . P r e s .; M . W. M il- r ^ m p t i o n date, inch. If called) at a iic e 'p o lic y 5 p ro c e e d s fro m lif e in s u r {cr. T. A. F isc h e r, K . G . P e te r s , V ic e -P re s.; r a t e o f 1.04 c o m m o n s h a re s f o r e a c h p r e f e r S ales a n d E a rn in g s, y e a rs to J u n e $0 (In $): F. _W alter, S ec.; L . R. Z an g , T reas.; P rior, A sst. Sec. and Asst. T reas. F. F. ence share w ith no adjustm ent fo r dividends. Converslon nghtii protected against dilution. N et Sales N et Incom e No. ol Earn, Shares on Com D ire c to rs : S. R h e in s tc in , M a u ric e N e w to n , C A L L A B L E --A s a w h o le o r In p a r t o n 60 d a y a ' 1937.. 1956.. 7.042,834 6,268,568 215,198 151,416 206,626 206,626 1.53 C. J . S c h m id la p p , T. F . M c C a rth y , E. F . Hayes, F. W alter, M. W. M iller, W alter B ein a n d 'd iv id e n X d ' n d " ** ** ** p e r ,h m r* 0.73 e c k e , N e w Y ork. P U R P O S E --Is s u e d o n re c a p ita liz a tio n In 1946 1955.. 1954.. 6,080,910 d 4,442 5.924.922 d 37,391 206,626 d 0.02 206,626 d 0.18 A uditors: H askins & Sells. w?,,basU of fo u r p rio r p referen ce shares. *% c o m m o n s h a re s a n d $3.75 c a s h In e x c h a n g e f o r 1953.. 1952.. 7,527,473 7,1175,043 335,003 506,184 206,626 206,626 1.62 2.45 A nnual M eeting: F ourth T uesday in July. N o. o f S to c k h o ld e rs : A p r . 30, 1957: P r i o r e a c h s h a r e o f f o r m e r $5 p r io r A sto c k w ith accrued dividend thereon 1951.. 7.735,775 528,649 206.626 2.56 p r e fe re n c e , 465; c o m m o n , 647. P R IC E R A N G E -- 1957 1956 1955 1954 1953 1950.. 1949.. 3.746,838 5,458,917 79,051 194,396 206,626 206,628 0.38 044 Ho. o f E m p lo y e e s: A p r . 30, 1957, 480. O ffice: 58th S t. a n d 55th D riv e . M a sp e th 78, .................... L o w .. 18% 17% 18 18% 16% 16(',, 1 6 ii 16% 15 15 1S34Sr-. - 5 906.737 473,805 s2u0e6,o6z2o6 z2.229 N . Y. .* A ustin, H ldsels & c * - Inn. csw isss ua C o n so lid a te d B a la n c e S h e e t, a s o f J u n e 30: A ssets: C ash ___________ 1957 1956 Consolidated Incom e A ccount, years ended Pn A p ril 30: 1957 1956 A u th o riz e d , 500,000 sh a re s ; Issu ed a n d o u t- U, S. sav. bonds Receivables, net $565,231 20,083 $292,365 S a l e s _____________ 20.083 C ost o f s a l e s ____ $43,354,432 37,242,415 $40,950,081 tr e a s umr yg,l 15 sh a re3s0;- n1o95p7*a r.l a 5.578 s h a re s ; i n 35,407,795 ^ I n v e n t o r i e s ___ P r e p a y m e n ts ___ 1,027,539 H)3,254,512 671,037 S e llin g , etc., e x p . . 2,761,613 N e t e a r n i n g s ____ 5,074,785 1,037,231 4,679,045 A t A p r, 30, 1957, S c h e n le y o w n e d 32,808 s h a re s (16.8%). Industries. Inc. 863,240 T otal c u rre n t.. 17,169 17,341 O th e r in c o m e __ T o ta l i n c o m e ____ 21,840 1,059,071 100,179 P rio r preference (No. l) and com m on voU as_ n6 class. C om m on sto c k h o ld e rs h a v e n o 963,419 L and, bldgs., etc.. D e p re c ia tio n ......... $4,884,533 2,019,907 53.762,439 D e p re c ia tio n ____ 2,270,638 I n te r e s t, n e t _____ 56,586 153,871 55,150 r ig h t to s u b s c r ib e to s d d itio n a l sto c k e x c e p t 119,044 o r securities convertible Into Net property . . . P a te n ts , e t c . __ _ 1.011.004 1,008,903 984.474 P e n s io n p l a n ____ 1.286,164 L oss, a s s e ts so ld . 54,733 14,709 common stock sold for cash. 36,146 *5 ?vi<Jends ( c a le n d a r y e a r s ) : 4,177 Cash val., life ins. 1,172 34,911 1.352 M o v in g e x p . _____ 59,369 O th e r d e d u c tio n s - 92,628 J 9TM-- $0.30 1951-52 $0.50 1953.. $0.40 " 1 . 1955-.- 0.20 [31955-57 0.20 N on-oper. prop. .. 88,052 88.052 F e d . in c o m e ta x - 340,000 ......... 35 365,000 ICAlso 4% i n s lo c k m 1956 a n d 1957. T o ta l ................ L ia b ilitie s: $6,017,571 N et i n c o m e ______ $5,197,376 P re v . e a rn , s u r p l.. 346,544 2,606,008 383,597 2,388,270 wi!hR anee; 1?57 1956 1955 1954 1953 A 'g ll..................... 14 11% 14% 141 7% A ccounts payable. Notes payable . . . . $231,782 SI 20 p r . p r e f. divs. $242,777 C om . divs. ( c a s h ) . 128,220 37,602 128,220 L w ..................... 7 9 10 5 4% 37,645 T r 'S t ncm ,, N f ? o r k b 0 th c,a sse s): 'B a n k " 8 A c c ru a ls _____ __ Fed incom e tax .. 900,000 270,021 600,000 Com . d iv s. (sto c k ) 194,274 E a rn , su rp lu s , 4-30 82,654 2,704,075 2,606,008 BanCkg i N e w (York. c la s se s ): c h a s e M a n h a tta n 287,496 147.308 E a rn ., p fd . s h a re $3.24 $3.59 T otal c u rre n t.. M inority in te re st.. $1,689,300 693 $1,184,359 No. of pfd. shares 106,850 106,850 S ales a n d E a rn in g s, y e a rs to A p r. 30 (In $): N ew VY * rk Dl`bu r*ln* A gent: B anker* T ru s t C om m on stk . f$i*j. C apital surplus . . 206,626 636 206,626 __ _ N et Sales N et No. o f E arn . E xchange<b0th classes): n N ew Y ork S tock Incom e Shares on Com Earned surplus .. 72,460 4,018,493 72,460 19?7._ 43.354.432 3,733,295 19d6-- 40,950,081 346,544 383,597 195,578 1.12 BALDWIN-HILL CO. 188,200 1 35 T o ta l ________ Net current assets $G, 017,571 $3,195,233 $5,197,376 1955.. 1954.. $2,578,080 37.412.094 36,858,684 262,653 251,815 188,200 188 2000.7l1aw l*Jarny :23IniC9 ^ 0 ra te d U nder N w J e T K T 0,65 ,, B" s`n e t *: C o m p a n y m a n u f a c tu r e s m in e r a l Not tang com. sh.. fbAt Jower of cost $20.94 $19 41 (first-in. first-out) or }9f31952.. 36 695,400 31,621,533 252,009 295,794 188,200 0.65 w o o l in s u la tio n p ro d u c ts ; a n d m in e r a l w o o l 188215 0.88 a c o u s tic a l blo ck s. m arket. 1951.. 35,570,080 520,471 188,215 3 07 P roperty: Owns plants In Trenton, N. J.; ^ I n c l u d e . $960,391 to b e so ld to Y ard -M an , 1950-- 28.801,005 411,051 188,215 1.48 K a la m a z o o . M ich.; T e m p le , T ex ., H u n tin g - 1949.. 27,314,432 398.674 188,215 1 41 to n .^ I n d ., w ith to ta l flo o r s p a c e o f 350,000 C apital Stock: A tlas P ress Co. stock: n ar si- 1948-- 25.594,695 329.626 188,315 1.04 C o n s o lid a te d B a la n c e S h e e t, a s o f A p ril 30: Officers: W. H. Hill, Pres.; E. R. Steveng, -'VTn IZ E D -- 500.0C0 sh a re s : o u ts ta n d in g A sets-06 626 sh a re s ; in tr e a s u r y , 65,646 s h a re s ; r e - C a s h ___________ 1957 $885,466 1956 E x ec. V ic e -P re s.; M . M . W ilson, H . L . H u m es, $662 574 y - e - P r c S, W . A . S c h re y o r, S ee. a n d T re a s .; f r o p tio n s. 30 000 sh a re s ; p a r $1. \ Dividend deposit V O T IN G R IG H T S --H a s o n e v o te p e r s h a re (D ln v e n to rie s . . . 32,055 5,326,560 32,055 J o h n Y ago, C o n tr. a n d A sst. S ec. 6,346,043 PR EEM PTIV E RIG H T S--N one P Receivables, net 2,391,615 : M m- E R Steven, H. L. 2,633,472 H u m es, W. A . S c h r e y e r , B . L . C o rso n , C L. DIVIDENDS PA ID --(C alendar y ears): ` (T1937_ J0 45 1938-39 50 50 1 9 4 0 ... $0.65 T otal cu rre n t - $8,635,696 $9,674,145 LCeowrsiosn, ,E.PV. . LH.illC. o rso n , E . W . Huunnit, R. jJ. 1941-42 0 80 1943 0.95 1944-45 1.00 P ro p . & e q u i p . __ 2,166.404 685,083 A u d ito rs : E . P . M o x e y f t Co. 1946... 39j 5-36 0 50 (511947* 0.80 n il 1957-- 0.30 1948-54 0.60 D e p re c ia tio n ____ N e t p r o p e r t y __ 307,271 1.859,133 416,797 268,286 A nnual M eeting: F o u rth T hursday in May. N o. o f S to c k h o ld e rs : M a r. 31, 1957, 383, F A lso 20% In stock. - Non-op prop., net ,iir5i i ncIj <,e* 50 p a ld P f'O f to 100% sto c k E m p sto c k p la n . 55.384 849,541 13,433 No.^ o f E m p lo y e e s: M a r. 31, 1957, 580. d iv id e n d w h ic h w a s p a id J u l y 15, 1947. O th e r a s se ts ____ 48 7G2 46,561 O ffice: 500 B r e u n lg A v e ,, T re n to n , N . J . 9r f71.496 s h a re s ) a t $6 p e r s h a r e l r D e f e r re d c h a r g e s . 126,316 144,135 In co m e A c c o u n t, y e a r s e n d e d M a r. 31: " A p ril, 1937 by S a d le r & Co., C hicago. T o ta l .............. .. $10,735,291 $10,996,102 TRANSFER A G E N T --F irs t N atio n al - " V ot L iabilities- CnletSn f ') '............. $9,330,7117 $8,948264 A ccounts payable. $948,016 $1,786,281 S d l i n J I1 *................. Selling, etc., e x p ... 6,927,074 2,115,033 6,540,757 2,154.618