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