Document 3OwY7pLEd6eYzvmEMjNbaYV6

FILE NAME: Philip Carey (PC) DATE: 1953 DOC#: PC065 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual MOODY'S MANUAL OF INVESTMENTS AMERICAN AND FOREIGN INDUSTRIAL SECURITIES JOHN SHERMAN PORTER, Editor-in-Chief Editorial Board Frank J. St . Clair Arthur W. Herrmann D avid M. D ay Frank J. Prendergast Charles N. Berents George I. Blair D avid M. Ellinwood George H. Parsons 1953 coyyeight, 1953 by M o o d y 's In v e s t o r s S e r v ic e , N e w Y o r k ALL BIGHTS BISEBVID MOODY'S INVESTORS SERVICE 6 5 BROADWAY, NEW YORK 6, N. Y. PHIIADELPHIA BOSTON 1411 Walnut St. 75 Federal St. LONDON: CHICAGO LOS ANGELES 105 W. Adams St. Hollingsworth Bldg. PITTSBURGH SAN FRANCISCO Union Trust Bldg. Russ Bldg MOODY'S INVESTORS SERVICE, LTD. f 4* V / X 4 X 4 V A ' J L IV f J C l O i i U / i V I d 5S tatistical R ecord, Fiscal Y e a rs (confc'd) S ales -p in v e n to ry . _____ . _______ -- S ales r r e c e iv a b le s _________. . . . . . . . sales to n e t p ro p e rty _____ . . . . . . . sales to to ta l a s s e t s . . . . . . . -------------% n e t inc. to to ta l a sse ts__________. . . . % n e t incom e to n e t w o rth ________. . . . Analysis of O perations N et sales _______ . . . . . . . ___________ _ Cost of sales________________________ Depr. & chgs. in lie u ...... ............ -- Selling, general St other expenses.-- O p eratin g p ro fit . . . . ____ . . . ___- __ -- O th e r i n c o m e ________ __ . . . . . . . . __ _ T o tal I n c o m e ______________________ Incom e d ed u ctio n s _________________ B alance . . . ___ __________ - ---- ---------Incom e tax es St s u rta x --------------------T ax a d ju stm e n t--p rio r y e a r s ______ _ E xchange a d j u s t m e n t ____ ____. . . . . . N et incom e to s u rp lu s _____________ -- 1952 3.01 8.07 470 86 118 87 8.69 14.30 % 100.00 62 86 20 61 16.53 082 17 35 1.92 15.43 8.11 0.01 7.31 1951 3.31 9.27 614.07 129 51 10 49 16.99 % 100.00 59.741 -- ........r 19.97J 20.28 1.18 21.46 2.G7 19.39 11.23 0.06 8.10 1950 3.55 8.47 658 31 119 50 12.14 18.10 % 100.00 81.13 18 37 0.76 19.63 2.24 17.39 7.31 cr 0.01 0.07 10.16 1949 Ml 10.02 803.09 138.11 9.15 13.51 % 100.00 [58.01 2.81 121.36 17.81 0.85 18.66 2.16 16.50 6.99 0.03 2.86 6.62 1948 4.42 7.05 955.'-'3 171 03 19 00 26.69 100.00 58.33 2.82 18 89 19.96 0.61 20.57 1.47 19.10 8.00 cro.l 11.11 1947 4JU 7.11 873.48 158 33 itf.i7 22.99 % 100.00 56.37 2.83 22.04 18.76 0.90 19.66 1.63 18.03 7.60 crO.02 0.05 10.40 1* 1 7. 23 159 17 22 t % 100' 52 ( 2/ 22.' 22 ' 23 * l.: 22 U.: CTO o. io. CDD ividends d isb u rse d d u rin g fiscal year. g}Pnce ranges for calendar years ended three months after fiscal years. S B e fo re fo re ig n c u rre n c y d e v a lu atio n a d ju stm e n t, earn ed p e r sh a re was: 1950, (^Depreciation includes am ount charged to expense in lieu of depreciation. B ased o n 389,263 sh a re s o u tsta n d in g d u rin g y e a r earn ed p e r s h a re w as $5.89. Also 3% in stock. $6.13; 1949, $5.98. LONG TERM DEBT T erm Loans: O u tstan d in g . S ept. 30. 1952, $4.- 790.000 com prising $2,790,000 ZV*% notes, due N ov. 1, 1963, p a y a b le S210.000 a n n u a lly io Nov. 1, 1962, incl. a n d $2,000,000 35a% n o tes payable a n n u a lly Apr. 1, $140,000 1955-63, incl.. an d $200,000 1965-66; balan ce clue A pr. 1, 1967. Cash dividends are restricted to net income a fte r Sept. 30, 1951, plus $l,o00,000 provided consolidated net current assets are at least 200% of fu n d e d debt. Proceeds of loans for additional working c a p ita l an d to com plete c o n stru c tio n o1 branch plant at H am pstead, Md. CAPITAL STOCK U T he Black A D ecker M anufacturing C*. common; no par: AUTHORIZED--600,000 sh ares; issued, 389,263 sh a re s; o u tstan d in g , S ept. 30, 1952, 399,049 sh ares; no p a r (chan g ed fro m $25 p a r on , Dec. 28, 1926, 2l/2 no p a r sh ares issu ed fo r !j e>s5.chpJ azr5 oPn.arA. suhg,,a. r ?11, , 1920, foiurror$?2,,5-?lslih?a rPeasr is- i sued for each $100 p a r share). Dividend Record (in $) (Calendar iears) I ($100 p a r shares) ! -.910-12 nil 1913-- 8.00 1914-17 nil ! 1918__ 108 00 1919__ 32.50 1920-.. 20 00 ($25 p a r shares) 1920__ 01 1921... 0.50 1922... nil 1923-- 1.73 1924__ 2.50 1926-- 2.00 1926-- 2.00 (no par shares) 1927-- 0.30 1928... 0.95 1929__ 1.50 1930-- 1.20 1931-38 nU 1937__ 1.75 1938-- 0.50 1339-- 1.00 1340... 1 35 1941__ 1.80 1942-43 l.ao 1944__ 2.00 1943. 1 60 1946__ 2 30 1947-- 2 50 1948-- 3.00 1949-- 2.50 1950-51 3.00 *21952. 2.00 03P aid 312*2% stock. Also 3% in stock. D ividends p ay ab le q u a rte rly M ar. 31, etc to sto ck o f re c o rd ab o u t M ar. 17, etc. DIVIDEND LIM ITATION--S ee te rm lor above. VOTING RIGHTS--O ne v o te p e r sh are. PREEM PTIVE RIGHTS--N one. LISTED--New York Stock Exchange. TRANSFER AGENT -- G u aran ty T ru st C( New York. REGISTRAR--B an k ers T ru st Co., New Yor T rust Co., New York. DIVIDENDS PAYING AGENT -- Marylaz T ru st Co., B altim ore, Md. OFFERED--38,376 sh ares of com m on (no p t a t $19 p e r sh are in N ovem ber, 1935 by Lehm Bros., S tone & W ebster an d Blodget, Inc., Nc Y ork. T his offering d id n o t re p re se n t co: pany financing. CAPITAL STRUCTURE THE CELOTEX CORPORATION T im es FUNDED DEBT Amount Charges Earned Call Price Range Issue R atin g O utstan d in g 1952 1951 D ates P ric e 1952 1932-5 1. 314% d e b e n tu re s, 1960------------------ $3,368,0001. 16.05 32.00 F& A 1 101 100 - 99 3106-9: 2. 314% d e b e n tu re s (series 1947), I960 Baa 2,075.000) F& A 1 100 100*-:00l/a 104-92 CAPITAL STOCK Par A m ount E arned p e r Sh. (EDivs. p e r Sh. Call Price Range Issue Value* O utstanding 1952 1951 1952 1951 Price 1952 1932-7. 1. 5% cum. p re fe rre d ____________-- $20 256,862 shs. $8 2$ $13.62 $100 $1.00 20 17*'8-16 [s]23 -15 2. C_ om m on __ ______ ____ __ N o p _a r _905_,199_shs._ _ 1.50 3 57 1.50 1.50 _ 19Vjt 1i;5>Y,aa JJ 3oSo,` a4-- o5 Fiscal years." R ange since 1938, a fte r 100% stock dividend. B e fo re 100% sto ck dividend. 1935-38 range, W t-lZ V * % To J u ly 31, 195 incl. w h en p ric e changes; see tex t. R ange since 1945. Range s in c e 1943 for $20 p a r shares. {Includes 26,643 p a rtia lly p aid share R ange since 1947. R ange fo r $100 p a r sh ares from 1935 and to the 5-for-l sp lit in 1943, 93-46. HISTORY BIn co rp o rated in D elaw are Ju n e 29, 1935, as successor in reo rg a n iz atio n to th e C elotex Co. (Del.). L atter com pany was incorporated in D elaw are in 1920 as "L ouisiana C elotex Co." O n J u n e 16, 1932, th e la tte r co m pany w as p laced in receiv ersh ip . On Feb. 8, 1935. tru s tees w ere ap p o in ted u n d e r Section 77-B of the U. S. B ankruptcy Act. A reorganization plan w as su b m itted u n d e r d ate of M ay 1, 1934 (su b seq u e n tly m odified), and on Nov. 1, 1935, the business and assets of the predecessor com pany w ere transferred to the present com- any. Details of reorganization appear in Eoody's 1935 In d u s tria l M anual. I n 1937, organized E nglish C om pany, Celotex, Ltd. In 1937 a c q u ire d an In te re st in A m erican G ypsum Co., P o r t C linton, Ohio, a n d in 1939 completed acquisition of company. In M ar., 1945, acq u ired p ro p erties an d busi ness of Texas Cem ent Plaster Co. located at Plasterco and Longworth, Tex.; m anufacturers of full line of gypsum plaster and board products. On Aug. 30, 1946, acq u ired 83 1/3% In terest in E l Rey P ro d u cts Co.; purchased balance of o u tstan d in g sto ck in 1947 an d a c q u ire d d ire c t ow nership of property and assets including 20% in te re s t in sto ck of C alifornia M ill Supply Co., dealers in w aste paper, rags, etc. A cquired properties In Ohio of W eaver-Hall Co. in A ug., 1946. O n A ug. 15, 1950 acq u ired p ro p e rtie s of W asem P iaster Co., F o rt Dodge, ia. SUBSIDIARIES This is principally an operating company A t Oct. 31, 1952, 100% of the v oting p ow er w as owned in the following companies: Name, place of incorporation and business A m erican G ypsum Co.. Ohio, inactive. E l R ey P ro d u cts Co., Inc.. C alifornia, inac tive. A t Oct. 31. 1952, ow ned less th a n 100% of voting pow er in following company. Celotex, Ltd., England, m anufactures ana #s(eMlYlIs C eIlA oate x apArMoAd^ uac ts *iank Bft B rftiitiis- L h E m p1ifrt^e (80.84%) ffl. 3)A rtic le s of A ssociation of C elotex, L td. provide th at unless and until num ber shall be changed as provided therein, num ber of di rectors shall n o t be less than 1 nor m ore than 7. H olders of firs t p referen ce sh ares a re en titled to appoint 1 such, director. By virtue i of its ow nership of 100% of d e fe rre d shares, 1C elotex Corp. is e n title d to elect rem ain in g di recto rs. A t Oct. 31, 1952, th ere w ere 6 d ire c tors. N ote: A t Oct. 31, 1952, com pany ow ned 205,32* com m on sh ares ot S o u th Coast Corp. (see general Index) constituting approximately 4*% of voting p ow er of ail outstan d in g stock of that company. Also owned interest in fol lowing companies, w hich have resulted from sp lit-u p of C alifornia M ill Supply Corp. 1,549.4 sh ares (20%) of C alifornia MiU Supply Corp., 3,484 8 sh ares (20%) of B erg M etals Corp. a n d 974.8 sh ares (20%) of B erg P ipe and Steel Corp. BU8INESS A PRODUCTS The company m anufactures building and In sulating products, consisting for the most p art of products m arketed under the trade nam e "Celotex." These products are m anu factured principally from bagasse, the fiber rem aining a lte r th e ju ic e luu> been e x tra c te d from sugar cane, and are used, among other things, lo r exterior sheathing, plaster base, exterior and interior finish, for insulating roofs, and as insulation in the m anufacture of Household refrigerators, railw ay refrigerator cars, trailers and other products. rn e com pany also m anufactures and sells products for correction ot acoustical condi tions in office buildings, auditorium s, theaters, broadcasting studios, and other places in which acoustical treatm ent is desired, includ ing products m arketed under the trade names "A cousti-C elotex.'' The company also is engaged in the m anu facture and sale of other types of insulating and building m aterial products, including loose, granuiated and b a tt form s of rock wool, roofing products, gypsum piaster, lath and w allboards, and also various item s used as accessories in th e application of products sold. Celotex also sells products m ade by other m anufacturers, such as hard boards, which cut, saw and handle like lum ber (m ade by Masonite Corp.), and are used for paneling of A a lITl soM1rtfcsa, f o r d,4 A e cAA oB raAtioaaM nb, a sW h e lVv inM Bg^ , e tAcm Celocrete (made by various steel companies), a light w eight concrete aggregate, is m ade of e x p an d ed m o lten b la st fu rn a c e slag, a n d Is used w ith Portland cem ent to m anufacture light w eight concrete blocks. T he Celotex Corp. m aintains offices through o u t th e w o rld an d h as b ran ch offices in 16 cities located In various p a rts of the Unit? States, including the Pacific Coast. PRINCIPAL PLANTS A PROPERTIES The m.iin m an u factu rin g p lan t is locate at M arrero, In Jefferson P arish , La., close the City of New Orleans. It com prises approx m ately SCO acres of land. The company obtains bagasse, the prixidy iaw' m aterial, from a n u m b e r of u**** m b m Louisiana. A p lan t a t M etuchen, N. J., Is located r approxim ately i$y2 acres of land, and contair ab o u t 210,000 sq u are fe e t of floor space, ar is used for th e m an u factu re of asbestc cem ent board w ith insulating core Cemesto insulating siding. There is also a warehou and cu rin g building of ab o u t 50,000 squat feet. A plant at P o rt Clinton, Ohio and I p h near Hamlin, Tex. are used in n u n u fa c t^ of gypsum products. A plant near Ft. Dodge, la., m anufactuiplaster products. A plant, n e a r Lagro, Ind. is used for pre duction of rock wool insulation product P lan t a t LagTo also m anufactures acoustic, m ineral tile. P lan ts a t C leveland, a n d A very, O., Madigs. HI., an d Los A ngeles, Cal. a re used in m enu facture of roofing products. P la n t of C elotex, L td., a su b sidiary, is 1r cated at Stone bridge Park, London. Building including office building, etc., have a cou bined floor a re a of a p p ro x im ately 141.000 sit. Equipment includes facilities for prepart, raw m aterial and fabricating equipm ent f preparing finished board. MANAGEMENT Officers O. S. M ansell, P re sid e n t H. W. Collins. Exec. V ice-P resident C. L. C hristensen, Y icc-Pre*. an d Chair,. Exec. Com. F. A. Irvine. V ice-President M arvin Greenwood, Vice-Pres., Sales Mg A. L Schimpf, T reasurer C. W. Johns, Secretary W. D. Becker. Contr. an d Asst. See. J. M. Erickson, Asst. T reasurer A. F. O. Pfeiffer, Asst. T reasurer J. W. Franklin, Purchasing Agent Gates Ferguson, Advertising l l m f t r D. W. Rice, E x p o rt Mgr. ; %oo 50 d S8 11ot U 76 ! MOODY'S MANUAL OF INVESTMENTS 109 O fraeto n fit C hristensen. Chicago H. W. Collins. Chicago Bror Dahiberg, Chicago A- J. D alistream , C hicago P H Davis. Chicago Parrish ru lle r, O&kdal, O. S. M ansell, C hicago Carl G Muench. Chicago N. A. Owings, Chicago in co m e acco unts tfst sales ________________ ____ __ Cost of sales and expen ses ~ ........ Deprec., depletion & am ortization. A. C. Slm m onds, J r., N ew Y ork E. B. W ilber. Chicago G eneral Counsel: D allstream , Schiff, S tem & Hardin. A nnual Meeting: T hird Tuesday In Feb ruary. N u m b er of S tockholders: Oct. 31, 1952 (ap prox.), 11,900. N um ber of Em ployees: Oct. 31, 1952 4.700. G eneral O ffice: 120 So. L a Salle St., Chicago 3. 111. M anagem ent Com pensation P lan: F or fiscal year bonus paym ents are based on the consoli d ated n e t earn in g s <as defined) in excess of $2,100 000 a n d a re lim ted to 40% o f com bined annual com pensation rate of officers and cer tain other employees, such am ount to be dis tributed in accordance w ith th eir respective salaries. COMPARATIVE 1952 $52,032,189 47,005,536 1,809,525 INCOME ACCOUNT, YEARS 1951 1950 $59,241.635 $48.714.716 50,644,711 41,876.732 1,670,822 1.599,690 ENDED OCT. 1949 $38.362.460 33.718,358 1,503,697 31 I34S $54.190.341 41 530 140 1.322-596 1947 $46,872,120 35,668.208 925,048 1946 $33.090.464 25,425.359 557.250 Operating profit Other I n c o m e ____ _ 3,217,128 446,050 6,926,102 496,751 5 218,294 370,684 3,140,405 384,788 11.337.605 33S.32 10.278.S64 354,220 7,107.858 459,661 T otal I n c o m e _______- _____ . . . . Interest on fu n d e d d e b t ..................... . Other I n t e r e s t _______________ . . . . . Debt d isco u n t and e x p e n s e ___ . . . . T O ther d e d u c tio n s ______________ fed eral inccroe t a x e s __ - _______ ... Excess profits t a x ______ __________ Other Inc. taxes i t conting. tax res. 3,663,178 187,454 26,245 233,436 1,562,000 42,000 7,422,853 199,676 28,732 113,073 3,494,000 90,000 5,588,978 216,596 30,621 213,208 2,051,000 74.000 3,525,193 229.794 33.808 126,401 1,135,000 51.000 11,725.737 237 C94 45.202 35,050 183 414 4.307.900 **132*088 10,633.084 153.075 85.040 10,952 108,487 3,963.867 *~83~732 7,5677517 160,225 8.135 10,139 100.524 2,476.186 952,300 35.682 N et p r o f i t _____ _ Preferred dividends Common dividends . 1,912,043 256,862 1,318,573 3.497,371 256.862 1,317.320 3,003,552 256.S62 875.532 1.949,190 256.863 1,307,554 6.785.189 256.S62 1.518.091 6.227.929 256,863 968.628 3,824,324 256.862 830,513 33Surplus fo r y e a r__ ____ . . . . . . . . 2)1952: In clu d es loss on fixed assets sold, dism antled, etc., $114,705. 5)1952: B efo re c re d itin g r e tu r h s of fun ds deposited for paym ent of dividends in prior years no longer re q u ire d , $2,448. 1946: B efore d eb itin g $456.634 p ro v isio n fo r additional Federal incom e and excess profits 36.608 $1.923,183 1,871,158 384.773 SS.010.235 $5.002.438 $2.736.949 taxes and interest for prior years (while basis G eneral Note and am ount are being protested, this provision j Above report excludes Celotex, Ltd. Net h a s b e e n m ade fo r th e e n tire am o u n t com - I profit of th a t com pany for y e a rs en d ed Oct. 31: p u ted on basis as proposed b y th e T reasu ry I 1952, $123.155; 1951. $153,998; 1950, 3102,739, 1949, D ept.) an d c red itin g $49 556 applicable n e t $147,954; 1948, $189,231; 1947, $44,148; 1946, $121,- adjustm ents of depreciable assets. 820. Record of Tear 1336_______ 1937 .... 1938 .... 1939 __ 1940___ 1941_______ 1942_______ 1913.............. 1944.............. INS............. Earnings years N et Sales $7,589,955 10,574.242 9,126,489 12,317.936 13,817,501 19,977,155 23.510.364 22,598,269 20,693,859 22.185,651 en d ed Oct Cost and Expenses $6,724.665 9,280,992 8.471,885 11.242,829 12,808,896 16,809,199 19.645.214 20,630,162 19,715.677 20,812,739 6ALANCE SHEETS ASflETS: cp*h ___ ,__ . . . . . . . __ _________ 9. S. G o v ern m en t s e c u r i t i e s _____ {Notes and accounts receivable, n e t. Inventories __________ _________ _ 31: O p eratin g Profit $865.290 1,293,250 654,604 1.075.107 1.008.605 3,167.957 3,865,150 1.968.107 978,182 1,372.912 Oth. Inc. it D e3d$.99( N.85e6t) 37.203 d 126.246 d 254.351 d 171,677 171.069 d 95.247 d 299.367 d 111,722 d 187,979 COMPARATIVE BALANCE 1952 $4,140.052 7,481,422 5,850,054 1951 $5,904,218 996.000 6.402,018 5,482.41$ Inc. Bef. Taxes $765,434 1.330.453 523.358 820.756 836.928 2.996.889 3,769.903 1,668,743 866.460 1,184,333 Incom e Taxes $29.419 63.700 10.000 79,000 89.300 1.247,790 2.645.936 1.138.544 304.184 579.408 Net Incom e $736,015 1,266,753 518,358 741.756 747,628 1.749.099 1.123.967 530.199 562.276 605,525 Common D ividends $322~422 812.429 706,138 471.901 325,293 377,759 377,772 Com. Shi. O utstand. 268.685 268.685 312.429 629.960 627.676 627.676 632.068 696.933 755.472 755.472 SH EET. AS OF OCT. 31 1950 $5,017.130 1,993,400 6.638.856 4,814,099 1949 $6,491,340 4.737.288 5.077.234 1948 $5.777.132 5.329*177 4.612 704 1947 85,101.040 465.035 5.085.297 4,222.9*5 Earn. Per Com. Sh. $2.20 4.17 1.19 0.95 0.9 2.58 1.54 0.54 0.53 0.57 1948 82,453,820 4.550.951 3.U9.718 __ 3.546A82 T otal c u rre n t assets ________ ____ O perating p ro p e rtie s - _____________ Deprec,* d ep letio n fit a m o r tiz a tio n __ N et operating p ro p e rty _____ ___ Faten ts an d r i g h t s _____________-___ XSouth Coast Corp. investm entTM *-- In v e s tm e n t in Celotex, L t d . ______ Investment in El Rey Prod, C o ..* .... T ln v estm t. in o th e r corps. ___ . . . . _ Suspense ___ ___ . . . . . . . . . . . . . . . . . . . . . O ther a s s e t s ______ . . . __ - ____ . . . . . . Cnamort. debt discount it expense . . . D eferred c h a r g e s ---------------------------- $17,471,528 39,033,633 15,561,401 23,472,142 1 438,541 700,460 202,838 172,758 116,509 1,096,926 $18.784,652 36.539.719 14,147,484 22,392,235 1 438,541 700,460 202,838 ' 166,094 142,754 1.107,899 $18,463.485 34.015,827 12,775.108 21,240,719 1 438,541 700.460 202,838 165,169 171,487 540.254 $16,355,942 32,150,768 11.419,129 20.731.639 t 438,541 700*460 202.838 340,001 202,107 383,534 $15.719 013 31.514.090 10,532,813 21,181.275 1 438.541 695.161 292.833 622.845 2C5.913 448.747 $14.874,357 28.349.63l 9.249.071 19.100,559 1 438.541 703,074 202,838 227.37^ 81.252 475.439 814,160,971 19,120.942 8,591,957 10,528,985 1 438.541 7X1,007 2,181.790 055*130 220,143 92.204 357.018 T otal . . . __________ ___ ________ LIABILITIES Rotas p ay ab le ---------------- . -- - - -- Accounts p ay ab le ____ . . . -- . . . . . . -- A ccrued e x p e n s e s ________- ..... .........Accrued i n t e r e s t ___________ -- ----Prov. fo r mic. t a x e s --------------- -- Sinking fu n d re q u ire m e n t ______ . . . I prov, for income taxes . . . . . . . . -- . $43,671,703 $2.673.527 1,334.468 44.224 235.344 386.890 1,053,862 $43,935,473 $2,687,880 1.672,390 47,759 269.918 437,500 551,343, $41.922,953 $2,503,539 1.435,275 51,269 248,298 437,500 . 505.105 $39.355,063 $1.897,502 997,830 54.673 181,882 437,500 546.261 $39,544,336 $2.223.634 919.460 58.183 146231 437 500 585.726 $36 103.440 $1,000.000 2.234.898 897,131 41,998 126,270 250,000 1.912.673 828,755.799 81.300,000 2,310.542 812.733 43.458 93.509 250.000 830.898 T otal c u rre n t lia b ilitie s ____ _____ D e b e n tu r e s __ ___ ________ _________ ften k lo an . . . . . . . . . . . . . . . . . . . . . . . . . . . . P aym ent rec. o n sto ck s a l e s __ _____ %% p re fe rred sto ck ($20 p a r) ------- -- XCommon s t o c k --------------. . . . -------g P a rtia lly p a id com. s h a re s-------- . ffp sid -in su rp lu s . . . . . . __ __ ____ --. Earned su rp lu s ___ _____ ____ T otal c a p ita l and su rp lu s . . . ----^ T re a s u ry com m on s to c k .------ --------- $5,728,315 5,056,110 5,137,250 878.829 26,828 6,329,070 20,521,576 32,893.553 6,275 $5,666,790 5,440,500 5,137,250 877.963 27,57a 6.309,152 20.482,520 32,834.458 6.275 $5,180,987 5,872,500 5.137,250 876,246 29,226 6,269.661 18,559,332 30,871,715 2,250 $4,115,648 6.291.500 5.137.250 873,957 31.519 6.217,014 16.688.175 28,947,915 $4.370.735 6.723.500 5.137 250 869.332 36.144 ' 6.110.639 18.296.735 28.450,100 $6.462.969 4.342,000 2.000.000 6,137,250 863.183 42.325 5.969.212 11.286,500 23,298,470 85.641.140 4,582,000 7055*130 8437.250 855.472 5,793*659 6.691.140 18,477.521 Net capital and surplus ___ _ 32,887,278 32,828.183 30.869.465 28.947,915 28,450,100 23.298,470 18,477,521 T otal __________________________ Net cu rren t seats . . . . . . -- . . . . . -- . . . $43.671,703 $11,713,213 843.935.473 $13,117.862 $41,922,953 $13,282,498 $39.355,063 $12,240.294 $39.544 336 $11.343.278 $36.103,440 $8.411,388 $28,755,790 $8,519.831 3_3A t low er o f cost o r m a rk e t. 1952:. Com 1950, 876,246; 1949, 873,957; 1948, 869,332 1947 valu e of $1 p a r sh a re (a lte r $1,800 costs a n d prises. R aw m a te ria ls (in clu d in g a t cost, $1,- 863,183; 1946, 855,472. expenses re la tiv e to sale o f stock in 1947). a&20 (1951. $797,112) basic ra w m aterials for E A t cost (a fte r $47,162 reserv e in 1952). In 1946: A fte r c red itin g S3,575,000 excess of which the corporation is the only substantial m ark et). $2,643,773 (1951, $2,196,110); go,,ds in vestm ent in California Mill Supply Corp. in 1951 an d p rio r years; to r 1952 se e N ote un d er am o u n t receiv ed from sale a t $36 75 o f 100,000 additional common shares over stated value process, $310,964 (1951, $342,319); finished goods, "S u b sid iaries" above. of $1 p er share; less $239,024 cost and expense relative to sale of stock. 1973,007 (1952. $875,896); o p e ra tin g an d m ain tenance supplies, $1,922,310 (1951, $2,067,790); S A J te r d ed u ctin g in v estm en t in U. S. T reas u ry notes, ta x series a t cost: 1952, $800,000; p A m o u n t received from employees on stock sales agreem ent, total, $5,350,054 (1951, $5,482,416). 1951, $3,900,000; 1950. $2,000,000; 1949, $1,000,000; iljjAfter re se rv e s (1952, $359,608). 3)1952: Com prises $1,577,260 d e b e n tu re s 5s (subordinated) 1973 an d 205,328 sh a re s of com 1948, $4.080,00; 1947, $3,380.000; 1946, $3,190.000. Shares a t cost: 1952-51, 273; 1950: 98 shares 31952, 26,643; 1951. 27,509; 1950^ 29,226 1941 31.515; 1948, 36.140; 1947, 42.289 sh ares. T otal m on sto c k c a rrie d a t $438,541. M a rk e t value a t cost. Oct. 31, 1952, d e b e n tu re 5s (su b o rd in ated ), su b scribed b y em ployees, 1952, 633,432 (1951, 1973. $1226,320; com m on sh ares, $1,488.628; gSPrincipal p aid -in su rp lu s ch an g es follow: 660,216; 1950, $701.424; 1949, $756,360; 1948, $867,- total, $2,714,948. 1952-47: A fte r cre d itin g (1952, $19,918; 1951, 360; 1947, $1,041,936); less u n p aid p o rtio n d u e Investm ent a t cost (less $64.940 re se rv e in $39,491; 1950, $52,647; 1949, $106,375; .1948, $141.427; 1947, $177,353) excess o f c o n sid e ra tio n re in in stallm en ts to 1956, 1952, $612,604 (1951, $632,643; 1950, $672,198; 194$, $724.841; 1948. $831,- 2952) in se c u ritie s C elotex, L td. (E nglish su b sidiary--n o t consolidated.) ceived fo r (1952, 866; 1951. 1,717; 1950. 2.289; 1949, 4,625; 1948, 6,149; 1947, 7,711) com m on 216; 1947. $972,611); balance* 1952, $26.828 (1951, $27,572; 1950. $29-226; 1949, $31*519; 1948. $36- S N o p a r sh ares: 1952, 878,829; 1951, 877.963; sh ares fu lly p a id i n th e y e a r o v e r sta te d 144; 1947, $43,325^ tRl' 'V*1.,'- 110 MOODY'S MANUAL OF INVESTMENTS STATISTICAL RECORD. FISCAL E a rn e d p e r sh a re --p r e f e r r e d .......... --com m on ___ . ___ D ividends per share--p referred -- --c o m m o n P ric e ra n g e --p r e f e r r e d ________ ... --com m on . . ___________ Met tangible assets p e r eh.--p re ferred --co m m on. Fixed charges earned: Bef. Inc. tax es, d ep rec. St d e p l_____ Bef. inc. taxes & aft. deprec. St d e p l A fte r in c. ta x ., deprec. St depi______ Tim es c h arg es 8c p id . div. e a r n e d .... P ric e ra n g e --3 * s , 1960 (issued 1945) --3 * 8 , 1960 (se rie s 1947).. Met ta n g ib le asse ts $1,000 fu n d . d e b t.. N et c u rr. assets p e r $1,000 fu n d . d e b t.. T im es p re fe rre d d iv id en d s e a rn e d __ _ N um ber o f sh ares---p re fe rre d _______ --c o m m o n ... YEARS 1952 $9 28 Si 30 SI 00 $1 50 17*8-16 19*-15* $123 03 $30 66 24 52 16 05 8 54 3 88 100-99 1001,-1C02 $7,504 $2,323 6.28 ^_256,863 _2.905.199 1951 $13.62 $3.57 $1.00 $1.50 17*-15? 203,a-14l,2 $127.81 $30.59 39.32 32.00 16.31 7.68 102*-98V 102*-102 $7,033 $2,411 13.62 256.863 (2905.199 1950 $11.69 $3.03 S1.00 $1.00 17H-15* 21-13* $120 18 $28.42 28.22 21.75 13.15 6.45 102-100* 101*-101* $6,257 $2.262 11.69 256,863 0905,374 1949 $7.59 Si.^8 SI.00 $1.50 1S%-15* 2 6 * -l3 * $112.69 $26 29 18 60 12 89 8 39 4.25 1 0 1 * --9 9 * 10114-101 $5.601 $1,946 7.59 256.863 @905,472 1948 $26.42 S7.2 S1.00 $1 75 20* -1 7 * 34*-22* 110 76 $25.75 40 45 36 29 22.33 12.36 102-99 101-100* $5.231 $1 683 28.42 256.363 @905.472 1947 $24 25 $6.59 $1 00 $1.12*4 21%-19* 32*-19* $90.70 $20.06 45.97 42.26 26.00 12 80 106-101 104-93 $4.574 $1.326 24 25 256, S63 @903.472 19 lit t} 44 Si 00 *i X 23 38*-u 71 a? Sisw 44 91 4US 22.42 9 Ij $5,Oli SI .859 148J 256.863 855.472 Calendar years In clu d in g p a rtia lly p a id shares: 1952, 26,643; 1951, 27.509; 1950, 29.226; 1949, 31,515; 1948, 36.140; 1947, 42,289. FUNDED DEBT w ould be less th a n tw ice c u rre n t liab ilities PREFERENCES--H as p referen ce for assets L Celotex Corp. debenture 3>/4i,due I960:' and cash dividends are restricted to n et earn and dividends. ings a fte r Oct. 31. 1944 plus $1.000.600. DIVIDEND RIGHTS--E n title d to cumulative Rating--Baa AUTHORIZED--$5,000,000; o u tstan d in g . $3,- RIGHTS ON DEFAULT--In e v e n t of d efau lt dividends of 3% per annum , payable quarterly 368,000. (30 d ay grace p erio d fo r p a y m e n t of in terest, Feb. 1, etc. 60 days for sin k in g fu n d in stallm en t), tru s DIVIDEND RECORD--No dividends paid on DATED--A ug. 1.1945. MATURITY--A ug. 1, 1960. tee or 25% of d e b e n tu re s m ay d eclare p rin $100 p a r shares to Nov. 10, 1936 w hen 5% was IN TEREST--F& A 1 a t office of tru ste e or at cipal due and payable im m ediately. INDENTURE MODIFICATION -- Indenture paid clearing up arrears. T hereafter, regular dividends p aid q u a rte rly F e b ru a ry 1, etc., to C ity N ational B ank & T ru st Co.. Chicago P rincipal and Interest payable in U. S. legal may be modified except as provided w ith con* M ay 4, 1943, incl. tender. sent o f 66 2/3% of deb en tu res. In itia l dividend o f 25 cen ts p e r share paid PURPOSE--N et pro ceed s used to red eem de on $20 p a r sh ares A ug. 9, 1943; reg u lar divi TRU STEE AND REGISTRAR--C hem ical B an k 8t T ru st Co.. N ew York. benture 3*s. due 1955, an d for additional dends paid quarterly Thereafter. DENOM INATION--Coupon, $1.000; register- working capital. TAX STATUS--C om pany refunds personal DIVIDEND LIM ITATIONS -- See "Dividend Restriction'* u n d e r d e b e n tu re 3 * s . I960, able as to principal. CALLABLE--As a w hole or in p a rt on a t least property taxes in Pennsylvania not to exceed VOTING RIGHTS--N one, ex cep t tn a t If at %ny 30 days* p u b lish ed notice a t a n y tim e to Ju ly 4 mills and In K entucky not to exceed 5 mills on taxable value, and income taxes in Massa lim e cum ulative dividends h av e accrued to the e x te n t of $2 p e r sh are, ho ld ers of preferred 31. incl., a s follow s: 1952 102 1953 101* 1954 101 ch u setts u p to 6% a n d In M aryland u p to 5% stock shall hove one vo te p e r share. 1959 100* 1959- 100 per annum. LISTED--On N ew Y ork S tock Exchange. LIQUIDATION RIG H TS--H as preference ovsr com m on to p a r plus accrued an d unpaid divi A fter J u ly 31. 1959. Also callable fo r sinking fund, w hich see. OFFERED--($5.000.000) a t 102* (pro ceed s to dends. SIN K IN G FUND--A n n u ally on or b e fo re first day of fifth calendar m onth next succeeding com pany 99) o n Sept. 6. 1945 b y a syn d icate headed b y P a u l H. D avis St Co., Chicago. PREEM PTIVE RIGHTS--N one CALLABLE--On a n y q u a rte rly dividend date, close of e a c h fiscal y e a r b eg in n in g 1945,15% of 2. C elotex Corp. debenture VA* (Issue e f In w hole o r in p a r t (by lot), on 30 days' notice, sin k in g fu n d ea rn in g s (as defin ed), b u t n o t to 1947) due 1960: e x c e e d $250,000. S in k in g fu n d p ay m en ts shall R a tin g --B a a a t $20 p er sh are plu s accru ed dividends. LISTED--O n N ew Y ork Stock Exchange a v erag e a t le a st $175.000. w h e th e r o r not AUTHORIZED--$3,000,000; o u tstan d in g , $2,- TRANSFER AGENT--C h ase N ational Bank, earn ed , cash to b e u sed to p u rc h a se b o nds a t 075,000. n o t ex ceed in g re d e m p tio n p ric e o r to redeem DATED--A ug. 1, 1947. New York. REGISTRAR--C hem ical B an k St T ru st Com bonds. D e b e n tu re s m ay be te n d e re d in lie u of MATURITY--Aug. 1. 1960. pany, New York. cash a t a n am o u n t equ al to p rin cip al am o u n t INTEREST--T S tA 1 a t office of tru s te e or City OFFERED--(100,000 sh ares) a t $20 p er share of d e b e n tu re s o r th e cost b u t not to exceed N ational B an k 8c T ru st Co., Chicago. P rin cip al (proceeds to com pany $19 p e r sh are) on S ept sin k in g fu n d re d em p tio n p ric e on n e x t Aug. 1. and In te re st p ay ab le In U. S. legal ten d er. 6, 1945 b y a sy n d icate h ead ed by P a u l H. Daria D ebentures purchased or redeem ed to be can celled. TRUSTEE AND REGISTRAR--B an k o f N ew York & Fifth Ave. Bank, New York. 8c Co.. Chicago. 2. The Celotex Corp common; no par. SECURITY--N ot secu red b y a n y lien, DENOMINATION--Coupon, $1,000; reg ister- AUTHORIZED--1.500.000 share, outstanding. CREATION OF ADDITIONAL DEBT, ETC.-- able as to principal. 905,199 sham s (in clu d in g 643 sh ares partially C om pany will not, d ire c tly o r in d irectly , cre CALLABLE--As a w hole o r in p a r t on a t least paid subscribed b y em ployees); in treasury, ate o r assum e, o r p e rm it a n y su b sid iary to cre 30 days* pub lish ed n o tice a t a n y tim e a t p ar 273 shares; no par. ate or assume, any m ortgage, pledge, or en and interest. D ividend Record (In $) c u m b ran ce on p ro p e rty or assets now owned SINKING FUND--A n n u ally on o r b efo re first or h e re a fte r acq u ired , or on incom e or profits day of te n th c a le n d a r m o n th n e x t succeeding 1935-36 (Calendar years) Nil 1937,-- 1.20 1938__ th e re fro m , u nless d e b e n tu re s a re equally and close of each fiscal y ear, beg in n in g w ith fiscal 1939-40 Nil 1941... 1.12* 1942__ ra ta b ly secu red th e re b y , e x c e p t p u rch ase y ear ending in 1947. th e lesser of 9% of sin k 1943-45 0.50 1946 -- LOO 1947... money or other perm itted liens. Consent of 66 2/3% of d eb en tu res necessary ing fu n d earn in g s (as defined) o r $187,500, b u t to be m aintained a t a m inim um average of 1949_1951-52 1.75 1-50 1949-.. @1953- 1.50 1950 0.37* to c re a te , assum e, o r issue, d ire c tly o r in d irect $125,000 for each 12-m onths p erio d reg ard less rrp a id I00% in stock Nov. 4, 1938. ly. or p e rm it an y su b sid iary so to do. an y ad of such earn in g s. D eb en tu res m ay be te n d e ie d T o Feb. 1. ditional funded debt, except (a) for refunding, a t an am ount equal to th e principal am ount of DIVIDEND LIMITATIONS -- See "Dividend renew al or ex tension of n o t to exceed like th e d e b e n tu re s In Ueu of cash; a n y excess R estriction" u n d e r d eb e n tu re 3 * s. 1960. am o u n t th ereo f, or (b) fu n d ed d eb t (as de cred its to ap p ly on fu tu re pay m en ts. D eben VOTING RIGHTS--O ne vote p e r share. Cumu fined) of a subsidiary to com pany; provided, tu res so redeem ed o r credited to be cancelled. lative voting perm itted for election of diroe- th a t com p an y shall n o t dispose o r p a rt w ith OTHER PROVISIONS--Sam e as d eb e n tu re tors. See "V oting R ights" u n d e r 5% preferred control th e re o f (ex cep t to such su b sid iary ), 3*8. issue of 1945, due 1960 (No. 1). stock, above unless im m ed iately th e re a fte r (1) av erage an PURPOSE--N et proceeds to p ay term b ank PREEM PTIVE RIGHTS--None. nual consolidated n e t earnings available for loans; balance to general funds. LISTED--On N ew Y ork Stock E xchange interest (as defined) on funded debt for two fiscal years Im m ediately preceding equal at LISTED--On N ew Y ork Stock E xchange. OFFERED--($3.000,000 a t 9 7 * o n Nov. 21, 1947 TRANSFER New York. A G E N T --C h a s e N ational Bank least 4 tim es total annual interest require m ents on consolidated funded debt; 2 excess by a sy n d icate head ed b y P a u l H. D avis 8t Co., Chicago, and Union Securities Corp., New REGISTRAR--C hem ical B ank Sc T ru st Com of current assets (as defined) () over current York. pany, New York. liabilities at least equal outstanding funded CAPITAL STOCK OFFERED--(100.000 shares) a t 36% by P au l H. debt, e x cep t fu n d ed d e b t secu red b y lien s as 1. The Celotex Cerp, 1% cum ulative preD avis & Co.. Chicago and U nion Securities p erm itted , and (3) consolidated n e t tangible fe rre d stock; p a r $20, C o rp , New York. assets (as defined) a t le a st e q u a l 2 * tim es con AUTHORIZED--500.000 sh ares (increased from Subscription Rights: Com m on stockholders solidated funded debt. 100,000 shares, J u ly 12. 1943); outstanding, of reco rd Oct. 22. 1943 h ad rig h t to subscribe, DIVIDEND RESTRICTION--N o div id en d (ex 256,862* shares; p a r $20 (ch an g ed fro m $luO a t $10.50 p er sh are, for sh ares of com m on stock, cep t stock d ividends) shall b e declared o r paid par J u n e 18. 1943, five $20 p a r sh a re s issued on th e basis of one sh are fo r each ten shares on cap ital stock if th e re u p o n c u rre n t assets fo r each $100 p a r sh are). then held. CAPITAL STRUCTURE CAPITAL STOCK Issue CENTRAL AGUIRRE SUGAR COMPANY Par Amount [DEarned p er Sh. @Divs. per Sh, Value O utstanding 1952 1951 1952 1951 Call Price Price Range 1052 1032-52 1. C ap ital S t o c k ....................... .............. $5 742,674 shs. $2.60 $3.35 $1.60 $1.75 2034-19* 41-7* [^C alen d ar y e a rs ended Dec. 31. 53Fiscal year. HISTORY < O rganized in M assach u setts Aug. 1, 1928. as C entral A guirre Associates, a voluntary as sociation and prim arily as a holding com pany for shares of the C entral A guirre Sugar Co. I n 1947, asse ts a n d b u sin ess o f th e la tte r w ere acquired by the company and present nam e adopted (see reorganization below) C entral A guirre Sugar Co. w as incorporated u n d e r law s of P u e rto Rico o n Dec. 19, 1918, as a reincorporation of the C entral A guirre Sugar Companies, a voluntary tru st organised un d e r M assacb u setts law s A ug. 14. 190$. Com pany's activity in production of raw sugar in P u e rto R ico d a te s b a c k to 1899. I n s e p t ; 1933 o b tain ed 49% o w n ership In N ew E n g lan d A lcohol Co. (n o w N ealco Mon santo Co.), form ed jointly by C entral A guirre Associates and M onsanto Chem ical Co. (gen eral Index). Reorganization: U nder a reorganisation plan, approved by sto ck h o ld ers O c t 18, 1947, company succeeded its subsidiary, Central A guirre S ugar Co., as the operating com pany m Puerto Rico under latter name. U n d er th e p la n . 343,374 sh a re s w ere issued in exchange for assets of the sugar company. Of th e 180.000 s h a re s of th e su g a r com pany outstanding. Central A guirre Associates held 179,990 shares. Land Law L itigations P uerto R ican land law s lim it to 900 acres lands w hich m ay he held b y a n y "artific ia l p erso n " and define a partnership such as Luce & Co. (see subsid iaries, below) as an Artificial person O n Ju ly 11, 1941, Ju d g e Cooper In the 0 . 8. D istrict Court a t San Ju an , P uerto Rico, granted com pany's affiliate. Luce & Co., a prelim inary injunction against insular official to prevent operation of the land law against ita pro p erties of m ore th a n 40.000 acres of sugar lands. The court order enjoins Insular officials from initiating expropriation pro* ceedings under the land act against the plain tiff and likewise restrains the A ttorney Gen eral from initiating any proceedings under the law against the plaintiff for violating the land law until its validity has been deter m ined.