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FILE NAME: Philip Carey (PC) DATE: 1945 DOC#: PC055 DOCUMENT DESCRIPTION: Entry from Moody's Manual of Investments FINANCIAL A OPERATING DATA SM fetical Record, Fiscal Year E a rn e d p e r sh a re --c o m m o n 1944 $3.19 1943 83.98 1942 $3.73 1941 $4.11 1940 82.02 1939 tm 83.13 D ividends p e r share--com m on . . . . . . . $2.00 $2.00 $2.00 82.00 82.00 82.00 71 IDPrice ra n g e --com m on _____ N e t asse ts p e r sh a re --com m on . . . . . . . 49%-39% $53.88 42tt-29% 35-28V4 $50.47 37-30 849.90 37%-27 847.79 41-31H 847.43 41-37% Fixed charges earned: B e fo re incom e ta x e s Sc d e p re c .___ B e fo re ipc. ta x e s & a fte r d e p re c __ 59.21 49.66 7.13 58.10 50.12 38.70 37.53 23.18 10.81 830 11.06 4JI 8.14 A fte r in c. ta x e s & d e p r e c . . . . . .____ 12.63 15.51 14.62 15.10 7.02 8.15 S N et assets p e r $1.000 funded d e b t------ $5,418 $5,320 $5,139 .092 84.919 84.905 S S N e t c u rr, assets p e r $1,000 fu n d . d e b t. $4,617 $4.502 $4,206 .006 83.895 .849 Num ber of shares, common . . . . . . . . . CDP ric e ran g es f o r c a le n d a r y e a n . 246,000 246,000 248.000 246.000 846.000 247.000 247*1 Financial A O perating Ratios C u rre n t assets + c u rr, lia b ilitie s___ _ % cash & securities to curr. assets-. 4.25 29.91 416 3.51 24.62 .. 6.50 3.83 8.44 6.38 9.25 6J9 9.89 UM U inventory to curr. a s s e ts .......... t n e t c u rr. assets to n e t w o r t h ...__ _ 44.60 104.51 46.61 104.20 56.05 101.62 84.92 97.89 56.04 99.39 84J1 83.57 4143 13131 % property depreciated . . . . . . . . . . . . . 59.76 56.38 52.98 37.82 57.56 564 3521 E % an n , dep rec. to g ro ss p ro p e rty --. 4.38 4.64 4.78 26 8.43 3.46 C ap italizatio n : % lo n g -te rm d e b t __ ________ ____ % com m on sto ck Sc su rp lu s_______ 18.46 81.54 .18J0 81.20 19.46 60.54 19.64 80.36 20.33 . 79.67 2039 SUI 79.61 71.41 Sales in v e n to ry _____________ ____ 6.60 8.47 4.88 4.23 3.45 tJ 6 443 Sales -f* re c e iv a b les___________ . . . . . 11.55 10.49 7.30 6.00 5.57 SJ4 I* % sales to n e t p ro p e rty ___. . . . . . . . . . 2,567.37 2,387.06 2.042.74 1.419.40 996.18 1,613.17 % sales to to ta l a s s e t s . . . . . . . . . --. . . . . 258.25 263.16 234.64 192.37 156.18 153.31 113* % n e t in co m e to to ta l assets_________ in % n e t incom e to n e t w o r t h ...___ ___ 3.80 4.84 4.47 5.16 3.04 5.92 75 7.41 8.24 4.24 4.30 141 6.60 VIC o f bo n d s d a te d Aug. 1. charges in lieu of depreciation. Analysis o f Operations % % % % % % % N e t s a l e s __ _____ ____ _____ __ ______ 100.00 100.00 * 100.00 100.00 100.00 100.00 100.W M aterials, supplies, e t c . __ __ _______ 51.44 50.63 # 50.88 48.87 45.19 42.29 46.M Salaries and wages 26.41 25.85 25.86 25.60 27.94 28.59 2335 O th e r m fg. ex p en se, e tc ____ ___ ____ 8.67 8.66 9.37 n.69 12 98 13.59 1329 th< Sell, adm in. & general exp. . . . . . . . . . . 7.61 7.88 8.80 6.70 11.98 12.35 23.41 O p e ra tin g p r o f i t ........................... ......... 5.86 6.98 5.09 4.14 1.90 3.19 * i O th er in co m e _______ . . . . . . . . . . __ . . . 0.43 0.39 0.35 S6 2 .73 M |nte G ross i n c o m e __________ ________ __ 6.29 7.37 5.44 4.71 2.72 ~ 8.92 IM Oth- Inco m e d e d u c tio n s __ ______ . . . . . . __ 0.13 0.13 0.17 .49 .37 .63 M Deb 3 Incom e ta x e s & s u r t a x __________ __ 4.69 5.40 3.37 1.54 .41 .40 .11 Deb N e t i n c o m e ____ ________________ __ FUNDED DEBT 1.47 1.84 1.90 2.68 __ 1_.9_4_ 2J9 .77 10, 1925; 3 n o p a r sh a re s issued fo r each $100 VOTING RIG H TS--O ne v o te p e r share. He Oth. fed Bank Loan: Company has obtained a ten- share). Dividend Record encum b ran ce m a y b e p laced o n company's txc property w ithout authorization of a t least % Po? v e a r $3,000.000 lo an fro m B a n k e rs T ru s t Co., (Calendar Years) of the outstanding stock. Deb New York, proceeds of which w ere used to re (O n 8100 p a r sh ares) PREEM PTIVE RIG H TS--None. Oth fu n d a loan o f lik e am o u n t fr o m B a n k e rs 1913__ T ru s t Co., N e w Y ork, w hich w as to m a tu re 1917-19 n il 1914___ $3.00 $6.00 1920___ QQ5.25 1918-1 1921-22 nil LISTED--O n N ew Y ork a n d S t. Louis Stock nil Exchanges. M arch 29, 1949. N ew loan it p a y a b le In n in e 1923__ 2.00 1924-25 4.00 a n n u a l in sta lm e n ts o f $100,000 each, an d $2,- (O n n o p a r sh ares a f te r th r e e fo r one sp lit) TRANSFER AGENTS--L aw y ers T ru st Cork Fre Cor 100,000 a t final m a tu r ity on A p ril 1, 1955. 1926 2.00 1927___ 2.1259 1928 8280 pany. New York and S t Co.. St. Louis. Louis Union Trust CAPITAL 8TOCK 1929 ` 2.62% 1930-37 , 3.00 1938 1939-44 2.00 1111945__ 0.50 1.75 REGISTRAR--Irv in g T ru s t Com pany. New 1. Brow n Shoe Co., Inc. com m on: no o ar. AUTHORIZED--500,000 sh ares: Issued. 252.669 ITIPlu 33 1/3% h& stock. /2IT0 M ar. 2. Y ork a n d M ississippi V alley T ru s t Co.. St. Louis. f sh ares: in tre a s u ry , 6.000 sh ares: o u tstan d in g , D ividends p ay ab le q u a rte rlv M arch 1st. etc., PRICE RA N G E-- 1944 1943 1942 Cel 246.000; n o p a r (ch an g ed fro m $100 p a r Dec. to sto ck o f reco rd a b o u t F e b ru a ry 20. etc. C o m m o n ____ 49V4- 39% 42%-29% 35-2814 ar6c THE CELOTEX CORPORATION OAPITAL STRUCTURE 6 ft. ETim es fei FUNDED DEBT Amount Charges Earned Interest Call Price Range 12 Issue Rating Outstanding 1944 1943 D ates P ric e l 1944 1932-44 1. 3,i% d e b e n tu re s, 1955. CAPITAL STOCK ................ Baa Par $2,879,000 Amount 7.67 9.73 J ScJ 1 QjEarned per Sh. EDivs. per Sh. H7103 1,4-101% 010514-100% Call Price Range Cs V. Issue 1. 5% cum . p re fe rre d V alue _________ $20 O utstanding 156,862 shs. 1944 1943 $3.58 E)$3.56 1944 3943 $1.00 (S$3.00 Price 20 _ 1944 1932-44 E 1 9 % -n 0021 -16% Ne K 2. C om m on . . ___________ _________ N o p a r 755,472 shs. 0..5..3 0.54 0.50 0.50 ,, 1514-11 gjldVs- 5 E F isc a l y ears. ISRange sin ce 1938. a f te r 100% stock dividend. B efo re 100% stock dividend, 1935-38 ra n g e 48%-12% (^S ubject to change J u ly 1. H $20 p a r sto ck . (EOf w h ic h $2.50 p a id o n o ld $100 p a r shares. HI1943-44 range. f< 2 | A \lo (\JIDYS> l i H S - \\ T L e T ^ Q t HISTORY N am e, place of in co rp o ratio n an d business: M arkets fo r C elotex p ro d u cts include gen Celotex. Ltd., England, m anufactures and eral building, to w hich are sold various prod In c o rp o ra te d in D elaw are J u n e 29. 1935, as sells Celotex products in B ritish Empire. ucts in both the residential and non-residential successor in reorganization to th e C elotex Co. A m erican G ypsum Co., Ohio, Inactive. fields in u rb a n d istricts, an d fo r farm homes (D el.). L a tte r com pany w as in c o rp o ra te d In E xpanded P ro d u c ts Corp.. 111., ow ns p a te n ts and o th e r fa rm b u ildings in th e ru ra l districts: D elaw are in 1920 as "L ouisiana C elotex Co." on concrete. th e acoustical m a rk e t, w hich em braces a large On J u n e 16, 1932, th e la tte r co m p an y w as A t Oct. 31, 1944, th e com pany also ow ned field such as offices, re sta u ra n ts, industrial placed in receiv ersh ip . On_Feb. 8.1935, tru s - 147,260 sh ares of com m on stock of Certain* p lants, schools, ch urches, etc., w here it ii tees w ere appointed u n d er Section 77-B of th e teed P ro d u cts Corp. (see general index). Also, desirable to a rre s t noise and to correct acousti U. S. B a n k ru p tc y A ct. A re o rg a n iz atio n p la n th e com pany ow ned 205.328 sh ares of th e com- cal difficulties: an d th e in d u stria l field, where w as su b m itte d u n d e r d ate of M ay 1.1934 (su b m on stock en d $1.577,260 5% cum u lativ e in C elotex p ro d u cts a re w id ely u sed in the se q u e n tly m odified), an d o n N ov. 1, 1935. th e com e d e b en tu res (su b o rd in ated ), due Nov. 30, m an u factu re of v ario u s ty p es of refrigerating bu sin ess an d assets o f th e p re d e c e sso r com 3973 of South Coast Corn. (ee g en eral index). equipm ent, in In cubators, a ir ducts, radio sets, p a n y w e re tra n sfe rre d to th e p re se n t com BUSINESS A PR0DUCT8 for insulating brick siding, etc. The company pany. Details of reorganization appear in M oodv's 1935 In d u s tria l M anual. T h e com pany m a n u fa c tu res b u ild in g an d in sells to ap p ro x im ately 65 d ifferen t types of m anufacturing. In 1937, o rg an ized E nglish C om pany, C elotex, sulating products, consisting for p art of products m arketed under the most the trade C elotex also sells products m ade by other Ltd. m an u factu rers such as h a rd boards, which rG ypsufm Co.a, P o r t cC lintotn. O noto, a n dr in 19e39 -rrecmdmaaiinnimingp raeiif+ntAcevirp a+th>ll,e*y J4fhuri(omcme Khbabasgkbaesmsemen, Metxh-tefrraafcitbeedr cut. saw and h andle like lum ber (made by M asonite Corp.), and are used fo r paneling completed acquisition of company. In 1937-38 a c q u ire d G ulf G vpsum Co of from sugar cane, and are used, among other of all so rts, fo r d eco ratio n , shelving, etc. Celocrete (m ade by various steel companies), WH orauUsttoomn, tTUex .,. m JtuEnea l1e94f3t l a t t e r w as liq u i- tehxitnegrsio, rf oarn de x tienrtieorriosrh efiantihsihn,g ,f oprla sintesru labtaisneg. a lig h t w e ig h t c o n crete ag g reg ate, is made ox dated. In 1938 constructed a plant at London, roofs, and as insulation in th e m anufacture of household refrigerators, railw ay refrigerator expanded m o lten b la st fu rn a c e slab, and is used w ith P ortland cem ent to manufacture England In 3939. a c q u ire d the Tottsco Corp. (Ill ), cars, cold storage plants and other products. precast concrete. The Celotex Corp. m aintains offices through- - nam e subsequently changed to Expanded The company also m anufactures and sells products for correction of acoustical condi o u t th e w o rld a n d h as b ra n c h offices in 14 P roducts Corp., ow ner of a p ate n t covering concrete. tions in office buildings, auditorium s, theaters, cities located in various p a rts o f th e United State*, including th e Pacific Coast In 1941, liq u id a te d E nglish su b sid ia ry h o ld broadcasting studios, and other places In w hich acoustical tre a tm e n t Ss desired, includ PRINCIPAL PLANTS A PROPERTIES ing comoanv. Texcel, Ltd. Phoenix Securities Corp.. form er holder of ing products m arketed under the trade names T he m ain m an u factu rin g p la n t is located ap p ro x im ately 27% of co m p an y 's com m on stock, distributed practically all such stock "Acousti-Celotex" and "M uffletone." The company also is engaged in the handling at M arrero, in Jefferson P arish, La., close to the City of New Orleans. It comprises approxi to its ow n sto ck h o ld ers on N ov. 24. 1941. and sale o f o th e r ty p es o f in su la tin g an d b u ild m ately 143 acres of land, upon w hich are 24 ing m a te ria l p ro d u cts, in clu d in g loose and building s w ith a to ta l of 602.000 sq. feet of i In reference to litigation betw een the com pany and certain-teed Products corp., see ba-H iot-m s o f roels w o o l, ro o fin g n ro d u o ts. Jfvtv sum nla^ter, laih and w allboards. and also floor space. An agreement has bean entered into wittt -i latter company (genera) index). In M ar.. 1945, acq u ired u ro o e rtie s an d b u si various Items used as accessories In the ap Certainteed Products Corp. (see general in ness of Texas Cement Plaster Co located at plication of products sold. rn e company operates under patents and dex) fo r the use of Celotex of excess plants of C ertainteed in th e m anufacture of build I P la s te re r an d LongTM orth, T ex *m a n u fa c tu rers of full line of gypsu/n plaster and board p a te n t right? both of th e U n ited S tates and ing m aterials such roofing, etc. D etails of product.*. foreign countries, covering various products, agreem ent appear under Certainteed Products. processes and machines, including a series of The com pany obtain? bagasse, the principal SUBSIDIARIES p aten ts covering m aterial and processes fo r raw m aterial, from a n um ber of sugar mills T his is p rin c ip a lly an o p e ra tin g com pany. tre a tin g in su latin g.. m a te ria_l fo r p r_o_t_e_c_t_i_o_n in L ouisiana. A+ Oct 31 3944 100% of th e v o tin g p o w e r ag ain st dam age b y d ry ro t, fu n g i, term ites and A p la n t a t M etuchen, N J.. Is located on was ow ned in the following com panies: other sim ilar hazards. a p p ro x im ately 12 acres of land, a n d contains $v =r l i * A-vA. i ' - M / l " i*-' - w l * MOODY'S MA N U A L OF I NVESTMENTS 465 bom: 310,000 s q u a re f e e t o f flo o r sp ace, an d M A N A G EM EN T G eneral ftffiee: P So. .a Saile St., C hicago is i; -ed fo r th e m a n u fa c tu re o f asb esto s cem ent board products, insulating siding and O fficers M an-Cem ent C om pensation \&m r o r .th * 2 asphalt im pregnated roof deck surfacing. B rbr Dahlberg. P resident C arl Cr M uench Vice P re s k le n t fiscal y ears 1940 and 1941. in ad d itio n to fixed A P lan t at P o rt Clinton. Ohio, is used in the O S M ansch. Vicrk PTerdut salary, com pensation of b ro r Dahlberg, P res cie n t wa? 5<T of die " n e t e a rn in g s" above m anuricture of gypsum products. H. W Collins. V ice-P resident $630,009 Also. V ice-P resid-nt; L H B nu k v are A plant near Lagro, Ind. and a plant in De C L. Christensen, V ice-President and C. G. M uench re c e i red in ad d itio n to troit. M ich are used for production of rock H. G P hilbrrok, V ice-President fixed salaries. 1% of n e t e a rrin g s in excess wool insulation products. F. A Irvm.e Asst. V ice-P resident of $650,000. A lso, th e re v a s set aside 7% of On O ct. 30, 1943. d ire c to rs a u th o riz e d p u r A. I Schim pf, T re a su re r n et ea rn in g s in ex cess of $650.COO for ex ec chase of assets of Insulation In d u stries. Inc., C, W. Johns, Secretary utives and departm ent heads, to be distributed a M ichigan corporation engaged in m anu Directors. in accordance w ith their salary levels. For facture and sale of rock wool products, and C, L C h risten sen . C hicago fiscal y e a r e n d e d O ct 31, 1942. u n d e r an em the assets of C am pbell Process Co., a M ichigan W W Cnipitts. New York p lo y ees' p ro fit 'har ng n!an, m ad d itio n to corporation, including a p aten t having to do B ror D ahlberg. Chicago salaries, Bror D ahlberg. President received with m anufacture of rock wool products. A J. D allstream . Chicago 3 10% of "n e t e a rn in g s " , above 5730 COO: Company paid for Insulation Industries assets P H. Davis, Chicago 5 90 2/3% w as a llo c a te d to e th e r em ployees, 8 000 s h a re s o f 5% cu m . p r e f e r r e d sto c k an d E B W ilber, New York su b je c t to lim ita tio n th a t C. G. M uench. S7 500 m cash, also assu m in g c e r ta in lia b ilitie s John Irw in. Chicago V ice-P res., sh o u ld n o t ,,eceiv e m o re th a n ag g re g a tin g a p p ro x im a te ly $33,500 a n d a g re e O S Mansell, Chicago tw o-thirds of his alary; other employees ing to pay to In su latio n In d u stries u p to Carl G M uench. Chicago n o t to ex ceed 26 2/3% of com p en satio n . P ro fit So,DOO o n u n d isc lo se d claim s a n d $1,000 fo r G en e ra l C ounsel: P am , H u rd Sc fteich m an n sh a rin g a rra n g e m e n t fo r 1943 a re sam e as sendees and expenses of atto rn ey s in con A nnual M eeting: T hird Tuesdav in January, for previous fiscal vear, except th at thev are n ectio n w ith th e d isso lu tio n o f In s u la tio n I n N u m b er of S to ck h o ld ers: Dec. 31, 1944; P re - b ased on "n e t e a rn in g s " in excess of $825 000. d u strie s. C o m p a n y a lso a g re e d to p a y fo r th e fe rre d 1,641; com m on, 7,504. "Net earnings" are determ ined before certain assets o f C a m p b e ll P ro c e ss Co. $1,000 in ca sh N u m b er of E m ployees: Dec. 31, 1944, 5 400 (of in te re s t an d am o rtiz a tio n c h arg es, a n d c e r- ar.d assu m e c e rta in lia b ilitie s a m o u n tin g to w h ic h 2,400 a re em p lo y ed ih. th e p la n t a t taifl taxes, a n d e x c lu siv e o f pro fits o r losses a p p ro x im a te ly $4.700. - M a rre ro . La ). derived .from p e rta in sources. INCOME ACCOUNTS C O M PA R A TIV E CONSOLIDATED INCOME C C O U ttt, YEARS ENDED OCT. 31 1944 1943 1942 1941 1940 1939. 193* N et sa le s _____________ - ___ $20,693,859 $22.598,269 $23.510 364 $19.977.155 $13 817.501 $12 317.936 $0 126.489 Cost of sales and expenses 19,099,196 20,017 488 19.110 688 16.361.701 12.360.204 10.819.C66 8 081.95.* D epreciation and depletion. 616,481 612.724 534,526 447.498 448.692 423.762 389 93: O perating profit O th er i n c o m e ______ 978,182 194,410 1,968.107 166,739 3.865 150 115,787 3.167 957 158.853 1.008.605 151.496 1.075.107 57.069 654.604 133.268 T o ta l i n c o m e ________ _____ ___ In te re s t o n fu n d e d d e b t ___________ O ther i n t e r e s t ___________ - - _______ D ebt d is c o u n t a n d e x p e n s e __ ____ D ebt e x p e n s e w r itte n o f f ________ O th er d e d u c t i o n s _________________ F ed eral in c o m e ta x e s - _______ . . . . Excess p ro fits t a x ........................ . . . . . Post-w ar credit--excess profits tax .. D ebt r e tir e m e n t c r e d i t ___________ Other inc. taxes & conting. tax res. 1,172,592 111,391 3,394 15,057 "76~289 320,500 6,200 m cr 48,120 25",604 2,134.846 135,072 18.485 37.664 225.254 49.627 367.363 834.077 c r 20.588 c r 63,400 21,092 3.980 937 143.543 8 890 51,232 37*369 549.289 1.972.100 c r 30.000 "121547 3.326.810 151.615 3.172 51.232 " 23T93 604.823 473.000 169.967 1.160.101 162.654 25,120 51,232 "~8469 89,300 "1,132 176 165.902 35.197 51.232 "* S9.9 79.000 787.872 170.013 10.478 51.232 ' 27 791 10,000 N e t p r o f i t ______ Preferred dividends Common dividends . 562.276 156,863 377,759 530.199 148.863 325,293 311,123.967 147.112 471.901 1.749.099 145 363 706.138 747.628 145.363 741.756 145.363 518.358 145.363 312.429 S u rp lu s f o r v e a r ______________..... $27,654 $56 043 5504 954 06897.598 $602 265 $596.393 [C$60.566 Q]Before d e b itin g $67,187 p ro v isio n fo r p a y SJA fter re n e g o tia tio n re fu n d s u b je c t to final w h ich w as p ro v id e d in th a t y e a r a t a n a m o u n t m ent o f first p r e f e r e n c e d iv id e n d s in ex cess a p p ro v a l n e t p ro fit wa $931.187 com puted on sam e gen eril basis as the set of in co m e f o r y e a r e n d e d O ct. 31. 1938. o f Ofjlncludes $47,500 c re d it d u e to c a r r y b a c k tle m e n t fo r th e p re c e d in g y e a r. O n sam e Celotex. Ltd., B ritish subsidiary. to p r io r y e a r of u n u se d ex cess p ro fits c re d it basis no p ro v isio n is n e c e ssa ry fo r 1944 T he [JlBefore c r e d itin g $85.596 n e t a d ju s tm e n t o f of c u r r e n t y ear. com putations are subject to final review by provision for depreciation for p rio r years and $56.786 r e s to r a tio n o f p ro v isio n m a d e a t O ct. General Notes the G overnm ent. (b) Above report excludes Celotex. Ltd 31. 1938 fo r p a y m e n t o f first p re f e r e n c e d iv i (a) C om pany h a s n o t co m p le te d re n e g o tia N et p ro fit of th a t co m p an y fo r y e a r e n d e d Oct. dends of Celotex. Ltd. tio n of its w a r c o n tra c ts fo r 1943, r e s e rv e for 31- 1944. $55.628; 1943, $44,303; 1942, $42,774. BALANCE SHEETS ASSETS; C O M PA R A TIV E CONSOLIDATED BA LA N CE SH EET. AS O F OCT 31 1944 1943 1942 1941 1940 1939 1938 Cash ________________________________ $2,256,657 $2,863.085 $1.190.786 $1.142,711 $1.059,958 $600.484 $865.256 U. S. G o v e rn m e n t s e c u r i t i e s _______ 850.000 150 000 Notes and accounts receivable, n e t . . . 2.277,526 2,669.788 3.179*237 3.154463 2.245' 47 133*8.633 17427.551 [^In v e n to rie s --------------------------- -- . 2,221,552 2,133,070 2.583,474 2 037.791 1,580.516 1.824,418 1.678,036 Total current a sse ts---- ------------ O p e ra tin g p r o p e r t i e s ________________ D ep re c ia tio n ------------------------------------ N e t o p e ra tin g p r o p e r t y -------------N o n -o p e ra tin g p r o p e r ty ( n e t ) ----------P a te n ts a n d r i g h t s __________________ T S o u th C o ast C orp. in v e s tm e n t-------Investm ent. A m erican Gypsum Co-- In v e stm e n t in C elo tex . L t d . _________ T In v e st. C e rta in -te e d P ro d . C o r p .__ P o st-w a r ta x r e f u n d - ______________ O ther a sse ts ________________________ Unam ort. d eb t d isco u n t St expense D eferred c h a r g e s ____ - ______________ $7,605.735 11.570.263 7.317,421 4,252.842 177,523 1 438.541 [51726.086 1,137.540 83.753 345.669 107,769 148,678 $7.815.943 11.421.344 6.867.285 4.554.060 115,665 1 438.541 5]733*280 1.137.540 50.588 158.924 122 827 126.820 $6 953 497 11 218 640 6 318.695 4.899 945 144.814 1 58.502 0740 434 1 270 930 30.000 91.720 217 735 111 054 $6 334 964 10 876.443 6.080 646 4 795 797 252,932 1 1 0747*617 1.270 929 ' 25*504 263 968 70 531 $4.885.621 10.398.168 6.031 317 4.366 851 276,203 1 1 0760 101 1,270.929 ' "122*637 320 198 139 087 SL3R3.535 10,608,272 5,879.960 4.728.312 - 1 l""l 90*947 1,373,981 " "11*6.978 371.429 192,442 $3.970,843 8 888.674 4.502.089 4.386.585 ............ 1 482.915 856.701 829.743 If 612 422 661 136.889 T o tal ______ - ______ . . . . . L IA B IL IT IE S : Notes p a y a b l e __________ . . . . A ccounts p a y a b l e ___________ A ccrued e x p e n s e s _________ _ A ccrued i n t e r e s t ___________ Due to C e lo te x L td .--. ______ Prov. fo r m ise, t a x e s _______ Preferred dividends payable SProv. f o r in c o m e t a x e s __ $15,024,138 $986.057 458 639 35,987 94~3 0682*272 $15.254,168 $1.427 303 788.496 43.254 "09" HI821~277 $14.518.631 $1 4<17 242 641 467 40.390 " 73"999 H574 576 $13 867 242 $1 488 031 702 652 40 079 12.346 102 565 0435*091 $12,141.629 $266 190 689 93? 507 508 44.937 " 87.988 ` 2.87 $12^337,625 $539.107 (J76 205 408.326 47.897 " 84'667 "0002 $11,091.950 $475 000 776 410 249.690 42.193 67*872 36.341 19.056 Total current liabilities__ D eb en tu res __________________ Notes p a y a b le _______________ Common s to c k d i v i d e n d ___ T.iab u n d e r lic e n s e a g re e m e n t 56?. p r e f e r r e d s to c k ___ _______ OBCommnn s t o c k ____ . ______ Paid-in stiro lu * _____________ Earned s u r p l u s ______________ T o t a l _____ _________ ___________ ^R eacquired com m on stock Net e q u i t y ____ _____ ________ $2 257 257 2,879.000 23.849 03,137.250 755.472 851 953.797 4.017,512 9,864,031 9,864,031 $3.189.341 3,000,000 36.941 02.977.250 696.933 gali *ft*.*45 3,989.857 9.027.885 9.027*885 $2 927 673 3.158.500 *1 QO* 02.977 250 6*>8 410 70 43 4 126 533 8.449 097 68 441 8 380 656 $2 830 762 3 207.500 66 4RT 2 907 250 638 410 70S 34S 3 621 640 7,874 143 111 65 7.762 492 $1.718 43! 3.539 non 80.000 ' ' VfilNt 2.007 250 638 410 70 P43 2 581.650 6.834 169 111 651 6.722 51? $2 056 504 3,665.000 396,190 " #1*950 2 907 250 638 410 M9 307 t P79 904 18 347 CO 388 8.127 981 $1.666 567 3.750.500 299 880 312.429 2 907 25 312 429 450 900 t 983 001 5.062 579 5.062*579 T o tal .......... ........................................... $15. 024.138 $15^254,168 $14 518 631 $13.867 242 $12,141 620 $12 337 625 $11091950 Net c u r r e n t a s s e t s ..................................$5, 348.478 $4.626 602 $4 025 824 $3.504, O? $3167 190 $2 307 031 $2 304.261 TAt lower of cost or market 1944) in se c u ritie s C elotex. L td . (E n g lish s u b 0 N b p a r s h a re s : 1944, "55,472; 1943, 696.933: 51944: C o m p rises: $1,577.260 d e b e n tu r e 5s sid ia ry --n o t co n so lid ated ) p lu s, in 1939, c u r 193--4, 6S8.410; 1938. 312,429 [subordinated) 1973 a n d 84,428 s h a r e s o f co m re n t in d e b te d n e ss an d c o n stru c tio n a d v an ces 0A t cost: 1942. 6 342 sh a re s: 1940-41. 10.734 mon sto ck c a r r ie d a t n o m in a l v a lu e o f $1 ^ I n v e s tm e n t In C e rta in -te e d s h a re s a t w r it s h a r p s; 1939. 8 450 s h a r e s . Other 120.900 s h a re s o f co m m o n sto c k p u r te n dow n v a lu e ($829.743) a f te r c h a rg e o f $1.- [VIA f te r d e d u c tin g in v e stm e n t in U S. chased in 1942 a n d 1943 c a rrie d a t c o st of S438.- 049 856 to p a id -in s u rp lu s d u r in g 1938 fiscal T r e a s u r y n o te s ta x series, a t cost- ''944, *390,- 539 M a rk e t v a lu e Oct'. 31, 1944* $1,577.260 d e y e a r a n d re fle c tin g su b s e q u e n t p u rc h a s e s an d 000; 1943, $1,320,000; 1942, $2,303,000; 1941. $801,- benture 5s (s u b o rd in a te d ). 1973, $1,214,490; sales a t cost A t O ct 31. 1944, co m p rise d 147.- 320 205 328 co m m o n sh a re s. $615.984. 260 com m on sh ares. $1.137.540 ia u o te d m a rk e t m in c lu d e s p ro v isio n fo r re n e g o tia tio n in 466 MOODY'S MANUAL OF INVESTMENTS f P ar value: 1944 and 1943, $2) 1942 and p rior share of 58,539 additional common shares, no debentures a t prices not exceeding re';e*Tr- years, $109, par value over $1 stated value and $75,000 book tion price. tfolAfter crediting $529,410 excess from Issu value assigned to assets received in exchange (b) Assets of Texcel, Ltd. (wholly .rwr; an ce of 58,523 additional common shares no for $125,000 principal am ount of South Coast English subsidiary--liquidated in 1941), con. * p a r value over $1 stated value and Sl32!519 Corp. 5% income debentures (subordinated) sitting of $2,032 in cash a t converted v..* excess from sale of 5,698 preferred of Certain- which w ere carried on books at $i. (1939: cash, $7,877, advances for construe;. - teed Products Corp. over written-down value, General Note (net) of $137,178 a t converted value and sec*..:, and a lte r deducting $4,928 loss on sale of 6.342 (a) Sinking fund in respect of 3fts, deben ities owned of Celotex, Ltd.) have been con reacquired common shares. tures requires paym ent to tru stee on Mar. 1. solidated in 1940 statem ent. . A fter crediting $514,953 net excess of con 1945 of $125,000 to be applied to purchase of Accounts certified by A rth u r Young it Co sideration received from sale a t $10.50 per STA TISTIC A L RECORD. FISCAL, YEARS 1944 Earned p e r share--p r e f e r r e d _______ $3.58 --common _______ $0.53 D ividends per share--p r e f e r r e d ____ _ $1.00 --c o m m o n ___ . . . $0.50 Price ran g e--p r e f e r r e d ___________ 19ft-17 --c o m m o n __________ _ 15ft-ll N et assets p e r share--p r e f e r r e d ___ _ $62.88 common -- $8.90 1943 $3.56 $0.54 $3.00 $0.50 21-16ft 14ft-8ft $60.64 $8.68 1942 *27 75 $1.54 $5.00 $0.7$ 75ft-66 8f t - 6ft $281.49 $8.55 1941 $60.16 $2.55 $5 A0 $1.12 f t 75-65 10ft-5ft $267.00 $7J4 1940 $25 72 $0.96 $5.00 Nil 72-48 12Vz-$ $23123 $6.08 1939 $25.51 $0.95 $5.00 TJ---72ft-58 19'-7ft $210.79 $5.11 19i$ $17 <C $; - *5 . m: 721***> u 16^ Fixed charges earned: B e l inc. taxes, deprec. & dep?____ _ 12.42 12.9$ 21.98 17.72 6.38 5.93 4M Be#, inc. taxes & aft. deprec. & depl. 7.67 9.73 19 36 15.55 4.50 4.25 3 28 t 'y A fter inc. tax., deprec. 8c depl-- . . . 5.33 3.77 6 52 9.49 4.13 3.94 3 24 Times charges & pfd. div. earned___ 2.41 2.12 3.78 5.56 2.57 2.50 199 P rice range: 4fts, 1947 _____ _____ _ 100-93f t 97ft-8S 90ft-73ft 97-76 92ft- 33^ie 1955 105ft-10lV4 102ft-lO O ft N et assets p e r $1,000 funded debt . . . 1 , $4,426 $4,009 $3,653 $3,420 $2,858 $2,509 S2 2V> N et curr. assets p e r $1,000 fund d e b t.. $1,858 $1,542 $1,275 $1,092 ' $875 $565 $563 Tim es p referred dividends earned___ 3.58 .56 7 64 12.03 5.14 5.10 3 57 N um ber of shares--p referred _______ SI 156,862ft 148.863 0029,773 29.073 29,073 29,073 29.073 --com m on ............... 755,472 696,99$ `632,068 627,676 627.676 629.960 312.429 ftJCalendar years. fSPaid 100% stock dividend Nov. 4. 1938. ifiAfter 100% stock dividend- range p rior thereto, SOft-taft, A fter renegotiation refund earned p er share w as $1.24. P ar value: 1944 and 1943, 320; 1942 and prior years, $100, $2.S0 on $100 p a r stock an d 30 cents on $20 p a r stock. FUNDED DEBT debentures, unless th ereafter; (1) average an TAX STATUS--Company refunds all taxes of nual consolidated n e t earnings available for Pennsylvania (other th a n transfer, gift, estate, U Celotex Corp* debenture 3%* due R a tin g --B a a 1955: interest on funded debt for two fiscal years succession, inheritance, Income and capital AUTHORIZED--$3,000,000: issued, $3,000,000; preceding are equal to at least four tim es total annual interest requirem ents on total funded stock taxes) in an am ount not exceeding 5 mills per annum on each dollar of principal outstanding. $2,879*000; re tire d through sinking fund. $121,000. debt; (2) excess of aggregate c u rre n t assets am ount thereof. No provisions for assumption DATED--Ju ly 1. 1943. MATURITY--Ju ly 1, 1955. over aggregate current liabilities is a t least or refund of any Federal taxes. equal to aggregate consolidated funded debt LEGAL--For tru st funds in N ew Jersey. INTEREST--J& J 1 a t City N ational Bank & T ru st Co., Chicago or a t T rustee's office. P rin and (3) consolidated n e t assets are a t least equal to 2f t times aggregate consolidated LISTED--On New York Stock Exchange. PRICE RANGE-- 1944 1943 cipal and in te re st payable in U. R. legal tender. funded debt. Exceptions to th is restriction Deb. 3fts, *55___ 105ft-10lV4 l02V-100ft TRUSTEE--Chem ical B ank & T ru st Co., New York. are: (a) any funded debt to provide for any refunding, renewing or extension of m aturity CAPITAL STOCK L The Celotex Corp. 5% cumulative pre DENOMINATION--Coupon, $1,000; register- of any funded debt; provided that principal am ount of funded debt so created does not ex ferred stock; par $20. * able as to principal. ceed funded debt to be refunded, renewed or extended: (b) any frnded debt of a subsidiary AUTHORIZED--500.000 sh ares (increased from 100,000 share, Ju ly 12,1943); outstanding, Oct CALLABLE--As a w hole or In p a rt on at least 80 days' published notice a t any tim e to Ju n e owing to the compar l Funded debt is defined 31, 1944. 156,862ft shares; p a r $20 (changed from $100 p a r Ju n e 18,194$, five $20 p ar shares 30 inql. as follows: 1944___ 10319 1945.__ 103 1946--- 102ft to mean indebtediie j m aturing later than twelve months from date of creation thereof. issued fo r each $100 p a r share). 1947.__ 102 1950-- - 100ft 1948__ 101ft 1954___100ft 1949-- . 101 ` 1955-___100 Company agrees (1) n ot to p erm it a n y sub DIVIDEND RIGHTS--H as preference over common to cum ulative dividends of 5% per an sidiary to issue any preferred except to the Also callable for sinking fund (yrtiich see). company; (2) nor to sell or p art w ith control num, payable quarterly. SINKING FUND--On or before first day of fifth calendar m onth next succeeding close of pf any preferred stock of a subsidiary held by company except to subsidiary which issued DIVIDEND RECORD--No dividends paid on $100 p ar shares to Nov. to. 19(36 w hen 5% was each fiscal year, beginning w ith fiscal year en d in g in y e a r 1943, com pany agrees to pay such stock so long as such subsidiary rem ains a subsidiary. paid clearing up arrears. Thereafter, regular dividends paid quarterly Febrr*ry 1, etc, to T ru stee 15% of sinking fund earnings for such y e a r (not exceeding $200,000 annually). If less CREATION 6 f ADDITIONAL DEBT--Issu ance of debentures under this Indenture is May 4, 1943, incl. Initial dividend of 25 cents p er share paid th a n $125,000, then, unless am ounts paid into lim ited to $3,000,000. R estrictions on issuance n $20 p a r shares Aug. 9, 1943; regular aiviends paid quarterly thereafter. th e sinking fund fo r all preceding fiscal years together w ith am ount then payable shall at of fu rth e r debt are noted above u n d er "Se* curlty." DIVIDEND LIMITATIONS -- See "Dividend le a s t average $12$,000 fo r each year, th e comshall pay a sum at least equal to sueh DIVIDEND RESTRICTIONS--C om pany will R estrictions'* u n d er debenture $fts, 1955. VOTING RIGHTS--None, except th a t if a t any iency. liver In deb Ueu entu of res cash, company may (acquired other tha nde*bynpuorrtech(aa)sep, aryedceaesmh dividends on or otherwise common, nor acquire for a tim e cum ulative dividends have accrued to the ex ten t of $2 p er share, holders of preferred dem ption) a t cost but not exceeding sinking consideration any shares of stock of company stock shall have one vote per share. fund redem ption price. (other than by issuance of and application of proceeds of additional shares of capital stock LIQUIDATION RIGHTS--Has preference over common to par plus accrued and unpaid divi Cash deposited is to be applied by Trustee prior to July 1 next following to purchase of to such purchase, redem ption or acquisition); or (b) m ake any investm ent over $50,000 in dends debentures a t not exceeding sinking fund re shares of capital stock or obligations of. or PREEMPTIVE RIGHTB-Non*. dem ption price on n ex t Ju ly 1 or to redem p any loans to. an y com pany n o t then, nor th ere CALLABLE--On any q u arterly dividend date, tio n th ereo f a t such price. In the ev en t on any a fte r b y reason of such investm ent, a subsidi in whole or in p a rt (by lot), on 30 days* notice, J u ly 1 'T ru stee h a s unexpended balance suf ary (other th a n by Issuance of additional a t $20 p er share plus accrued dividends. ficient to redeem a t least $25,000 of debentures, the Trustee shall select by lot for redemption shares of capital stock); if amount of such dividends or amount devoted to purchase, re LISTED--On New York Stock Exchange. TRANSFER AGENT--Chase N ational Bank. on or before next ensuing Sept. 1 debentures demption or acquisition of such stock, or the New York. sufficient to absorb said balance. Debentures acquired hereunder are to be cancelled. amount such investments shall involve am ounts in excess of a sum equal to (1) con REGISTRAR--Chemical B ank & T ru st Com pany, New York. D ebentures a re callable for the sinking fu n d solidated n e t earnings since O c t SI. 1942 phis PRICE RANGE-- 1944 1943 01942 to each J u n e 30 inch as follows: (2) $1,000,000. plus (3) all proceeds from sale P re fe rre d _____ 19ft-17 21-16f t 75ft-66 1940. 102ft 1947___ 102 1048____101% of capital stock subsequent to J u ly 1. 1943 n o t $100 par shares. 1949___ 101 ___ 100ft 1954------ 100ft applied in (a) o r (b) above, a fte r deducting 2. The Celotex Corp, common; no par. 195$-- - 100 SECURITY--N ot secured by any lien. Com from such aggregate sum fx> all cash dtvH dends paid since Oct. 31. 1943 and fv) cost of AUTHORIZED--1,500,000 shares; outstanding, Oct. 31, 1944, 755,472 shares; no par. pany will not create or perm it to be created alt shares of stock purchased, redeem ed or a n y m ortgage o r lien upon any of its prop otherw ise acquired subsequent to Ju ly l x 1943 Dividend Record (In $) (Calendar years) erties now owned or hereafter acquired, with out securing debentures equally and ratably (other than by issuance or application of pro ceeds of additional shares of capital stock) 1935-36 Nil 1937-,, 1.20 1938__ 1939-40 Nil 1941 1.12ft 1942... O.W w ith indebtedness secured b y such mortgage and (z) amount of all investments or loans in o r lien. E xceptions to this restriction are p u r (b) above subsequent to Ju ly 1, 1943. 1943-44 0.50 01944-- 0.25 GDPaid 100% la stock Nov. 4, 1938. c h ase m oney a n d sim ilar m ortgages up to So long as th e deb en tu res are. outstanding, GOTo May 3. tw o-thirds of purchase price of property ac quired and renew als of such mortgages; company will not pay any dividend (other then stock dividends) on capital stock if upon DIVIDEND LIMITATIONS --See "Dividend m ech an ic's liens; liens arising b y reasons of deposits w ith o r the giving of any form of paym ent of such shall be less than tw dividend o times c u current assets rrent liabilities, . Restrictions" under debenture VOTING RIGHTS--One vote 3%s, 1955. per share. See security to any governmental agency as a Company will not itself, nor will it perm it ' `Voting Rights" u n d er 5% p referred above. stock, condition to transaction of any business or to enable company or any subsidiary to m aintain a n y subsidiary to, g u arantee p ay m en t of any PR EEMPTIVE RIGHTS--None. dividend, d e b t o r o th er obligation, ex cep t as LISTED--On N ew Y ork Stock Exchange. self-insurance o r to participate in any fund in provided. connection w ith workm en's compensation, un* employment insurance, etc. or to share in other RIGHTS UPON DEFAULT--m event of de TRANSFER AGENT--Chase New York. National Bank benefits provided for companies participating in such arrangem ent or for liability on any fault (30-day grace period provided for in terest), th e T rustee o r holders of a t least 25% REGISTRAR--Chem ical B ank & T rst Com pany. New York. insurance risks; or mortgages on property of any subsidiary as security for Indebtedness of debentures may declare debentures due im m ediately. PRICE RANGE-- *1944 Common-,15ft-U 1943 1942 14ft~$ft 8ft-6ft owing by such subsidiary to the com pany, as INDENTURE MODIFICATION -- Provision provided. may be modified, except as provided, with Subscription Rights; Common stockholders of record Oct. 22, 1943 had rig h t to subscribe W ithout consent o f holders of <tw o-thirds of consent of holders o f 66 2/3% of debentures, at $10.50 per share, for shares of common stock debentures, com pany m ay n o t c re a te o r p er PURPOSE--N et proceeds used to redeem de on th e basis of one share for each ten shares m it to b e created &py fun d ed de bt oth er th a n ben tu re 4fts due 1947. th en held-