Document 6gRBxN45Q3n65bxR6MX10wg4
PITTSBURGH CORNING CORPORATION. THIRTY-FIFTH ANNUAL REPORT 1971
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DISTRIBUTION OF 1*71 INCOME DOLLAR
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(47.7*}
RAW MATERIALS,
SUPPLIES AND SERVICES
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WAGES, SALARIES
AND FRINGE BENEFITS
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(5.*$^ 'DEPRECIATION . --* .<#? vA V-;. &
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(0.9)
TAXES
/ (2.8*> ... CASH DIVIDENDS
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< EARNINGS (0.0*) REINVESTED IN THE
BUSINESS
DISTRIBUTION OF 197) INCOME DOLLAR
CQlfSOL'mTEn REPORT HIGHtlCWTS Tor the years ended December 31, 1971 end 1970
(Dollars In thousends except for per ehare)
Tvo Year Surrcnary
1971
1970
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DIVIDENDS PAID - TOTAL
- PER SHARE
4
SHAREHOLDERS * EQUITY . Sn*.--'*
$ 750 % 75
$ 19,666
$ 1,000 100
$ 20,402
UHXBESTOS^ sales. increased' $57,000, or 1.9* ITiis product contributed $2,990,000 net sales in 1971. UKJBESTOSVlil be phaad_ ut o production in early 1972.
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EARNING*
AMD DIVIDENDS
19b2
tHROUDH
1971
(
1962
3m
3964
1966
1966
*6fero f*roWinery <Kor$# of 6454,009.
1967
1966
1969
1970
1971*
EARNINGS
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In 1971 Pittsburgh Corning paid quarterly dividends of $25,00 per share
:*r -each "f-cbe-first `three quarters, ~The "fourth quarter dividend .was passed over,
> Dividends for 2972 ware $750,000 and exceeded Net Earnings after extra
ordinary items by $736,000. . In the past fourteen years dividends of $9,637,500
have been paid. ^___ y
SHAREHOLDERS * mm mm mm mm mm
2 OHTY
mm ^ mm mm mm tm*
Shareholders* equity decreased $736,000 to $19,666,000 in 1971.
Book value per share ie now $1,967 compared with $2,040 a year ago. yar value is $200.
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tier INCOME BEFORE TAXES TAXES OK INCOME
NET IN CO ft E AFTER TAXES
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SHAREHOLDERS' EOOITY
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UNIBESTOS aanufaccured, at Uat price, mounted,to *3.5 edllloo the
In 1970.
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Curias the year mi,.* decision vas Bade to eliminate WIBESTOS
frotn "thoduct line. UNIBESTOS vill be phased out in February,, 1h*7: 2 V^io^Ureht 1972,
^HRSONVIi (Continued)
PORT AtiECANy. FEKKSYtVAKXA A new three year contract was signed with the American Flint' Class
Workers* International Union and its local 1019 at Fort Allegany on November 12, 1971. The new contract will expire on August 21, 1974.
The following adjustments to wages and fringes were agreed to: FIRST TEAR A general wage increase ranging from eighteen cents per hour to fifty-seven and one-half cents per hour -- depending upon job classification.
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As part of this first year wage increase, a formal joo evaluation program was installed that determined the distribution of the first year's increase. The average wage increase was thirty-one cents per hour. Shift differential was Increased by one cent per hour for the 4-12 and 12-8 shirts from ten end fourteen cents per"hour to eleven and fifteen cents per hour,.respectively.
Friday after Thanksgiving became the eighth paid holiday.
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A general^wage increase of twenty-one cents per hour effective Augjr-Z2, 1972.
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PERSONNEL (Continued)
THIRD YEAR
A
general
wage,.* icrease
of
twenty-one
cents
per hour
effective
Auguit 22, 1973.
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D IS T R IB U T IO N OF THE IKCOHE D O ttA R
F IV E Y E A R P E R IO D !Y ? t* M
DIVIDENDS
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PITTSBURGH CORNING CORPORATION CONSOLIDATED STATEKENT OF FINANCIAL POSITION
(In Thousands of Dollars)
1971
_ 1970
1969
% / v
OCKTOiaSRS* EQUITIES;
Comen Stock
Accumulated Earnings Retained in ..
Business
,
-1,000 ' 18,6*6 $ 19,666
% 1,600 19,402 ,
$ 20,402
,$ 1,000 ; 19,121
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