Document 7MVQBm13ZNQmDYoOpNw64Mo0g

lmtaturmu t o r d ir ec t o r s WETHERILL & BROTHER. ISC. YEAR 1956 The sales offlea and headquarters of Wetherill ft Brother, lac. hare been continued at Room 601 Penfleld Building, although effective Hay 1st, the office was used largely for sales work, all accounting and credit routine, except preparation of orders and invoicing being handled by John T. Lewis ft Bros. Co. The Wetherill ft Brother, Inc. books and other records, hemrever, are being kept separate as heretofore. Also effective Kay 1st, the aerchandise stock of Wetherill ft Brother, Ino. was sold to John T. Lewis ft Bros. Co., subsequent shipaents of white-lead and oxides being purchased at inter-branch prices from the Lewis Company as required. Shipping requirements are provided by the Lewis Company. Our staff now consists of two salaried employees, - one at the office and an outside salesman, in addition to the managing officers serving without remuneration from Wetherill ft Brother, Ino. This change in personnel is responsible for a substantial reduction in operating expenses reflecting in the increased net profits for the year. Our sales totalled 872 tons which compares with a total of S40 tons for 1986. The yearly sales for 1958 comprise - Dry White Lead - 151 tons White Lead in Oil - 657 Oxides Total - 184 - 872 (260 tons of whlte-lead-ln-oll shipped to Panama Canal included). This compares favorably with our budget estimate of 725 tons (Including Panama Canal). In keeping with the general trend of business, 1957 should be equally favorable, although the effects of the Agency Plan of distribution in effect January 1st, 1957 are problematical. Our budget for the ensuing year has N 2448 -2- therefore been prepared on the bails of sales approximating 600 tons. The. -bookf reflected an operating profit of $ 15,712.65 for the year, prior to the deduction of General Office Expense, compared with $2,406.88 for 1955. The final net profit shown on the books Deceober 51st, 1956, in the aaount of $ 7,249.55 was transferred to the National Lead Coapany In the fora of a dividend declared by the Board of Directors. Briefly, our 1956 picture is as follows i Sale.................................................................... $ 156,822.47 Cost of Goods Sold ................................... 104,296.18 Gross Profit ................................................ Selling ft Administrative Expense.... 52,526.29 16,815.74 Set Profit ..................................................... General Office Expense............................. 11,712.56 8,466.00 final Vet Profit ........................................ $ 7,249.66 jbtaln/Hng Panama Canal shipments (250 tons) and coapaxing thesa figures with our Budget Estimate prepared at the beginning of the year, tha results are, essentially, that our sales were 147 tana in excess of expectation and we realised approximately $1,50 per ton aore on salaa Bade. Coat of sales amounted to $4.00 per ten aore than anticipated so our Gross Profit was $2.50 per ton under the Budget. Our expenses, however, were about $10.00 per ton lets than the Budget, the net result being that we realised in the for* of Vet Profit $7 .50 per ton aore than the Budget estlnate in tons sold. During the year we purchased from John T. Lewis A Bros. Co. merchandise in the amount of approximately $104,000. Additional and aore complete statistics covering the year 1966 arm attached. The continued loyalty and perseverance of our employees is reflected in the accomplishment above suaaarisad. 2/ 8ecy-Treae. 0000-NLI-000020094 WETHERILL St BROTHAiK, I2fC. BUDGET COUPaKISOH TEAR - 1986 BUDGETACTUAL 1. 8ALARIES............................................................. ............ 2. OFFICE ECPSSSE ............................................................. 8. INSURANCE ........................................................................ 4. SALESUaf'S EXPENSES (CAR, ETC.)........................... 5. ADVERTISING.................................................................... $. FREIGHT St CARTAGE ...................................................... 7. REST................................................................................... 8. TAXES, OTHER THAI} FED3UL INCOME............... 9. DISCOUNT .......................................................................... 10. BAD h DOUBTFUL ACCOUNTS .......................................... U. SHIPPING & WAREHOUSE................................................ 12. MISCELLANEOUS SALES EXPOfSE................................. IS. FEDERAL INCOME TAX..................................................... 14. UN70RESEHI....................................................... ............... $ 7,368. 947. 223. 1,000. 300. 2,500. 600. 685. 500. 1,200. 100. 800. 786. 500. ( 4,696. 682. 150. 1,058. 280. 2,50d. 600. 1,091. 555. 1,200. 81. 582. 2,621. -- TOTAL................................................................................. ( 18,989. ( 16,041. Par Ton of Salaa.................. ............... Salaa In Tona........................................ (Panama Canal Expenae HLlminatad. ) (General Offlea Expanaa not included.) * Panina Canal Profit - (10,000. ( 88. 475 ( 26. 622 0000-NLI-000020095 N 2448.01  1 > M 01 M 0 H* h H C*J 30 N 0 m* a 3 9H 0 0 H 0P 0 d >1 *0 O0 na *0 *B 0 O no a 40 sO 0 n O H* V* 1 0 !* 23 91 Q o 03 n X 50 o> -i "C O CO r w 03 Hi M * 0 25 03 w w 03 o o Ma *0 a M o ca > M r* M 03 * t a a a >o s Pa *+ 0 m 0 Hm 3 B oa 5 M SC o 0H I o O H >0 NM 0* i to o so CO a Q 00 I 1 h* m* o 1 *-* OM 0 H < n Vn O O V0 O oo o o 0 00 a 0000-NLI-000020096 N 2448.02