Document 7R3rXon90d4Bo2JoO3nXV7ppE

PLAINTIFF'S i EXHIBIT GF 1956 ANNUAL REPORT | i , The RUBEROID Co. GAF 12273 4 BOARD OF DIRECTORS E J O'LEARY." Chf.m.H HERBERT ABRAHAM' GEORGE F BAHRS E N. FUNKHOUSER JACK D. GUNTHER HARRY C HACHMEISTER WILLIAM H KERSHAW' FRANK J McGINLEY SEYMOUR MILSTEIN' LeROY A. PETERSEN EDWARD M RAILTON' LYLE L SHEPARD WILLIAM J VAN AKIN STANLEY WOODWARD' Menoef of E.cuf'. Comm.itoe 'Chairman of Committee The RUBEROID Co. 75TH ANNUAL REPORT 1961 OFFICERS E J O'LEARY Chairman e* the Spa'd o* Director* and Prandenf GEORGE F BAHRS V<C P'e*'de"l d Tr***yrr THOMAS H DERMOOY v.ce P'eS'Cti't and ComptroUe' RICHARD N FUNKHOUSER Vice P'e*aen Genel Manager-Roofing Granule 0'>s>on KENNETH R MACDONALD Vice P'idnl-Pg*eh*img SEYMOUR MILSTEIN Son.cr V<ca Pf*>oni-Co'pOfatf Deveioomen' FREDERICK K SWEENEY M.* Prt*iOHi-Mf'R#tfng WILLIAM J VAN AKIN v.c pTf*>a*ni-Operation* OSCAR A MAGGIA SC't'y and Aamianf Treaiu'ei THOMAS A DENT Aisisum v ce F'es>deM-Ope'ation* IDA L GEIS A.|'art Secre'.j'y Transfer Agent Registrar General Counsel Auditors The Bank of New York. New York The Chase Manhattan Bank. New York Austin, Burns. Appefl A Smith, New York Price Waterhouse &. Co., New York Annual Meeting 9I RubfroiC stockholder* will be Held m the company * o'i'Ces So\in Bou^o Brook N j on Apnl J? 1962 All stockholder* are cop>aiiji n,led *o i'tnd A notice ol the meeting a o*oy itatement and * O'Oiy 0'.c id tJ ihe management ,|i pe m*.#a to each Holder o* cap>ui nock The data nerem are published solely for the information of the company s stockholders No statement m this booklet is made for the purpose of inducing the purchase of any security issued by the company. GAF 12274 TO OUR STOCKHOLDERS: Sales of $119,119,256 for 1961 compared with 1960's volume of $120,077,391 Net income of S2.35 per share in 1961 compared with $2.45 m 1960. These results were achieved despite several unfavor able factors, namely, depressed economic conditions and exceptionally poor weather encountered during the first quarter, each of which contributed to a decline in building activity; generally increased costs throughout the year: and initial costs and expenses incurred in connection with the production and introduction of Polymerite floor tile. Effective marketing resulted in greater sales for some of our more important building products Industrial and automotive products registered further gams, and production and sales of our Asbestos Fibre Division continued satisfactory. In 1961. the use of our processes and trademarks in the manufacture and sale of floor tile products overseas was extended through a licensing agree ment to Japan. Similar agreements had been consummated in Western Germany and Italy and others are pending. There are indications that business will be operating in a more favorable economy in 1962 Government spending and renewed public confidence should result in more residential and com mercial construction. Home repair and modernization should be similarly stimulated. As a large manufacturer of essential building and industrial products, Ruberoid should benefit by the oppor tunities presented. As we confidently look ahead to a new year, the Board of Directors and management join in expressing appreciation to the men and women of Ruberoid for tr.eir efforts and to our stockholders for their support. lA-o Ptb'ury Yf 1963 ( / Chairman and President COMPARATIVE SUMMARY OPERATIONS Net Sales....................................................................... Profit before Income Tax............................................ Net Income ................................................................... Net Income Per Share............................. Cash Dividends ...................................................... Dividends Per Share .................................................. ............... .............. .. .. .............. ................. FINANCIAL Current Assets ........................................ Current Liabilities Net Working Capital................................. Current Asset Ratio ................................................ Stockholders' Equity.................................................. Equity Per Share.......... ........... ........ Shares Outstanding at Year-end ....................... ................... ................. .. - - ............... ............... ................. 1961 51* 9 ' 19 255 S 8- 1 257 S-1-196 237 S2 35 5 3 s:-t 358 s: :3 S10 95" 075 S7 339 71 S33 59" 205 5 6 tc S'0 323 633 S36 74 ' 913 es: 1960 $120,077,391 S8.716.852 S 4 667.852 S2.45 S3 818.292 S2.00 S 41.002.475 S7.679 135 $33,323,340 5.3 to 1 S 69.542 616 S36.41 1.910.061 2 GAF 12275 REVIEW OF THE YEAR 1961 SALES AND INCOME: Net sales of S119,119.256 for 1961 compared with 1960 sales of $120,077,391. Net income for 1961 amounted to $4,496,257, equal to $2.35 per share on the average number of shares of capital stock outstanding during the year. For 1960, net income was $4,667,852. or $2.45 per share. Profit before federal income taxes totaled $8,411,257 in 1961 compared with $8,716,852 the year previous. Provision for fed eral income taxes amounted to $3,915,000 in ig61 and $4,049,000 in 1960. The operations of Ruberoid's Building Prod ucts Division (its largest) were very gratifying for the year 1961, and better than in 1960. Through greater efficiency and an increase in the sale of these products, the Company was able to overcome such adverse factors as in creased costs of material, labor, utilities and transportation. Ruberoid's overall net income was affected, however, by results of operations of its Floor Tile Division, which were less favorable than in the preceding year. The decrease in operating results of this division was due primarily to costs and expenses incurred in the research, produc tion and marketing of Polymerite floor tile. Such costs are not unusual for a new item of this nature. Polymerite floor tile products are fast becoming among the most popular in the industry FINANCIAL CONDITION: No significant change occurred in Ruberoid s strong financial position during 1961. Current assets on December 31, 1961 totaled $40,957,076 compared with $41,002.475 at the close of 1960. Ratio of current assets to current liabilities was 5.6 to 1 as against 5.3 to 1 on December 31, 1960. Working capital at the 1961 year-end amounted to $33,597,205 or $17.55 per share, compared with $33,323,340, or $17.45 per share, at the end of the previous year. During 1961. the Company's debt, consisting of 5/o bank loans, was reduced to $1,200,000, which loan is scheduled for retirement by No vember, 1963. PROPERTY, PLANT AND EQUIPMENT: Under a continuing program of plant modernization and mechanization, capital appropriations for various improvements totaled $2,719,791 in 1961 compared with $2,335,472 the previous year. Expenditures for repair and maintenance to property, plant and equipment in 1961 totaled $6,904,539 compared with $6,518,996 the year before. A 740-acre tract of land has been acquired and engineering studies are being completed for a new plant at Annapolis, Missouri, for the production and storage of roofing granules. As now planned, this new facility will be an impor tant addition to the capacity of the Company's Roofing Granule Division. At the close of 1961, the Company's plants and properties were carried at a net value of $37,720,184 compared with $38,450,565 at the 1960 year-end. Depreciation and depletion charges amounted to $3,193,917 in 1961 as against $3,213,058 in 1960. DIVIDENDS AND STOCKHOLDERS: During 1961. quarterly dividends of 50 cents per share were paid on the Company's outstanding capital stock, marking the 73rd consecutive year that Ruberoid stockholders received a return on their investment. Similar payments totaling $2.00 per share were made in 1960. There were 7.998 registered stockholders of Ruberoid at the end of 1961, holding 1.913,892 shares of the Company's capital stock. GAF 12276 3 DISTRIBUTION OF THE RUBEROID 1961 INCOME DOLLAR Net Income Retained in the Business---------------------------- Cash Dividends -------------------------------- .6_ 3.2 Depreciation andDepletion--------------- 2.7 Federal Income Taxes------------------ 3.3 Wages and Salaries------------------------- 25.8 Materials. Services and Other Costs------------------------------ 64.4 RESEARCH AND PROMOTION: Ruberoid products are basic to the economy. In providing shelter and protection, they perform a service that assumes greater importance each year. In order to meet the continually changing require ments of modern living, these products must undergo constant improvement and restyling. This important function of Ruberoid's research activities was responsible for important ad vances in 1961. The Company has developed and will intro duce shortly a heavyweight shingle having extraordinary qualities of durability, strength, weather-resistance and beauty. The trend to wards the construction of higher priced homes should provide a worthwhile market for this premium roofing product. The Company's investment in the develop ment of Polymerite floor tile has led to the creation of a completely new resilient flooring product --Vmyl-Polymerite --which was placed in national distribution in January, 1962. Utilizing modification of the original polymerite binder, Vinyl-Polymerite offers superior qualities of grease-resistance, flame-retardance and dura bility plus the advantages of greater flexibility. This new tile has been developed specifically for the over-the-counter market--the do-it-your selfer who seeks ease of handling and installa tion as well as high styling and dramatic colors. It possesses to a remarkable degree the most desirable features of much higher priced floor tile yet is priced considerably lower. Vinyl-Polymerite is expected to make a strong impact on this substantial and still-growing market. An important change in the merchandising of the Company s floor tile was effected at the end of 1961 with the adoption of the trade name "Ruberoid/ Matico" for all resilient flooring products, whether distributed through Ruberoid gap 12277 I building materials channels or through outlets of the Floor Tile Division. This step should re sult in economies and increased promotional benefits. Ruberoid's "Open House Plan"--a point-ofsale aid program for home builders--completed its second year in 1961. Several hundred lead ing builders throughout the country are pres ently participating in the Plan and more are expected in 1962. This has been one of our most successful programs to encourage builders to use and promote Ruberoid quality building ma terials m residential construction. In 1961. the Third Annual Ruberoid Matico Architectural Competition generated wide in terest and favorable comment among architects throughout the country. The program is being continued m 1962 because of its value as a prestige builder with this important profession, with the vital subject of Urban Renewal as this year s theme. Product advertising, an indispensable part of the Company s sales activities, was vigorously maintained in 1961 Ruberoid products for home, farm and industry were supported by advertise ments m consumer and shelter magazines as well as leading industrial and trade publications. INDUSTRIAL RELATIONS: Employee relations continue to be good and negotiations with labor unions were completed m all but one instance without loss m operating time. ORGANIZATIONAL CHANGES: Towards the eno of 1961 a number of changes were made to 'mprove the organizational structure and pro vide lor expansion of the Company's activities. Mr Seymour Milstem, a vice president and a member of the Company's board of directors, was named to the newly-created position of Senior Vice President for Corporate Develop ment. His responsibility lies in the field of plans, programs and procedures for corporate expan sion and acquisition, both in this country and abroad. Mr. Frederick K. Sweeney was appointed Vice President-Marketing, a new post with over all responsibility for sales, advertising and sales promotion activities. Mr. Wilfiam J. Van Akin was appointed Vice President-Operations, a new position with full responsibility for manufacturing, engineering, research and labor relations. Mr. Thomas A. Dent was named Assistant Vice PresidentOperations. At the divisional level, several appointments were made. Charles T. Limerick and Joseph G. Hall were appointed Vice President-Manufac turing, and Vice President-Sales, respectively, of the Building Products Division. Arthur W. Colley and Robert L. Fisher were named Vice President-Manufacturing, and Vice President-Sales, respectively, of the Floor Tile Division. PRICE WATERHOUSE & CO. 56 P.ne Street * New York February 27 1962 To Stockholders of The Ruoeroid Co In connection with our examnaiton of the finan cial statements of The Rubercid Co at Decem ber 31 1961 as reported upon m our certificate aopeanng on Page 11 we have a'so 'eviewed tne statistical data set forth e sewhere m this annual report Such information m our opinion, has been compiled properly from the records and reports available to the company '"Oj Ct- 5 0 gaf 12278 I TEN YEAR REVIEW 1952-1961 NET SALES '52 '53 '54 '55 '56 '57 '58 '59 60 '61 WORKING CAPITAL $35 0 TiltS33 0 531.0 529.0 S27 0 525.0 S23 0 S21 0 $19.0 SI 7.0 '52 `53 *54 55 '56 '57 '58 '59 '60 '61 AIL DOLLAR FIGURES EXCEPT THOSE PER SHARE ARE EXPRESSED IN THOUSANDS YEAR NET SALES MATERIALS AND OTHER COSTS--NET WAGES ANO SALARIES INCOME EPORE TAXES FEDERAL INCOME TAXES NET INCOME Antavnt Par Sk*rti / t* Salat '952 $66,058 $37,416 $17,875 $9,123 $5,077 $4,046 $3.13 6.1 '953 74.484 42.485 20.193 9.937 5.361 4.576 3.25 6.1 1951955 76 424 82.134 45.087 49.590 20,236 21,098 8.861 8.967 4.232 4 456 4.629 4.511 3 19 3.05 6.1 5.5 1956 76.360 46.181 19.509 8,117 3.825 4.292 2.90 56 1957- 85.257 50.946 21.568 9.792 4,570 5.222 3.26 6 1 1958' 1959' 118.377 127,308 77.519 81.177 29.312 30,883 8.376 12.087 3.521 5.457 4.855 6.630 2.56 3.49 4.1 5.2 I960 120.077 77,190 30.957 8.717 4.049 4,668 961 119 119 76 8C8 30 '05 8 419 3 9'5 4 496 Ad|it*d lor pcohng of intaraita of Th* Rwbaroid Co with Th* Funkhoutcr Company m 1957 and 1958 md wrth Th* Mattie Til* Corporation of America m 1958 and 1959 2 45 2 35 39 38 Amtvflt DIVIDENDS Par $har*$ Stack $2,062 $1.75 5/o 2.286 1.75 5'/o 2.497 2.960 1 75 2.5.-o 2.00 - 2.960 2.00 - 3.191 2,10 - 3 042 2.00 - 3.764 2.20 - 3.818 3.824 2.00 2.00 - - 6 GAF 12279 STOCKHOLDERS' EQUITY $70 0 millions S66.0 S62 0 5580 S54 0 $50.0 . I I I I$46 0 . 1 llll $42 0 111111 $38 0 5^4 u '52 '53 '54 '58 59 60 '61 NET INCOME dividends $6.30 MILLIONS 55 80 S5.30 $4 80 $430 S3 80 llll S3 30 I I I I I S2 80 I I I I I S2.30 I I I I I II II II II itnn x 52 '53 '56 57 58 59 '60 '61 tear average NO. OF SHARES STOCKHOLDERS equity Per Ameuet Shared TOTAL ASSETS FRORIRTY, RIANT ANO EQUIPMENT DEPRE CIATION AND DEPLETION CURRENT CURRENT WORKING ASSETS LIABILITIES CAPITAL RATIO Current Assets te Current Liabilities 195? 1 293.890 $42,683 $30.36 $46,755 $21,625 $1,644 $25,130 $1,949 $23,181 129:1 1953 1.406.007 44 973 31.99 49.303 23,871 1.869 25.044 1,901 23.143 13.2:1 1??- 1 452.284 TO= = 1 479.986 91- 1.479 986 49.485 51.037 52,369 33.44 34.48 35.38 54.576 56.248 57.592 28,635 30.121 32,319 2.240 2479 2.553 25.595 26.127 25.273 2.408 2.403 2.271 23.186 23.724 23.002 10.6.1 10.9:1 11.1:1 1 600 332 911 1.893 875 57.358 65 443 35.82 34.50 62.528 80.306 35.725 38,301 2.951 3.170 26.803 41.706 2.146 8743 24.657 32.963 12.5:1 4.8:1 1.901.276 68.528 35.99 83,413 38.815 3.161 42,598 * 1 908.739 69.542 36.41 81.613 38.451 3,213 41,002 '- 1 ? " ' 903 70 324 36 74 8' 257 3* 720 3 '94 40 95* "9 o* sh*,f, outstanding during y#ir .I'td V Iwe-for-ofib sIock pl.t ,n 19S* and for stock dividends distributed m years 1952 to 1954 inclusive 10.089 7.679 7,360 32.509 33.323 33 59" 4 2:1 5.3:1 55 1 O'.-, GAF 12280 FINANCIAL STATEMENTS INCOME AND INCOME RETAINED IN THE BUSINESS REVENUES: Net sales.................................................................................... Other income, net ................................................................. COSTS AND EXPENSES Cost of goods sold ................................................................. Selling and administrative .................................................... Depreciation and depletion.................................................. Federal income taxes............................................................. NET INCOME FOR THE YEAR.............................................. INCOME RETAINED IN THE BUSINESS AT BEGINNING OF THE YEAR.................................................. CASH DIVIDENDS PAID-S2.00 per share ................... . .. INCOME RETAINED IN THE BUSINESS AT END OF THE YEAR................................................................. ___ `Restated tor companion 1961 S119.119.256 212.996 119.332.252 1960* $120,077,391 233.919 120.311.310 94 395 016 13.332.062 ' 3.193.917 3.915 000 114 835 995 4 496 25~ 95,309.341 13.072.059 3.213.058 4.049.000 115.643 458 4.667 852 33 983 467 (3 324 3681 33.133.907 (3,818.292) S 34 655 356 $ 33.983.467 8 02 -' GAF 12281 FINANCIAL POSITION AT DECEMBER 31 CURRENT ASSETS: Cash ............................................................................................. Marketable securities, at cost (which approximates marketvalue)........................................ Receivables, less allowances................................................... Inventories, at lower of average cost or market: Raw materials and supplies............................ ........................ Finished products and work inprocess.............................. Prepaid expenses ....................................................................... Total current assets............................................................. LESS-CURRENT LIABILITIES' Current portion of 5/ notes payable..................................... Accounts payable ....................................................................... Accrued expenses ..................................................................... Federal income taxes................................................................. Total current liabilities....................................................... WORKING CAPITAL.......................... .......................................... INVESTMENT m and advances to Cumberland Chemical Corporation, at cost................................................................. PROPERTY. PLANT AND EQUIPMENT, substantially at cost; less accumulated depreciation and depletion of $37,431,941 through 1961 and $34,410,923 through 1960. . WORKING CAPITAL AND OTHER ASSETS.......................... Less: Reserves for guaranteed roofs and compensation insurance ...................................................... Deferred federal income taxes........................................... Long-term 5% notes due in instalments to 1963 . ... STOCKHOLDERS' EQUITY ....................................................... Represented by: Capital stock -- authorized 3.000,000 shares of $1 par value -- issued and outstanding 1961 --1,913,892 shares, 1960- 1.910,061 shares (Note)........................ Income retained in the business, excluding amounts transferred to capital stock ............................................. for Companion 1961 S 8.418.143 126.143 18.146 639 6.275.317 6.658.204 1.332.630 40.957.076 600.000 3.256.988 1 858 941 1 64' -JJ 7 3c '1 33 59' .95 2.8 30 37 720 134 74197 389 2 259 "01 1.014 000 600 oco 3 873 70! S70.323 668 I960* $ 8,558,659 126,143 18,463,777 6,933,611 5,907,824 1,012,461 41,002.475 500,000 3,348.528 2,012.703 1.817.904 7.679,135 33,323,340 2,160,000 38.450.565 73.933.905 2.430.289 761,000 1 200.000 4.391.289 S69.542.616 $35,668 332 34 655 355 S70 323 638 $35,559,149 33.983.467 S69 542.616 o. " 0 - p u GAF 12282 NOTE TO FINANCIAL STATEMENTS STOCK OPTION PLAN: The company's incentive stock option plan for officers and key employees dated April 26, 1957, as amended April 29, 1960, provides for the granting of options not exceeding, in the aggre gate, 200,000 shares of capital stock at not less than 95% of the fair market price at the date the options are granted, with the stipulation that no one employee be granted an option for more than 10,000 shares. The optionee may exercise up to 40% of the shares subject to option in each of the first two years following the date of grant, and the remainder at any time thereafter up to ten years from the date the options are granted. Options become cumulative, if not exercised, for the duration of the option period. Particulars relating to shares of capital stock issuable under options granted under the plan follow: OPTION DATE ANO MICE PER SHARE SHARES UNDER OPTION EXERCISED DECEMBER SI. tN DURING 1MI SHARES UNDER OPTION EXERCISABLE AT OECEMBER 31. 1M1 OECEMBER Jt. IMt June 25, 1957- *28.50 25,148 3,831 21,317 21,317 Feb. 25, 1958-$34.25 2,400 - 2,400 2,400 Feb. 24. 1959-$40.00 5,900 - 5,900 5,900 Jan. 26, 1960-$38.75 Oct. 14, 1960-$31.75 26,750 15,500 3,200" _ 23,550 15.500 18,830 12,400 Totals 75.698 undi' option* lwintt*d during th y#*r 7.031 68.667 60.847 In all cases the option price represents 95% of the market price of the stock on the date the options were granted. At December 31, 1961, there were 107,525 shares available under the plan for the granting of additional options. The proceeds of the shares sold have been credited to the capital stock account. 10 0: -0206pm: GAF 12283 I SOURCE AND APPLICATION OF FUNDS-1961 additions to working capital Net income for the year.................................................................................................. Charges to income for depreciation and depletion, not requiring a cash outlay. . Proceeds from sale of capital stock.............................................................................. Increase m deferred income tax reserves................................................................... DEDUCTIONS FROM WORKING CAPITAL Cash dividends ................................................................................................................ Net additions to property, plant and equipment....................................................... Reduction of long-term debt.......................................................................................... Reduction in reserves for guaranteed roofs and compensation insurance.......... Increase m investments and advances to Cumberland Chemical Corporation. . . INCREASE IN WORKING CAPITAL.................................................................................. $4,496,257 3,193,917 109,183 253,000 8,052,357 3,824,368 2.463,536 600.000 170.588 720,000 7,778.492 $ 273,865 PRICE WATERHOUSE &. CO. 56 PINE STREET NEW YORK. N.Y. TO THE BOARD OF DIRECTORS o< The RUBEROID Co. January 29.1962 In our opinion, the accompanying statements present fairly the financial position of The Ruberoid Co. at December 31, 1961 and December 31, 1960, and the results of operations for the two years, in conformity with generally accepted accounting principles applied each year on a basis consistent with that of the preceding year. Our examination of these state ments was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. O: - QDOco^ 11 GAF 12284 I RUBEROID PLANTS, MINES AND QUARRIES '\ B. Millit, Mess.--Plant: Asphalt Roofing Products, Paints, Plastics; Waterproofing Papers; Reflec tive insulation C. Wheatland, N. board. Lath, Piaster. Plant: Gypsum Wall* D. Newburgh, N. Y.--Plant: Polymerite. Vinyl-Polymerite. Asphalt and Vinyl-Asbestos Floor Tiles and Flooring Adhesives. E. South Bound Brook, N. J.-Plant; Asphalt Roof ing Products: Asbestos-Cement Products: Elec trical Insulating Tapes. F. Gloucester City, N. J.--Plant: Unsaturated Roof ing and Flooring Felts. Industrial Thermal Insu lations. G. Erie, Pa.--Taro Plants: Asphalt and Tar Roofing Products; Asbestos Papers and Insulations; Pipe Line Protectrves. H. Baltimore, Md.-Plant: Asphalt and Tar Roofing Products; Asphalt Paints and Plastic*. I. Charmien, Pa.--Quarry; Plant: Roofing Granules Fillers. J. Delta, Pa.--Quarry; Plant: Roofing Granules; Fillers. K. Fairmount, Ga.--Quarry; Plant: Roofing Granules: Fillers. L Hartwell, Ga.--Quarry, Plant: Mica. M. Savannah, Ga.--Plant: Asphalt Roofing Products. Unsaturated Roofing Felt. N. Mobile, Ala.--Plant: Asphalt Roofing Products, Paints, Plastics: Asbestos-Cement Products; Unsaturated Roofing Felt. O. Joliet, Ml.--Two Plants: Unsaturated Roofing Felt; Asphalt and Tar Roofing Products; Asphalt Paints and Plastics; Automotive Sound Deaden ing Products; Tar Products. Polymerite, VinylPolymerite. Asphalt and Vinyl-Asbestos Floor Tiles and Flooring Adhesives. P. Rentes City, Mo.--Plant: Asphalt Roofing Prod ucts, Paints Plastics; Unsaturated Roofing Felt. Q. $L Louis, Mo.-Plant: Asbestos-Cement Prod ucts. R. Minneapolis, Minn.--Plant; Asphalt Roofing Prod ucts, Paints, Plastics S. Calvert City, Ky.--Plant: Vinyl Resins and Plas ticizers T. Dallas, Teses--Plant: Asphalt and Tar Roofing Products. Unsaturated Roofing Felt; AsbestosCement Products. U. Houston, Tosas--Plant: Polymerite. Vinyl-Polymerite. Asphalt, Vinyl-Asbestos and Solid Vinyl Floor Tiles V. Denver, Colo.--Plant: Asphalt Roofing Products. W. Long Beach, Calif.--Plant: Polymerite, Vinyl- Polymerite. Asphalt and Vinyl-Asbestos Floor T*!es and Flooring Adhesives. SALES OFFICES: Millis, Mass.; Wheatland and Newburgh, N. Y., South Bound Brook, N, J ; Erie. Pa.; Hagerstown and Baltimore, Md-. Savannah, Ga.. Mobile, Ala., Joliet. HI ; Detroit, Michigan; Kansas City and St. Louis, Mo , Minneapolis, Minn.; Dallas and Houston, Texas; Denver, Colo ; Long Beach, Calif. 12 'J 1 * 0 J 0 c o 4 6 GAF 12285 (The RUBEROID Co) EXECUTIVE OFFICES 733 THlrtD AVENUE NEW YORK 17. N Y MANUFACTURERS OF SUPERIOR BUILDING MATERIALS SINCE 1886 A -020 6C -4 ' GAF 12286