Document B89XGeYbmaa72pY7v3LdLLkzX

Consolidated ASSETS CURRENT ASSETS Cash ..................................................... ... Trade accounts receivable, less allowances of $514,731 for doubtful accounts.................. Inventories--raw materials, in process, and finished goods Principal raw materials are stated at cost (last-in, first-out method) which did not exceed replacement market; other items are stated at the lower of cost (accumu lated avenge) or replacement market. , Other current notes and accounts receivable, advances and investments............................. "TOTAL CURRENT ASSETS .... OTHER ASSETS Prepaid insurance and expenses......................$ Cash surrender value of life insurance .... Miscellaneous notes and accounts receivable, advances and investments . ......................... $ 5,667,245 17,260,776 43,457,154 1,903,357 $ 68,288,532 896,514 816,194 562,827 2,275,535 PROPERTY, PLANT, AND EQUIPMENT Land--at cost..................................................... $ 2,896,180 Buildings, machinery, and equipment--at cost. 50,027,504 $52,923,684 Less accumulated depreciation, depletion, and amortization.................................................. 21,529,830 31,393,854 $101,957,921 GLD0027A8 Balance Sheet THE GUDDEN COMPANY AND SUBSIDIARIES OCTOBER 31, 1952 LIABILITIES, CAPITAL STOCK, AND SURPLUS CURRENT LIABILITIES Notes payable to banks: Short-term loans . ....................................... $ 4,000,000 Serial notes maturing July t, 1953 ............... 1,500,000 $ 5,500,000 Accounts payable...................................................................... Accrued taxes, insurance, royalties, and interest ...................... Federal, state, and dominion taxes on income --estimated............................ ... ............................................. 7,423,686 1,310,906 7,579,436 TOTAL CURRENT LIABILITIES.............................$ 21,814,028 LONG-TERM DEBT Serial notes payable, maturing $1,500,000 annu ally 1954 to 1956, inclusive, and $4,000,000 in 1957, interest 3%............................ ... ........................ ... . 8,500,000 CAPITAL STOCK ANDlSURPLUS Capital stock: Common without par value: Authorized 3,000,000 shares (100,000 shares reserved for sale to key employees) Outstanding including treasury shares, 2,291,330 shares Stated capital..............................................$ 5,728,325 Capital surplus................................................. 26,875,642 Earned surplus (includes $3,556,361 of surplus of Canadian subsidiary) .... $39,202,349 Less 6,591 treasury shares, at cost 162,423 $32,603,967 39,039,926 71,643,893 $101,957,921 GLD00Z749 Consolidated Income and Surplus THE GLIDDEK COMPANY AND SUBSIDIARIES Year ended October 31, 1952 INCOME Net sales............................................................................................ $205,113,304 Cost of goods sold, selling, administrative and general expenses, including provision of $1,965,339 for depreciation, depletion, and amortization................................................................................. 191,128,106 $ 13,985,198 Other income....................................,.......................................... 556,697 $ 14,541,895 Interest expense . . ..................................................................... 338,090 INCOME BEFORE TAXES ON INCOME.............. $ 14,203,805 Taxes on income--estimated: Federal normal tax and surtax......................... $6,800,000 Dominion and state taxes.................................... 455,000 7,255,000 // ---------------- ----------------- CONSOLIDATED NET INCOME.............................$ 6,948,805 SURPLUS CAPITAL SURPLUS Balance at November 1, 1951, and October 31, 1952 .... $ 26,875,642 EARNED SURPLUS Balance at November 1, 1951.............................................. . $ 37,387,790 Add net income for the year......................... ............................ 6,948,805 $ 44,336,595 Deduct dividends paid on common stock--$2.25 per share. . 5,134,246 Balance at October 31, 1952 ..................................................$ 39,202,349 GLD002750 G LINDEN DIVISIONS The Glidden Company Central Region, Cleveland, Ohio The Glidden Company Mississippi Region The Campbell Paint & Varnish Company Sc. Louis, Missouri The Glidden Company, Lid. Toronto, Ontario, Canada. FAINT The Glidden Company Eastern Region The A. Wilhelm Company Reading, Pennsylvania Ti e Glidden Company Northwest Region Minneapolis, Minnesota The Glidden Company Pacific Region San Francisco, California The Glidden Company Southern and Texas Region The American Paint Works New Orleans, Louisiana The Glidden Company Nubian Industrial Division Chicago, Illinois The Glidden Company Midwest Trade Sales Region Chicago, Illinois Durkec Famous Foods Elston Avenue, Chicago, Hi. FOOD Di rkee Famous Foods ron Street, Chicago, Illinois Durkee Famous Foods Norwalk, Ohio Durkee Famous Foods Louisville, Kentucky Di rkee-McCadam Cambridge, Massachusetts Durkee Famous Foods Berkeley, California Durkee Famous Foods Elmhurst, Long Island, N.Y. Durkee Famous Foods Macon, Georgia CHEMICALS, FIGMENTS AND METALS The Glidden Company Chemical Pigment Metals Division St. Helena (Baltimore), Maryland Tl e GUdden Company Chemical Pigment Metals Division Collinsville, Illinois The Glidden Company Chemical - Pigment - Metals Division Oakland, California The Glidden Company Chemical - Pigment - Mittal* Division Hammond, Icaiana SOYA The Glidden Company Euston Lead Division Scranton, Pennsylvania PRODUCTS The Glidden Company Chicago, Illinois The Glidden Company lodianapolis, Indiana The Glidden Company Buena Park, California The Glidden Company Jacksonville, Florida FEED MILL The Glidden Company Indianapolis, Indiana NAVAL SlQKt> The Glidden Company Valdosta, Georgia E, W. Coliedge, General Stle< Agent, Inc. Jacksonville, Florida VEGETABLE OILS Ti e Gliddea Company Buena Park, California The Glidden Company Chicago, Illinois Glidden Consolidated Zinc Mine Shasta County, California MINES The Glidden Company Barytes Minea Battle Mountain, Nevada The Glidden Company Yadkin Mica & Ilroeoite Mines Lenoir, North Carolina Retail Sforet oicf Warehouses in the Principal Cities AFFILIATED CORPORATIONS Growth Product* Company Pascagoula, Mississippi Jacksonville Processing Corporation Jacksonville, Florida Accountants9 Report ERNST 8c ERNST CLEVELAND UNION COMMERCE RUILDINO Board of Directors, The Glidden Company, Cleveland, Ohio. We have examined the consolidated balance sheet of The Glidden Com pany and subsidiaries as of October 31, 1952, and the related statements of consolidated income and surplus for the year then ended. Our examination was made in accordance with generally accepted audidng standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying balance sheet and statements of income and surplus present fairly the consolidated financial position of The Glidden Company and subsidiaries at October 31, 1952, and the con solidated results of their operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis con sistent with that of the preceding year. Cleveland, Ohio December 15, 1952 ERNST & ERNST Certified Public Accountants GLD002752 SOYA MEAl DIVERSIFIED PRODUCTS BY GLIDDEN FOODS Durkee's Grade AA Margarine Durkee's Stayfresh Coconut Durkee's Dixie Cut Coconut Durkee's Mayonnaise Durkee's Whipped Salad Dressing Durkee's Sandwich Spread Durkee's French Dressing Durkee's Famous Dressing Durkee's Shortening Durkee's Salad Oils Durkee's Spices and Extracts Durkee's Worcestershire Sauce Durkee's Bakers Margarine Special Ingredients for Bakers s.nd Confectioners SOYBEAN PRODUCTS Alpha* Protein Prosein* Soya Meal--Flour--Flakes Lecithin Fine Chemicals--Steroids Soya Sterols Cortical and Sex Hormones Edible Emulsifiers Chlorophyll LIVE STOCK AND POULTRY FEEDS GIdden Cattle and Hog Feeds Glidden Poultry Feeds GI dden Feed Concentrates PAINTS, VARNISHES AND LACQUERS SPRED SATIN SPRED GLOSS Endurance* House Paint Endurance* Imperial House Paint Japalac* Ripolin* Enamel Spray-Day-Lite Brush-Day-Lite Speed-Wall* Gliddenspar Varnish Florenamel Pli-namel Glid-Tone Stains Gtaphic Arts Finishes Glidair Aviation Finishes Nubelite* N ubel ac' Nubelon* Nubelyn* Ntibeloid* Nu-Pon* Spatterloid* Spattertone* Hammerloid* Metalescent* Vinyl-Cote* Bombay Black* Glidvar* Wire Coatings Nufiex* Paper Coatings Spedene* A. D. Synthetics Stains, Fillers, Sealers, Varnishes and Lacquers for Wood Furniture VEGETABLE OILS Soybean Oils Cottonseed Oils Coconut Oils Peanut Oils. Corn Oils Palm Oils Linseed Oils CHEMICALS AND PIGMENTS Zoptijue* Titanium Dioxide Sunolith* Lithopone Cadmolith* Cadmium Colors Euston* White Lead Bleached Barytes Copperas Zinc Sulphate Crystals Coal Tar Products METALS AND MINERALS Powdered Copper and Lead Cuprous Oxide Cupric Oxide Cubond* Brazing Compound Barite Ilmenite NAVAL STORES Nelio* and NXD Gum Rosin Sunny South* Turpentine Pigmentar* (Pine Tar) Alpha Pinene Guai-a-phene* Glidcol Anti-Skinning Agents Terpene Chemicals Nopol Campbene Myrcene Rosin Oils Gloss Oils Terpex Merez Metal Resinates Pine Wood Charcoal Rubber Compounding Agents *TracU Mark Much of The Glidden Company's business comes from the processing and production of row materials for solo to other industries. GLD002753 * GLD00275A