Document G59D0grwQ4GDZXRj388jaGmr4

Q oA* faain* C W hJ >- iz; hJ 2 <1 Ph jz; s oHH O E-i CJ CQ <1 SS S5 VO s g N13825 To the Stockholders of National Lead Companyi The following is a Consolidated Balance Sheet of National Lead Company as of June 80, 1945 and a Statement of Consolidated Income and Surplus for the first six months of 1945. The consolidation includes only domestic subsidiaries in which National Lead Company owns all of the outstanding capital stock. Dividends received from foreign corporations owned in part or in whole, domestic corporations not wholly owned, as well as interest on bonds and miscellaneous items not directly connected with current operations, are included in the item of "Other Income". Dividends on National Lead Company Preferred and Common Stocks owned by the Company itself are not included in this statement, either as dis bursements or as income Fl e t c h e r W. Ro c k w e l l , President. NATIONAL LEAD COMPANY And Its Wholly Owned Domestic Subsidiaries CONSOLIDATED BALANCE SHEET JUNE 30, 1945 ASSETS Current Assets: Cash .................................................................................................................................................................................. United States Government Securities at cost (approximately equivalent to amount at market quotations) Other Marketable Securities (at market quotations $2,315,514.45) .................................................................. Accounts and Notes Receivable........................................................................................................ $14,715,760.11 Less, Reserve for Losses................................................................................................................ 1,267,771.88 $ 13,818,642.88 18,435,498.47 532,116.70 13,447,988.23 Notes Receivable from Employees................................................................................................................................ Inventories .............................................. .................................. .......................................................... .................. .. 31,933.36 23,180,581.15 Total Current Assets............ ..................................................................................................................... Fund for deferred expenditures on expansion and development: United States Government Securities at cost (approximately equivalent to amount at market quotations)..................................................................................................................... $ 8,174,000.00 Post-war Refund of Excess Profits Taxes........................................................................... 1,826,000.00 $ 68,946,760.74 10,000,000.00 Investments in and Advances to Affiliated Companies, less Reserves Miscellaneous Investments, less Reserves.............................................................................................. ........................ Plant Property and Equipment (including intangibles)................................................................ $99,519,154.26 Less, Reserves for Depreciation and Depletion........................................................................ 48,633,891.35 4,289,746.56 1,179,897.20 50,885,262.91 Patents and Licenses, less amortization................................................................................................. ................ Prepaid expenses, deferred charges, etc......................................................................................................................... 452,957.38 1,035,715.27 $136,790,340.06 j LIABILITIES Current Liabilities: I Accounts Payable and Accrued Liabilities................................................................................................................ $ 6,657,578.12 Payable to Affiliated Companies............................................................................................................................... 847,943.21 Provisions for Taxes, including Federal Income and Excess Profits Taxes................................................... 16,069,493.20 Dividend Payable August 1, 1945 on Class B Preferred Stock........................................................................ 116,193.00 Total Current Liabilities............................................................................................................................ $ 23,591,202.58 Reserves: Fire Insurance ................................................................................................ Employer's Liability....................................................................................... Pension .......................... .................................................................................. ij [ Reserve for Post-War Contingencies.......................................................... $ 4,797,284.02 426,664.80 2,087,000.32 *7nn s r q 7i 1,826,000.00 16,672,288.35 CAPITAL Capital Stock: Authorized Issued Preferred Class A, 7 pet cumulative, non-callable, $100 Par Value ...$ 25,000,000.00 $ 24,357,600.00 Preferred Class B, 6 pet cumulative, non-callable, $100 Par Value ... 25,000,000.00 10,327,700.00 $100,000,000.00 $ 65,678,400.00 Capital Surplus .................................................................................................. Earned Surplus .............. ....................... .................................................. ... Less, Reacquired Capital Stock.................... *.......................................... 485,295.18 35,411,401.89 $101,575,097.07 5,048,247.89 96,626,849.18 $136,790,340.06 0000-NLI-000018306 Sales ................................................................................................................................., Cost of Goods Sold, Taxes (except Federal Income and Excess Profits Taxes) and Other Expenses..................................................................................................... Depredation and Depletion Other Income Other Charges ................................................................................................................. Federal Income and Excess Profits Taxes................................................................... Additions to Beserves: Foreign Investments ........................................... Pension ........................................ Contingencies........................................................ $ 62,600.00 Total Net Income............................ Dividends on Preferred Stock Outstanding: Class A ................................................................ Class B ................................................................ Amount Earned on Common Stock. $797,275.50 282,386.00 Amount Earned per share of Common Stock Outstanding 43*40 $90,006,931.47 78,071,083.96 $11,935,847.51 2,570,766.21 $ 9,365,081.30 621,106.13 $ 9,986,187.43 $ 9,986,187.43 6,447,841.80 $ 8,538,345.63 62.500.00 $ 3,475,845.63 1,029,661.50 $ 2,446,184.13 $.791 $227,108.38 122,928.00 800,000.00 $783,275.50 232,386.00 1844 $80,450,640.55 69,236.740.43 $11,213,900.12 2,379,528.16 $ 8,834,371.96 1,005,699.49 $ 9340,071.45 68,100.71 $ 9,781370.74 6,250,905.74 $ 3,631,065.00 650,036.88 $ 2^81,028.62 1,015,661.50 $ 1,865367.12 $.604 ANALYSIS OF CONSOLIDATED SURPLUS ------------------- Si* Months Ended June 30th--------------------- 1945 1944 Earned Surplus--At beginning of year........................................................................ $33,737,883.76 $31,594,349.43 Add: Net Income for Six Months............................................................................. 3,475,845.63 2,881,028.62 Deduct: Adjustment* .......................................................................................... $37,213,729.39 $34,475,378.05 298,282.93 $37,213,729.39 $34,177,145.12 Deduct: DividendsPaid During Period- Preferred Stock Outstanding: Class A ................................................................................................. $797,275.50 $783,275.50 Class B .................................................................................................. 232,886.00 $ 1,029,661.50 232,386.00 $ 1,015,661.50 Common Stock Outstanding................................................. 772,666.00 772,666.00 Total Dividends Paid.......................... .................. ................................ $ 1,802,327.50 $ 1,788,327.50 Earned Surplus--June 30th........................................................... Capital Surplus--June 80th....................................... $35,411,401.89 485,295.18 $32,388,817.62 336,672.92 Total Surplus--June 30th....................................................................... $35,896,697.07 $32,725,490.54 * This adjustment reflects payment made in excess of the book value ^&&e net assets acquired in lection with the purchase of the outstanding minority interest in the Bearing Corporation. O000-NLI-O00018307