Document RJKBrVKgqNyzebM465XeoLYJX

FILE NAME: Philip Carey (PC) DATE: 1972 PC058 DOC#: PC058 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual  ?L e tJ A c BeAJ 1972 VOL. I MOODY'S. INDUSTRIAL MANUAL ROBERT H. MESSNER, Publisher HENRY PORRECA, As.Lt Publisher ROY H. KRAUSE, Editorial Board THOMAS I. CIACCIO KENNETH W. CLIFFORD ALFRED G. ELLLNCHAM ALBERT C. ESOKAIT ROBERT P. HANSON BOI ID AN J . KEKISH JOSEPH B. LEIGH WILLIAM II. MOORE ROBERT F. PE M50DY FRANK R. PLATA ROTE MOODY'S INVESTORS SERVICE, INC. 99 CHURCH STREET, NEW YORK, N. Y. 10007 (212) 267-8800 SEE FOLLOWING PAGE FOR COMPLETE LIST OF OFFICES Copyright 1972 by MOODY'S INYES'l OKS SERVICE, INC. New York All rights reserved. 954' MOODY'S INDUSTRIAL MANUAL Co. also d is trib u te s a p p ro x . 55,000 d iffe re n t item s for hom es, farm s, in d u stry , building trades and recreation use. Sales are m ade th ro u g h jo b b ers and com p a n y 's ow n jo b b in g s to re s , l a t t e r a c c o u n tin g L iabilities: A cets., etc., pay. _ N otes, etc., pay. -- D iv s. p a y a b l e ------In c o m e t a x e s ------- $28,097,074 616,582 1,682,274 2,418,021 $23,345,450 473,477 1,446.696 4,256,915 for l 6 % of total volum e A reas served in Sc lu d e m o st of s o u th e r n s ta te s , N , Y,, N. J., T o ta l c u r r e n t - $32,813.951 $29,552,540 N e b , Colo., N. M., W yo., Io w a , a ll N ew L o n g te rm d e b t __ 837,894 1,454,476 E n gland sta te s, M inn , Wis., N. D ,, S. D., M in o rity in te re s t - 2,353.279 1,882,137 O h o , W. V a., K y ., W ash., O re., A riz . a n d C oin, s to c k ( $ 5 ) __ 38,672,815 38,578,440 U tah. Paid-in surplus -- 443.233 161,145 o vCeor. 2o0p0e rpaatersts 34J oNbAb iPnAg DS itsotrreisb;u t4io nr e bCueinldteirnsg, R e ta in e d e a r n in g s . 56,360,099 46,551,360 lants; 2 h ard w are and industrial d istri- ution centers and a floor covering d istrib u T o ta l ................. $131,481,271 $118.150,098 tio n c e n te r. D is tr ib u tio n c e n te r s s e rv e o v e r N e t c u r r e n t a s s e ts $70.039.431 $67,162.631 3,GuO in d e p e n d e n t N A P A a u to m o tiv e jo blibjDe resp. r. 8ca m o rt. $9,771,306 $9,309,992 P rop erty: C o m p a n y o p e r a te s 34 d is t r ib u L o w e r c o st (p rin c . fifo ) o r m k t. tio n c e n te rs , lo c a te d in A tla n ta , B irm in g h a m , T erm Loan: O u ts ta n d in g , D ec. 31, 1971, $942.- C h a rlo tte , J a c k s o n v ille , M iam i, M e m p h is, 000 5% % a n d 6% n o te s p a y a b le $135,000 a n N ew O rle a n s, B u ffa lo , N. Y., W ilm in g to n , n u a lly to 1972, a n d th e r e a f te r $180,000 a n n u a l M ass , D e n v e r, S y ra c u s e , M in n e a p o lis, O m a ly to 1975. P ro c e e d s in v e s te d in n e w w a r e ha, M iddletow n, Conn., C leveland, C olum bus, house buildings C in c in n a ti, A lb u q u e r q u e , P h o e n ix , S a lt L a k e A lso o u ts ta n d in g $512,476 o th e r d e b t p a y C ity , P o r tla n d , S e a ttle , S p o k a n e , F re s n o , L o s a b le in v a r y in g a m o u n ts to 1980. A ngeles, S acram ento, S an Diego, M organ Hill, C alif,, C h a rle s to n , L ittle R ock, S o u th P la in - C apital S to ck 1. G en u in e P arts Co. co m fie ld , N. J., R ic h m o n d , R o a n o k e , H ig h P o in t, m on; par $1: N. C.; 4 p a r ts r e b u ild in g p la n ts a t A tla n ta , A U T H O R IZ E D --30,000,000 s h a re s ; o u ts ta n d in g P o r tla n d a n d M e m p h is; 200 jo b b in g s to r e s in D ec. 31, 1971 (g iv in g e f f e c t to 2 - fo r -l s p lit G a,, A l a . W. V a., N. C., O hio, F la ., T e n n ., A p r. 7, 1972), 15,469,126 s h a re s ; r e s e r v e d f o r L a., Colo., M in n .. N eb., N . Y., N. M.. A riz., o p tio n s , 247,000 s h a re s ; p a r $1. C al , V a., U ta h , O re., W ash., A rk ., S. C. a n d P a r c h a n g e d f ro m $5 to $1 A p r. 7, 1972 Idaho. 2 h ard w are and industrial distrib u tio n by 2-for-l split. ce n te rs an d a floor covering d istrib u tio n cen VOTING R IG H TS--Ha* one v o te p e r hare. ter. PREEM PTIVE R IG H T S -N one. Subsidiaries: A labam a P arts C o rp ., D ay- DIVIDEND RESTRICTIONS--See term above. loan ton P a rts Corp., M otive P a rts & Supply, Inc., P o p e '3 In c. (all 100% o w n ed ), B a lk a m p , In c ., D IV ID E N D S -- *,59 77%), G e n u in e A u to P a r ts , In c., A riz. O n $5 p a r s h a re s : (80%), G e n u in e A u to P a rts , Inc. W ash., (80%), 1 9 4 8 .. . $0 40 1957__ 1.15 1949-53 1958___ $0.80 1954-56 $1.00 1.50 1959--. 0.40 S ta n d a rd P a r ts of M y rtle B each, Inc, (70%), S ta n d a rd P a r ts o f O ra n g eb u rg , In c. (51%). On $5 par shares after 100% stock div.: 1959-- 080 I960___ 1.35 1961_1.47% O fficers 1962-- B0 77% W ilton Looney, P resid en t O n $5 p a r s h a re s a f te r 200% s to c k d iv .: E arl D olivc, Exec. V ice-P resident 1962. 0.27 1963___0.58VaI9B4 0 67% W. C. H atch er, Exec. V ice-P resid en t 1965-.. 0.77% 1 9 6 6 ... 0 87% 1967.. 0.97% V ice-Presidents 1968-- 0.78% 1969 0.97% 1970-. 0.90% Cary G race E. J. M uldoon 1 9 7 1 ..- 0 84 1972 0 44*% E E. B ell Joe Owen A lso sto c k d iv id e n d s : 1959, 100%; A p r 30. R. E. A lden W. A. P ark er, J r. 1962. 200%; 1967, 50%; A p r. 30, 1970, 50%. J. B. H u d g in s T. J. Same, Jr. T o A p r. 2. J. C. F ra se r Jo h n Scalley TRA N SFER AGEN TS--T ru st Co. of G eorgia, E. M. J o n e s H. D. M iller A tla n ta; M organ G u a ra n ty T ru st Co., N ew Larry Prince W R. V alentine Y ork. L w . Rice, Jr. F. A. T atum REGISTRARS--Citizens & S outhern N ational John A derhold D avid W illiam s, Jr. Bank. A tlanta; Chase M anhattan Bank, New B. R. G arvin Y ork J. F Schw iikert, T reasurer G W. P irk le , S e c re ta ry D. W. H a rts e l, A sst. Sec. a n d A. P. G aines, A sst. Sec A sst T reas. R. C, C o ly ear G S Craft E arle D oiive N. E. Elsas J. C. F ra ser M alcolm F raser A. P. G aines D irectors W. C, H a tc h e r Saitain L anier W ilton Looney L. H. M auldin W. A. P ark er, J r. G. M. S m ith R, L. T urner D IV ID E N D D IS B U R S IN G A G E N T --T r u s t Co. of G eorgia, A tlanta LISTED--On NYSE (Sym bol. GPC). PRICE R A N G E-- 19711970 1969T 19681967 H ig h ..................... 74% 37% 40 41% 27% L o w ..................... 35% 21% 30% 33% 26% G] A fte r 50% stk . d iv .; b e fo re , 34-21%. S ince listin g ; fo r e n tire y ea r, 41% -24. ` A f te r 50% s tk . d iv .; b e fo re , 42%-S6%. GLEN ALDEN CORP. G e n e ra l C ounsel: A lsto n , M ille r &c G a in e s. (Controlled by R apid-A m erican Corp.) Auditors: E rn st & E rnst. Annual M eeting: F o u rth T u esd ay in M ar. No. of S tock h old ers: D ec. 31, 1971, 4,227. No. of E m p loyees: D ec. 31, 1971, 7,141. Main O ffice: 299 P ie d m o n t A v e., N . X,, A t la n ta . G a. 30312. Consolidated Income Account, years ended D ec, 31: 1971 1970 N e t s a l e s ................. $387,138,252 $340,026.395 Cost of sales 272,557,853 241,681,767 Selling, etc., exp. _ 79,420,992 69,076,559 Oth. deduct., n et - 1,261,740 1,114,841 In c o m e ta x e s ___ 16,966,000 14,600.000 M inority interest 396,661 272,376 T N e t p r o f i t _____ 16,535.006 13,290,852 P re v . r e t. e a r n . __ 46,551,360 41,695,033 C o m m o n d i v s . ___ 6,726,267 5,780.438 T fr. to c o m . _____ 2,654,097 R etained earnings. 56,360,099 46,551.370 T E arn., com. sh. $2.14 $1.73 No of com. shares 7,734,563 7,715,688 EEA fte r $1,845.636 (1970, $1,644,077) d e p r. a m o rt. T A s r e p o r te d o n 7,728,709 (1970, 7,703,- 584) a v e r, sh s. QQSalet and In com e, N et 1 9 6 9 -.. 1968.. 1967.1906__ Sales 303,455,677 275,278,164 240,018,620 223,772.764 ii R estated to re fle c t y ears to D ec. 31 (in $); Inc. bef. N et Taxes Incom e 3 4 ,2 2 8 ,5 5 7 10, 778,467 20,637,207 9,423,042 16,840,707 8,418,113 15,450,010 7,864,765 pooling of interest. Consolidated Balance Sheet, as A ssets; 1971 C ash _____________ $11,833.811 R e c e iv a b le s, n e t _ 33,529.751 HTI n v e n to r ie s ____ P rep ay m en ts, etc._ 61,659,924 1,829,896 o f D ec. 31: 1970 $5,212,000 31,139,212 59,406,033 927,926 T otal cu rren t N et p ro p ., etc. _ Investm ents, etc. _ $108,853,382 22,397.128 230,761 $96,685,171 21,184,146 280,781 T o ta l ................. $131.481.271 S118.150.098 H istory: I n c o r p o r a te d in D e la w a re S e p t. 29, 1966 a s su c c e s s o r to c o m p a n y o f s a m e n a m e originally incorporated in Pennsylvania as G len A lden Coal Co.; p re se n t n am e ad o p ted A p r. 21, 1959. I n S e p t., 1921, a c q u ir e d a n t h r a c it e c o a l p r o p erties of the D elaw are. L ackaw anna & W est e r n R a ilro a d f o r th e su m o f $60,000,000, Issu in g in paym ent a purchase m oney m ortgage upon the real estate conveyed. In M ay , 1923, a c q u ir e d th e p l a n t a n d m a ch in ery of E x eter M achine Co. a t W est P ittsto n , P a . I n A u g ., 1925, a c q u ir e d D e la w a re , L ackaw anna & W estern Coal Co. through ex change of stock, In D ec., 1929, th e p h y s ic a l p r o p e r tie s o f L e high & W ilkes-B arre Coal Co, located in P e n n s y lv a n ia , w e r e a c q u ir e d f o r 676,700 s h a re s of G len A lden stock C o m p a n y a c q u ir e d in A p r., 1955 M a th e s Co., F o rt W o ith , T e x ., fo r $11,000,000, p a y a b le $1,500,000 in c a sh , 100,000 s h a r e s o f c o m p a n y tr e a s u r y sto c k a n d b a la n c e o f $8,000,000 fro m 50% of e a rn in g s b e fo re ta x e s o f M a th e s Co. In M ay, 1957, a f t e r p a y m e n t o f $3,507,500, obligation w as discharged by issuance to M a th e s Co. of $4,492,500 5% n o te s , p a y a b le $898.500 a n n u a lly to 1962, in c l. In 1961, sold M a th e s D iv isio n to R c p u b lic - Transcon Industries for 750,000 shs, (307o) a n d $2,000,000. Com pany, through a subsidiary, acquired W ard La F ran ce T ruck Corp, E lm ira H eights, N. Y. on F e b . i, 1956. C o n s id e r a tio n w a s v a lu e of in v en to ry in cash su b ject to ce rtain o th er a d ju s tm e n ts p lu s p ro m isso ry n o te fo r $500,- 000, s e c u re d b y m o r tg a g e o n r e a l p r o p e r ty acquired, payable by portion of net incom e before F ederal incom e taxes of W ard La F rance T ruck Corp, for ten years beginning F eb . 1. 1956. O n J u n e 1. 1956 a c q u ir e d H e r s h e y M o to r- stokor, Inc. (now M anheim F uel Co.). O n J a n . 24, 1958, c o m p a n y t r a n s f e r r e d c e r tain coal deposits to th ree new com panies, Bliss Coal Corp., Loom is Coni Corn, and T rucsdnie Coal Corp., the stock of w hich com panies w as d istrib u ted to com pany's stock h o ld e rs o n F e o . 5, 1958 In D ec. 1958 a n d J a n . 1959 so ld W a rd L a France T ruck Corp O n A p r. 21, 1959 m e rg e d L ist I n d u s tr ie s Corp. by share for share exchange oi List stock and by issuance of an additional G len A lden sh are to holders of each 4 G len A laen shares List Industries, Inc. w as incorporated in D e la w a re N o v 18, 1930 a s R K O T h e a tr e s C o rp (n a m e c h a n g e d o n M ay 15, 1956 to H K O In d u s tr ie s C o rp a n d o n J u n e 1, 1956 to L ist Industries, Inc.) to tak e over business oi o p er ating m otion picture theatres and related real estate and o th er en terp rises from KadioK eith-O rpheum Corp , De: (dissolved) L is t o n M ay 9, 1936 a c q u ir e d a il a s s e ts o f C le v e la n d A rc a d e C o in e x c h a n g e fo r 1,043,706 c o m m o n s h a re s o f Last a n d a s s u m p tio n of lia b ilitie s . C le v e la n d A jrcad e's m a in a s s e t w as 84.4% of o u ts ta n d in g co m m o n sto c k of G era Corp, List subsequently increased hold ings of G era C orp, co m m o n sto ck to o v er 99% a n d o f 16 p r e f e r r e d to o v e r 33%. In a d d itio n , RKO T heatres, Inc., subsidiary, ow ned over 13% of p re fe rre d . O n D ec. 31, 1958, G e ra C o rp . a c q u ir e d all com m on stock of E. H ubschm an, & Sons, so ld in 1965. In I960 so ld U S F -A sp in o o k F in ish in g D iv i sion and acquired H udson Coal Co p ro p erties f o r $2.500,000. I n M ay , 1961, so ld of M a th e s Co. D iv isio n f o r 750,000 (30%) s h a re s of R e p u b lic T ra n sc o ri I n d u s tr it s, In c . a n d $2,600,000 4% in s ta llm e n t n o te . I n Dt-c., 1961, a c q u ir e d S w ift M fg. Co , C o lum bus, Ga I n A u g . 1962, a c q u ir e d O pp C o tto n M ills & M icolas C otton M ills, Opp.. A la C o m p a n y , in 19G4, so ld its in te r e s t in A m erican H ardw are Corp. O n D ec. 4, 1964, m e rg e d s u b s id ia r y , R K O T heatres, Inc. O n J a n . 1, 19G6 so ld r e m a in in g a n th r a c ite co a l b u s in e s s f o r a p p r o x im a te ly $12,500,000. O n M ay 18, 1967, a c q u iie d B.V.D. Co., In c. by e x c h a n g e of G len A ld e n $3.15 cu m co n v . pfd. shs, o r cl. C co n tin g en t p referen ce shs. o r B.V.D. co m m o n sh a re s on b asis of 3 B V D. shares for eaeh G len A lden preferred share. O n J u n e 1, 19G7, a c q u ire d P h ilip C a re y M a n u fa c tu r in g Co. b y e x c h a n g e of 724,405 $2 25 s e n io r cu m . co n v . p fd sh s. fo r P h ilip C arey com m on shares on basis of one G len A lden pfd. share for each Philip C arey com m on share. In N ov. 1967 a c q u ire d a n in te r e s t in B rig g s M a n u fa c tu r in g Co. (n o w P a n a c o n C o rp ), {b'J 5 in terest in P anacon Corp. w as sold in A pr 1972). O n D ec. 22, 1967 m e rg e d S ta n le y W a rn e r C orp. b y e x c h a n g e of 1,029,174 s h a r e s of $3 class B senior cum. conv pfd. shares for S ta n le y W a rn e r s h a re s o n b a sis o f 0.55 s h a re s of G len A lden p referre i shares lo r each Stanley W arner com m on share. An additional 140,000 co m m o n s h a re s w e re issu e d to s e lle rs o f S ta n le y W a r n e r co m m o n in M ar. 1969 in accordance w ith a settlem ent In M ay 1968, so ld I n te r n a tio n a l L a te x & C hem ical Corp., form erly chem ical division of In tern atio n al L atex C o rp , subsidiary of com pany to S tandard B rands, Inc T hrough an exchange offer w hich expired A ug. 30. 1968 a n d p r io r p u rc h a se s, a c q u ir e d a b o u t 88% of co m m o n sto ck o f S c h en ley Indu stries, Inc. (a follow ing statem ent). Un d e r th e e x c h a n g e o f fe r co. issu e d $100 p r in c i p a l a m o u n t o f 6% s.f, s u b o r d in a te d d e b e n tu r e s , d u e 1988 p lu s S13 c a sh f o r e a c h 1% S c h e n le y co m m o n s h a re s. A t D ec. 31, 1%9, c o m p a n y o w n e d a b o u t 8S.2% o f o u ts ta n d in g Schenley com mon shares In J a n , 1969, so ld te le v is io n s ta tio n W A ST TV in A lbany, N. Y, to S onderling B ro ad c a s tin g C o rp , fo r $8,000,000. In D ec. 1969, a s u b s id ia ry . S c h e n le y I n dustries, Inc. m erged BUM Industries, Inc, In A p r, 1970, P h ilip C ir e y M a n u fa c tu r in g Co. a s u b s id ia r y w'as m e rg e d by P a n a c o n C orp. (fo rm e rly B rig g s M a n u fa c tu rin g Co.) 48% o w n e d b y Co. As a r e s u lt of m e rg e r o w n e rsh ip w as in creased to 79%. O n J a n . 28, 1971 sold R K O -S ta n le y W a rn e r T h e a tr e s , In c . fo r S21,500,000. I n A p r 1971, B. V. D. Co , s u b s id ia ry , sold op eratin g assets of Tim ely Clothes. Inc. O n F e b . 26, 1971, S c h e n le y so ld to G u ild W in e Co. f o r a p p ro x . $13.200.000 c e r ta in a s se ts connected w ith its C alifornia w ine business. in c lu d injg in v e n to r ie s of w in e, c e r ta in v in e yards and w inery facilities and tradem arks for w ine products. O n M ay 10, 1971, S c h e n le y sold its 100% in te re st in B uckingham Corp., th e sole im p o r te r a n d s e lle r in U. S of C u tty S a rk Scotch w hisky, to N orthw est In d u stries, Inc, fo r a price, su b ject to reduction under cer ta in c irc u m s ta n c e s o f $120,000.000. In A p r. 1972 so ld its 89 % in te r e s t in P a n a c o n C orp. to J im W a lte r C orp. fo r $62,000,000 cash.' In J u n e , 1972, B.V .D . Co., In c , s u b s id ia r y , sold its R etail D ivision com prising N ational S hirt Shops, A dam s Clothes and Rockingham S tores to N atio In dustries, Inc. MOODY'S INDUSTRIAL MANUAL 9 55 M erger o f S c h e n le y In d u stries, Inc* O n J u n e 17, 1971 as r e s u lt o f m erg er o f a w holly-ow ned subsidiary w ith and in to Schenley, Co. becam be ow ner of all o u t standing capital stock of Schenley except its cum ulative preference stock. In m erger a ll c o m m o n a n d $1.40 cu m . co n v . p fd . s to c k s, except for shares as to w hich appraisal rights w ere claim ed, w ere converted as fol low s: (a) E ach o u tstan d in g sh a re of com m on sto c k (o th er th a n th o se ow ned by Co., all of w hich w ere cancelled! w as converted into $5 in c a sh a n d $30 p r in c ip a l a m o u n t o f C o .'s 7-% % s in k in g f u n d s u b o r d . d eb s., d u e 1985. (b) E a c h o u ts ta n d in g s h a r e o f $1.40 cu m . co n v . p fd . s to c k w as c o n v e r te d in to $4,50 in c a sh a n d $27 p r in c ip a l a m o u n t o f s u c h 7-%% debs. Rapid-Am erican Corp. A cquires Control: I n M ar. 1969 R a p id - A m e r ic a n C o rp . (see a lp h a b e tic a l in d e x ) a c q u ire d 64% in te r e s t in co. th ro u g h exch an g e o ffers (for d etails of exchanges see R apid-A m erican Corp.). Control: R ap id -A m erican C orp. (see alp h a b e tic a l in d e x ) o w n ed 74.6% o f co m m o n sto c k a t D ec. 31. 1971. Subsidiaries: T his is an o p eratin g and hold ing com pany. C om pany ow ns follow ing sub sidiaries, all w holly ow ned except as indi cated: N am e and business: G e ra C orp. (D elaw are) (99.5%). E Schenley Industries, Inc. Sw ift M anufacturing Co. O pp C otton M ills, M icolas C otton M ills. B.V.D. Co., Inc. In tern atio n al L atex Corp. International P laytex Corp. E I.L .C . In d u stries, Inc. (70%) EESee a n a p p e n d e d s ta te m e n t. (2. S e e a lp h a b e tic a l in d e x . Business & Products: B.V.D. Co., Inc., a su b sid iary , is in th e m a n u f a c tu r e o f m e n 's a n d b o y s ' u n d e r w e a r , d r e s s and sp o rt shirts, pajam as, robes and sw im w e a r, u n d e r th e t r a d e m a r k " B.V .D ." ; m e n 's and boys' k n it outerw ear and neckw ear under th e la b e ls " W on d erk n it," ``B o ta n y ," " B eau B ru m m ell." " Mr, J o h n " a n d o th e rs ; w o m e n 's lingerie, sleepw ear, bras and foundation gar m ents, u n d er th e labels, "G ilead," "Jubilee" a n d o th e r s , m e n 's a n d In d ie s' r a in w e a r a n d all-w eath er coats u n d er th e labels "Alm ar," and others; w ork clothes and slacks under the labels, "A nvil," "Meadow" and others; c h i ld r e n 's a n d in f a n ts w e a r, u n d e r th e la b e l " F aw n ," ; a n d m e n 's a n d b o y s ' c lo th in g u n d e r labels "Rockingham " an d "Donxini". International P laytex Corp. produce la tex and fab ric girdles, latex gloves, bras, disposable baby bottles, disposable diapers, tam pons, baby pants and sw im caps, m ar keted under trade nam e "P laytex," and m an u factu rer of fabric girdles and bras m ar keted under trade nam e "Sarong"; throat lozenges and T ek tooth brushes, h a ir b rushes and com bs. ILC In d ustries, Inc. (see appended sta te m ent) produces aero-space, defense and in dustrial equipm ent. Schenley Industries, Inc. (see on appended sta te m e n t) is a p ro d u ce r, im p o rte r a n d d is trib u to r of alcoholic beverages. Sw ift Textiles, Inc. m anufactures fabrics for both apparel and in d u strial use A pparel line consists largely of cotton, blue and fancy denim s In d u strial division is engaged m m aking fabrics for use in autom otive bedding, furniture, packaging filtratio n and rubber trades. O pp and M icolas C otton M ills p ro d u ce a broad w oven gray goods for m any basic in d u strie s. Principal Plants & Properties: Sw ift T extiles, Inc. has p lan t at Colum bus, Oct. O pp C otton M ills, and M icolas C otton M ills, operates p lants a t Opp, Ala. and P henix City, Ala. BVD Co. Inc. p la n ts W ashington, Ga. H igh P o in t, N. C. Independence, Va, B raselton, Ga. K ings M ountain, N. C. N ew Y ork, N, Y. C lin to n , S. C. Livingston, Tenn. O kolona, Miss. located at: H enrico County, Va. C incinnati, O. G alax, Va. M t. G ilead, N. C. C harlotte, N. C. C an d o r, N. C. H am let, N. C, Clio, S. C. M o ek sv ille, N. C. A recibo, P. R. M u llin s, S. C. C h ad b o u m , N. C. M oca, P. R. P once, P. R. M o n ro e, N. C. Caguas, P. R. W inslow , Ariz. L as Marias P. R. Bay M inette, A la. International P laytex at: D om estic La F ayette, A la. D over, Del. Corp. plan ts located In te rn a tio n a l Corozal, P. R. D orado, P. R. La G range, Ga. M anchester, Ga. N ew m an, Ga. W a te rv lie t, N. Y. M exico City, M exico A m prior, O nt., Can. P o ri Glasgow, S c o tla n d Johnstone, Scotland L atour du Pin, F ra n c e Epinal, F rance A lzey, W. G erm any P arram atta, N. S. W., B arceloneta, P. R. M anati, P. R. Pom ezia, Italy B arcelona, Spain Ennis, Irelan d D urban, South A frica D istribution C enters Copenhagen B russels A m sterdam A ustralia (2J o in t v e n tu re . D om estic D istribution C enters C ity of In d u stry , Cal. D over, D el. F or p lants of ILC In dustries, Inc.; and Schenley Industries, Inc. see appended state m ents. O fficers M eshulam R iklis, C hairm an P. A, Joh n sto n , P resid en t I. A. B ecker, V ice-C hairm an L. C. L ane, V ice-C h airm an N athaniel L apkin, Senior V ice-Fres. D. I. O brow , V ice-Pres., F in an ce & T reas. B ernard G oldberg, V ice-President C. E. T ennesson, J r ,, V ice -P resid en t J. A. Boland, Jr., V ice-President A u stin Last, V ice-P resid en t N. A. Finkelstein, V ice-President J . E. Sm ilow , V ice-P resident A. M, M ichaelson, V ice-P resid en t E. L. M arks, V ice-President B. J. Blaney, V ice-President A vraham Soltes, V ice-P resident H aim B ernstein, V ice-President R. T. G rohm an, V ice-P resident L. G. W ilson, V ice-Pres. & A sst, to P res. S. H. A arons, S ecretary G. A. Skinner, C ontroller D irecto rs I. A. B ecker, N ew Y ork P. J. C lifford, H untington, N. Y. W. P. Johnson, P hiladelphia P. A. Johnston, N ew York L, C. L ane, N ew Y ork A. F. M cGinness, Jr. T. W. M cM ahon, Jr. M. L. M endell, New Y ork D. I. O brow , N ew Y ork M eshulam R iklis, New' Y ork General Counsel: F ried , F ra n k , H arris, S hriver, & Jacobson. Auditors: H askins & Sells. A nnual M eeting: T hird F rid ay in M ay, N o. o f S to ck h o ld ers: D ec. 31, 1971: $2.25 p r e f e r r e d , 2,608; c lass B s e n io r p r e f e r r e d , 8,257; $3.15 p r e f e r r e d , 1,474; c o m m o n , 24,272. N o. o f E m p loyees: D ec. 31, 1971, 39,000. G eneral O ffices: 888 7 th A v e., N ew Y o rk 10019. Consolidated Incom e A ccount, yrs. ended D ec. 31: 1971 1970 N e t s a l e s ................. $1,310,266,000 $1,217,552.000 O th. incom e, n e t - 7,421,000 3,954,000 T o ta l .......... 1,317,687,000 1,221,506,000 C o st o f s a l e s ........... S ell., etc., e x p , __ Deprec. & am ort.- 964,862,000 243,223,000 13,486,000 902,062,000 218,473,000 13,100,000 I n te r e s t, e tc . ____ O per. inc. ops. sold 51,426,000 5,680,000 56,861,000 18,514,000 T in c m e t a x e s __ M inority in terest E xtraord. item s -- N et i n c o m e .............. Prev. ret. earns. -- P r e f e r r e d d iv s. __ 20,174,000 1,957,000 S lcr3 (603,000 31,842,000 128,957,000 3,522,000 20,782,000 4,144,000 53(172,267,000 22,331,000 123,324,000 3,693,000 C o m m o n d iv s. - __ VD e b it _____ 1,748,000 3,593,000 -------13,005,000 R e ta in e d e a r n in g s . 0151,936,000 128,957,000 fcEarn., com. sh. _ $1.38 $0.76 o. of com. shs. -- 17,477,000 20,475,000 tT$26,500,000 n o t r e s tr ic te d . fiJR educed b y $600.000 (1970, $464,000) d u e to in v e st, ta x credit. ELoss on discont. & disposals of c e r ta in b u s in e s s e s & p r o p e r tie s , less $1,276,000 ta x cred it d u e to loss carry o v ers. (TTax c r e d it d u e to loss c a r r y o v e r s , less $184,000 loss on discont. & disp. of ce rtain businesses & p ro p , a n d $177,000 p ro v . f o r a p p r o x , d e c lin e in m kt. q u o tatio n value of an invest, in a secu rity , etc [^Com prising* E q u ity in ce rta in tr a n s a c tio n s o f su b s., $1,775,000 (1970, $9,366,000); ex cess of re d e m p t. p ric e o v e r s ta te d v a lu e o f Cl C s tk . r e d e e m e d , $1,818.000 (1970, $3.639,000); to ta l. $3.593.000 (1970. $13,005,000). fs]On 20.016,000 (1970. 20,600,000) a v e r. com . & com . e q u iv .; $1.20 (1970, $0 87) b e f. e x tr a o r d . ite m s ; $1.06 ($0 93 b e f. e x tr a o r d . ite m s ) in 1971 a n d $0.58 ($0.66 b e f. e x tr a o r d . Ite m s) in 1970 assum . full dilution. C on solid ated B alan ce S h e e t, as of D ec. 31: A ssets: 1971 1970 C ash , e t c ..................... M k t. sec., c o s t ___ R eceivables, n et -- $101.046.000 16,435,000 195,18C,000 $94.660,000 14.133,000 209,074,000 E I n v e n to r ie s ____ P r e p a y m e n ts __ 405.365.000 27.673.000 428.729.000 21.230.000 Total cu rren t _ E N e t prop., etc. [(Long Jo h n In ti. L td ........................... O th e r i n v e s t s . ___ Intangibles, n e t _ F r a n c h i s e s ............... D ei. charges, etc. - $745.705,000 146.028.000 20.210.000 25.807.000 106.344.000 50,000,000 23.078.000 $767,826,000 185.333.000 19.573.000 3.747.000 131.616.000 50,000,000 29.400.000 T o ta l ________ L ia b ilitie s: N otes, etc., pay. Accts., etc., pay. D iv s. p a y a b l e ____ In c o m e t a x e s ____ $1,117,172,000 $134,739,000 128.883.000 2,619,000 14.402.000 $1,187^495,000 $219,943,000 119.605.000 2.230.000 17.119.000 Total cu rren t _ Long term debt D ef. in c. t a x e s ___ W a r ra n tie s ______ P e n s io n s __________ O th e r r e s e rv e s ___ M inority interest g)S2.25 p f d ................. E $3 B p f d . ............... |$3.15 p fd , ............. EC1. C p r e f ............. Com . sto c k ( $ 1 ) __ C a p ita l s u r p l u s __ R etained earnings. Stockhold. equity _ (DReacquired s tk - N ct stkhld. eq. - $280,643,000 520.515.000 10.291.000 4.126.000 9.786.000 40.440.000 6.968.000 379.000 708.000 3.297.000 4.793.000 22.422.000 128.820.000 151.930.000 312.360.000 67.957.000 244.403.000 $358,897,000 462.894.000 10,608.000 4.450.000 7 871.000 19.287.000 55.791.000 386.000 771.000 5.125.000 5.994.000 21.407.000 129.932.000 128.957.000 292.572.000 24.875.000 267.697.000 T o ta l ................. $1.117,172,000 $1,187,495,000 N e t c u r r e n t a s s e ts . $465.062,000 $408,929,000 E D e p r . & a m o rt. $173,668,000 $228,918.075 W hiskey, o th er sp irits & w ine, at cost; oth. inventories low er cost (princ. fifo and a v e r.) o r m k t. A t e q u ity . [1379,000 (1970, 386,232) n o p a r sh s. fn08,000 (1970, 770,695) n o p a r sh s. 99,000 (1970, 153,424) n o p a r sh s. 434,000 (1970, 167,856) no p a r sh s. S h s. a t c o st: 1971, 117,000 cl. C p re L & 4,945,000 com .; 1970, 149.214 cl. C p re f. & 931,540 com . In c l. other receiv. N o te : A b o v e 1970 s ta te m e n ts r e s ta te d to reflect equity m ethod of acctg. Long T erm D ebt: 1. G len A ld en Corp. s*f. su b o rd in a ted d eb en tu re 6sr d u e 1988: R a tin g --B A U T H O R IZ E D -- $500,000,000; o u ts ta n d in g , $321,225,000. D A T E D - A u g . 8, 1968. D U E - A u g . 15, 1988. IN T E R E S T --F & A 15 a t o ffic e of tr u s te e . T R U S T E E --M a rin e M id la n d B a n k -N e w Y o rk , NYC. D E N O M IN A T IO N --F u lly r e g is te r e d , $100, $500 a n d $1,000 a n d a u th o riz e d m u ltip le s th e re o f. C A L L A B L E -A s a w hole or in p art on at le a s t 20 d a y s ' n o tic e a t p a r. SINKING F U N D -A nnually, on or before e a c h A ug. 15, 1979-87, to r e ti r e d obs., c a sh (o r d eb s.), e q u a l to th e fo llo w in g a m o u n ts : 1979, 1%; 1980, 2%, 1981, 3%; 1982, 4%; 1983. 5%; 1984, 6%; 1985, 7% ; 1986, 8%; 1987, 14%. S E C U R IT Y --N o t s e c u re d ; s u b o r d in a te d to a ll senior debt. R IG H T S ON D E F A U L T -T ru s t tie o r 30% of debs, outfitg. m ay d eclare p rin cip al due and p a y a b le (30 d a y s ' g ra c e fo r p a y m e n t o f i n te r est or sinking fund installm ent). INDENTURE M ODIFICATION -- In d en tu re m ay be m odified, except as provided w ith co n sen t of 66%% of debs, outstg. L IS T E D --O n N ew Y o rk S to ck E x c h a n g e . PURPO SE--Issued in acquisition of com m on stock of Schenley Industries, Inc. in Aug. 1968. P R IC E R A N G E -- 1971 1970 1969 1968 H ig h ............... .. 63% 59% L o w ................. .... 53% 38% 681,2 75% 50 67% 2. G len A ld en Corp. s.f. su b o rd in a ted d e b en tu res 71/ 2* 1985: R a tin g --B A U T H .--$105,000,000: o u tstg ., $75.719,000. D A T E D --M ay 15, 1971. D U E --M ay 15, 1985. IN T E R E S T --M & N 15 a t o ffic e of tr u s te e . TRUSTEE--F ran k lin N ational Bank, NYC. D E N O M IN A T IO N --F u lly r e g is te r e d $99 o r less, $100, $500 o r $1,000 a n d a u th o r iz e d m u l tiples thereof. CA LLA BLE--As a w hole o r in p a rt b y lot o n a t le a s t 30 d a y s ' n o tic e a t 100. S IN K IN G F U N D --A n n u a lly o n o r b e fo re e a c h M a y 15, 1972-84 to r e ti r e d eb s., c a sh (o r d e b s.) e q u a l to fo llo w in g a m o u n ts : 1972- 76, 3% % ; 1977-81, 5 1 9 8 2 - 8 4 , 12%. SECURITY--N ot secu red , su b o rd in ated to all senior debt. R IG H T S ON D E FA U L T --T ru ste e , o r 30% of debs, outstg. m ay declare principal due and p a y a b le (30 d a y s ' g ra c e f o r p a y m e n t o f in terest or installm ent) INDENTURE M ODIFICATION -- In d en tu re m ay b e modifu^d, except as provided, w ith co n sen t of 66%% of debs outstg L IS T E D --O n N ew Y o rk S to c k E x c h a n g e . P U R PO S E --Issu ed to effe c t m e rg e r wuth Schenley Industries, Inc. P R IC E R A N G E --1971, 79%-67i/a. 3. N otes P ayable: O u ts ta n d in g , $186,679,000 notes payable of com pany and subsidiaries a s fo llo w s: (1) $18,750,000 n o te s p a y a b le to b a n k s d u e to M ar. 31 1973 a t in te r e s t a t % % a b o v e p r im e r a te ; (2) $71.500,000 6 1:>% n o te s p a y a b le d u e M ar. 1, 1979; (3) $21,429 000 '.i ssr '-ifcj1Si; 5ft*'";s ",' 5 ^*3 &fS, 956- MOODY'S INDUSTRIAL MANUAL 8%%-8%% notes p ay ab le to foreign banks d u e to 1980, (4) $75,000,000 n o te s p a y a b le to ban k s w ith in te re st a t %% an d %% above p r u n e r a te d u e s e m i- a n n u a lly D ec, 31, 1974- 78. 4. S ub ord inated P rom issory N otes: O u t s ta n d in g $lo,498.u(W) G%% s u b o r d in a te d p r o m issory notes due in varying in stallm ents to F e b . 28, 1974. Issu e d in 1969 in e x c h a n g e f o r 212,674 s h a re s o f C lass C p r e f e r e n c e sto c k . 5. M o rtg ag e and O ther Debt: O u ts ta n d in g , $25 085.000 3%-8% d e b t c o n s is tin g p r in c ip a lly o f m o rtg a g e a n d o th e r n o te s, d u e to 1986. A greem ents covering certain indebtedness of Co. an d its s u b s id ia rie s c o n ta in c o v e n a n ts concerning w orking capital, additional in debtedness, lim itations on declaration and paym ent of cash dividends, restrictions on tr a n s a c tio n s in c a p ita l sto c k , etc. A t D ec. 31, 1971 a p p ro x . $26,500,000 o f c o n s o lid a te d r e tained earnings was available for paym ent of cash dividends and redem ptions or p u r chases of capital stock. Industrial R evenue Obligations: Co. has g u a r a n te e d p r in c ip a l ($17,200,000) a n d in te r e s t on two in d u strial rev en u e bond issues of local governm ental agencies, w hich agencies have constructed facilities leased to In tenational Latex & C hem ical Corp. capital stock of w h ic h w as so ld o n A p r. 29, 1968. S ta n d a r d Brands, Inc , the purchaser of International Latex & C hem ical Corp. has agreed to in dem nify G len A lden against any loss u nder the guarantees. G uaranties: A t D ec. 31, 1971 c o m p a n y w a s g u aran to r as follow s: ta) I n th e a m o u n t o f a p p r o x im a te ly $8, 400,000 as to m o r tg a g e n o te s (h a v in g v a r y in g m a tu r itie s to 1984) p re v io u s ly h e ld b y co m pany or subsidiaries. (b) S40,000.000 n o te s o f N o rth w e s t I n d u s tries. Inc. issued in con n ectio n w ith its p u r chase of B uckingham Corp. 1. S ub sid iary D ebt: B.V .D . C o , Inc.; c o n vertible debenture 5s, Series A and B, due 1986: O u ts ta n d in g $814,000. D a te d S e p t 15, 2966, d u e S ep t. 30, 1986; in te r e s t J& J1 a t C o.'s o ffic e , N Y C, o r N e w Jersey. C a lla b le a t 105 to S ep t. 30, 19(77; r e d u c e d p ric e s t h e r e a f te r to 100 a f te r S e p t. 30, 1984. S in k in g fu n d , a n n u a lly e a c h O ct. 1, b e g in n in g 1 9 7 6 lto r e t i r e 7% % of standing at par. C o n v e rtib le in to G le n A ld e n $3.15 c u m . co n v p re f. a t r a t e o f $89.16 p e r sh . N o a d justm ent for interest or dividends Cash paid In lieu of fractio n al shares. C onversion p riv ilege protected against dilution. N ot secured; subordinated to all senior debt Co. m ay n o t pay cash dividends on or acquire capital stock in excess of consoli d a te d n e t e a r n in g s a f te r A p r. 2, 19C6 p lu s $6,QoO,000 a n d p ro c e e d s f ro m sa le o f s to c k after such date. Issu e d in O c t 1966 a s p a r t p a y m e n t of purchase price on capital stock of F riedm anMarKs C lothing Co., Inc. Z, B.V.D. Co., Inc.; co n v er tib le su b ord in at ed d eb en tu re 7tf d u e 1973: O u ts ta n d in g , $10,000,000. D ue, J u ly 31. 1973. C o n v e rtib le , in to c o m m o n sto c k a t $17 p e r share, su b ject to an tid ilu tio n provisions. P urpose, to re d u c e note's p a y a b le to b anks. Issu ed , in 1968. C apital S tock: 1. G len A ld en Corp. $2.25 ten or cu m u la tiv e con vertib le preferred; no par: AUTH --724,405 shs.; o u ts tg ., 378,969 sh s.; n o par PR E FE R E N C E S --H as p r e f e r e n c e o v e r o th e r Pid for a ssets and d ivs DIVIDEND R IG H T S --E n title d to cu m . c a sh divs. of $2 25 a sh . a n n u a lly , p a y a b le q u a r t e r ly, M ar. 15, e tc . DIVIDEND REC OR D -- In itia l d iv id e n d of 50 5918 p a id J u n e 15, 1967. R e g u la r q u a r te r l y dividends paid th e re a fte r. LIQUIDATION R IG H TS--In liq u id atio n , en titled io $50 a sh . if in v o lu n ta r y ; if v o l untary, redem ption price, plus divs. VOTING R IG H T S --H as l/1 0 th v o te p e r sh . It divs. are in a r r e a r s fo r 2 q u a r te rly d iv i dends, th e n sen io r p fd,, voting se p arate ly as s class, is en titled to elect % of th e d i rectors; if divs. are in a rre a rs for 6 q u a rte rly paym ents, or if Co. is in a rre a rs on 2 sinking fu n d p ay m en ts, th e n senior pfd., v o t ing separately as a class, is en titled to elect a m ajority of directors. Consent of 66%% of se n io r p fd. necessary to (1) a u th o riz e a n y n e w p r io r o r p a r ity stock; (2) is s u e a n y cl. C sh s. e x c e p t in co n n e ctio n w ith B.V.D. tr a n s a c tio n ; o r (3) change term s adversely. CALLABLE--As a w hole o r in p a r t a t an y tim e a f te r J u n e 30, 1972, o n a t le a s t 30 d a y s ' n o tic e to e a c h J u n e 30. in c l., a s fo llo w s (p e r sh. p lu s d iv s.): 1973, $52.50; 1974, $52; 1975, $51.50; 1976, $51; 1977, $50.50; th e r e a f te r , |50 a sh p lu s divs. s i n k i n g F U N D --A n n u a lly e a c h J u l y 1, b e g in n in g 1972. to r e t i r e 2% of s e n io r p fd . C O N V ER TIB LE--In to com . a t a n y tim e (if called, on or before 3rd day p rio r to re dem ption date) at a rate of 1 pfd. sh. for each 3% com, shs. No ad ju stm e n t for in terest or divs. Cash paid in lieu of fractional shs. conversion privilege protected against dilution, TRANSFER AGENTS--C hem ical B ank, New York; F idelity B ank, P hila. R E G IS T R A R -C hase M a n h a tta n B a n k (N. A.), NYC. P hiladelphia N ational Bank, Phila, P U R P O S E --Issu e d J u n e 1, 1967 m c o n n e c tio n w ith m erg er of Co. an d P h ilip C arey M an u fac tu rin g Co. L IST E D --On NYSE (Sym bol: GA P r A). P R IC E R A N G E -- 1971 1970 1969 1968 1967 H ig h ...................... 41% 35% 68% 72 68 L o w _____ _____ 29% 22 30 45% 39 2. G len A ld en Corp. cla ss B sen io r cu m u la tiv e co n v e r tib le (S3) preferred; no par: A U T H .--2.200 000 sh s.; o u t s t g , 708,163 sh s.; r e s e rv e d fo r o p tio n s , 38.849 sh s.; n o p a r. PR EFER EN C E--H as p re fe re n c e o v er ju n io r p referre a for assets and divs. DIVIDEND RIGHTS -- E n titled to cum . cash d iv s, of $3 a s h a n n u a lly , p a y a b le q u a r te r l y J a n . 31, etc. DIVIDEND RECORD -- In itial dividend of $0.3288 p a id J a n . 31, 1968. R e g u la r q u a r te r l y dividends paid thereafter. LIQUIDATION RIGHTS -- In liquidation e n title d to $105 p e r s h a r e if s u c h a c tio n in v o lu n ta r y , o r $110 p e r s h a r e if on o r b e fo re J a n . 31, 1971, r e d u c e d b y $1 in e a c h y e a r t h e r e a f te r to $105 b e g in n in g F eb . 1, 1975 a n d th e re afte r; if v o lu n tary , red em p tio n price plus divs. V O TIN G R IG H T S --H as 1/10 v o te p e r sh a re . If divs. are in a rre a rs for 6 q u a rte rly d ivi dends, th en class B senior preferred , voting as a class, is en titled , to elect 2 ad d itio n al di rectors. C o n sen t of 66% o f class B se n io r p r e f e r r e d n e c e s s a r y to (1) a u th o riz e a n y n e w p r e f e r r e d r a n k in g p r io r o r o n p a r ity ; (2) a l te r r ig h ts o f a n v o th e r clay* o f s to c k th a t adversely effects the rig h ts of class B senior preferred CALLA BLE--As a w hole o r in p a rt a t any tim e a f te r J a n . 31, 1973 to e a c h J a n . 31 in cl. as lo llo w s: 1974, $107; 1975, $106; t h e r e a f te r, $105 p lu s d iv s. CONVERTIBLE--Into com m on a t any tim e (if called, on or b efore 3rd day p rio r to dr ee bd se,m po tuiot n d a te ) a t r a te o f 1 p fd . s h a r e for each 7 com. shs. No ad ju stm en t for in te re st or divs. C onversion p riv ileg e p ro tec t ed against dilution. T R A N S F E R A G E N T --F id e lity B a n k . P h ila d e l p h ia M a rin e M id la n d B a n k -N e w Y o rk , NY'C R E G IST R A R S --C hase M a n h a tta n B ank (N A.) NYC; Philadelphia N ational Bank, P hiladel phia. P U R P O S E --Issu e d D ec. 22, 1967 in c o n n e c tio n w ith m e rg e r of Co. and S tan ley W arn er Corp, L IS T E D --O n N Y SE (S y m b o l: GA P r N). P R IC E R A N G E -- 1971 1970 1969 1968 1967 H ig h __________ 81 64 137% 144% 94 L o w ____ ._____ 50% 35 53 85 89 3* G len A ld en Corp. $3*15 c u m u la tiv e c o n vertible preferred; no par: A U T ll --1,300,000 sh s,; o u ts tg ., 98,703 sh s.; n o par. P R E F E R E N C E S --H a s p r e f e r e n c e a f te r s e n io r pfd. for assets and divs. DIVIDEND RIG H TS--E ntitled to cum . cash d iv s. of $3.15 a sh. a n n u a lly , p a y a b le q u a r t e r ly, J a n 31, etc. DIVIDEND RECORD -- In itia l dividend of $0.7077 p a id J u ly 31, 1967. R e g u la r q u a r te r l y dividends paid thereafter. L IQ U ID A T IO N R IG H T S --I n liq u id a tio n , e n title d to $105 a sh . if in v o lu n ta r y ; if v o l u ntary, redem ption price, plus divs. V O TIN G R IG H T S --H as 1/5 v o te p e r sh. If divs. are in arrears for 6 q u arterly paym ents, th e n cum . conv. pfd., voting sep arately as a class, is en title d to elect 2 d irecto rs. C onsent of 66%% of cum . conv. pfd. n e c e s s a r y to (1) a u th o riz e a n y p r io r o r p a r it y sto c k ; o r (2) c h a n g e te rm s a d v e rs e ly . CA LLA BLE--As a w hole o r in p a rt a fte r J u n e 30, 1973, o n a t le a s t 30 d a y s ' n o tic e , to e a c h J u n e 30, in cl., a s fo llo w s (p e r sh. p lu s d iv s,): 1974, $110; 1975, $109; 1976, $108; 1977, $107; 1978, $106; th e r e a f te r $105 a sh, CO N V ERTIB LE--In to com . a t an y tim e on or a f te r F e b . 1, 1968 (if c a lle d , o n o r b e fo re 3rd day p rio r to redem ption) at rate of 7.65 co m . sh s. f o r e a c h p fd . sh . N o a d j u s t m en t for in te rest or divs. Cash paid in lieu of fractional shs. Conversion privilege pro tected against dilution. TRANSFER AGENT & REGISTRAR--See $2.23 s e n io r p fd . ab o v e . P U R P O S E --Is s u e d M a y 18, 1967 in c o n n e c tio n w ith m e rg e r of Co. a n d th e B.V.D. Co L IS T E D -O n NYSE (Sym bol: GA P r B). P R IC E R A N G E -- 1971 1970 1969 1968 1967 H ig h __________ 89 71 152 158% 119 % L o w __________ 53 39% 60% 94 71 % 4. G len A ld en Corp. com m on; par $1: A U T H O R IZ E D --36,000,000 s h a re s : o u ts ta n d in g 17,477.216 s h a re s ; in tr e a s u r y , 4,945,059 s h a re s ; r e s e r v e d fo r o p tio n s , 885.545 s h a re s , f o r eo n - * J croc OIC fnr convcr- Sion o f p fd . a n d p re f., 7,196,498 s h a re s ; p a r $1 (c h a n g e d f ro m n o p a r A p r. 29, 1355. share for share). R apid-A m erican C orp. (see alphabetical in d e x ) o w n e d <4% a t D ec. 31, 1971 D iv id en d R ecord (In $} (No par shares) 1921__ N il 1922__ 1.50 1923__ 4 50 1924-25 7.00 1926-29 10 00 1930__ 8 00 1931__ 4.00 1932-33 N il 1934__ 0.50 1935-.- 2.00 1 9 3 6 ... 1.50 1 9 3 7 ... 0 50 1938__ 0.37 % 1 9 3 9 ... 0.25 1940__ 1 25 1941__ 1.70 1 9 4 2 ... 2.00 1943--44 1 60 1945--47 2.00 1948__ 2.50 1 9 4 9 ... 1 50 1950__ 1.20 1951__ 0.20 1952-54 n il 1955__ 0.10 ($1 p a r s h a re s ) 1955-- 0.30 1 9 5 6 ... 0.10 1957__ 0 20 195S__ 0S-- 1959-- ~ 1960-- 0 55 1961__ 0 40 1962-- 0 45 1963__ 0 50 1964-65 0.70 1966__ 0.80 1 9 6 7 ... 0 70 1968__ 0.17 % 1969-71 n il 01972__ 0.20 [l-To a p r. 29. iiO iie com m on sh are each of Bliss Coal Corp , Loom is Coal Corp and T ruesdale Coal C o rp fo r e a c h 100 s h a r e s h e ld . 5,O n e a d d itio n a l s h a r e f o r e a c h 4 s h a re s h e ld o n A p r. 21, 1959, in c o n n e c tio n w ith conversion of each cap ital sh are into I % com m on shares on m erg er of List Industries, Inc. VOTING RIGHTS--O ne vote p er share, cu m u lativ e in election of d irecto rs TRANSFER AGENTS--Chem ical B ank, New Y ork; M arine M idland B an k --N ew Y ork, NYC and Fidelity Bank, Philadelphia. R E G IS T R A R S --C h a se M a n h a tta n B a n k , N A., New York, and P hiladelphia N ational Bank L IST E D --On NYSE (Sym bol: GA). u n listed trad in g on Boston. M idw est P hiladelphia- B altim ore-W ashington, Pacific Coast and De tro it Stock Exchanges. P R IC E R A N G E -- 1971 1970 1969 19681967 H ig h ......... ............ 11% 9% 20 20% 19% L o w ......... ............ 7% 5 7% 12% 9j 4 Stock Options held by officers and em p lo y e e s at D ec. 31, 1S70 on ' 60.409 co m m o n s h a r e s at p ric e s fro m $5 13 to $17.75 a s h a re , 60,996 class B s e n io r c u m u la tiv e c o n v e r tib le p r e f e r r e d s h a r e s a t p ric e s fro m S19 71 to $91 15 a s h a re s ; a n d 765 s h a re s o f $3 15 c o n vertible cum ulative preferred at prices from $69 00 to $80.25 a s h a re . Class C Preference Shares Retired: On F e b 29, 1972 e n tir e issu e o f class C c o n tin g e n t p r e f e r e n c e s to c k w as r e tir e d a t StO p e r s h a re at C hem ical B ank, NYC. Common Share Tender Offer: P u rsu a n t to recapitalization tender offer w hich expired o n N ov. 5, 1971, Co a c q u ire d 4 000,000 s h a re s o f its c o m m o n sto c k a t $11 p e r s h a re . KLC IN D U S T R IE S , IN C . (Controlled by G len A lden Corp.) History: In co rp o rated in D elaw are on Nov. 27, 1966 as su c c e s s o r to th e G o v e r n m e n t Sc Ind u strial D ivision of In tern atio n al L atex Corp., subsidiary of Stanley W arner Corp. Follow ing m erg er of W arner into Glen A lden C o rp in D ec. 1967, Co. b e c a m e a (w h o lly ow ned) subsidiary of Glen A lden O n M ay 19, 1970, a c q u ir e d M. S tc in th a l & Co., N ew R o c h e lle , N Y. In M ar. 1971 a c q u ir e d DDC D iv isio n of Solid S tate Scientific C orp for approx. $L100.000 in n o te s, w ith c o n tin g e n t a d d itio n a l paym ent based on future earrings. Control: G len A lden Corp. (see p receding s ta te m e n t) o w n s 70% o f o u tslg . c a p ita l s t o c k . B usiness: Co. is engaged in the design, developm ent, m an u factu re and sale of su r vival equipm ent including, the space suit used in th e NASA A pollo P ro g ram to place a m an on the moon; inflatable boats, airsupported structures; protective helm ets of various designs; diving suits: parach u tes and p arachute system s; disposable liners for con tainers (for use w ith bulk liquid shipm ents) and electronic data conversion instrum ents and signal conditioning equipm ent. Not all C o.'s p r o d u c ts a r e c o m m e rc ia lly m a rk e te d , as som e are still in th e developm ent stage Subsidiaries: ILC O ceanic Ltd. engaged in im portation and sale of personal protective {>roducts f o r r e c re a tio n a l m a rk e t, p a r tic u - arly m otorcycle and snow m obile fields Bio-M edical Electronics, Inc. P rop erty: Co. o w n s 100,000 sq ft. of sp a c e in D o v e r, D el. a n d le n ses 45,000 sq ft. of sp ace in F re d erica , Del. O th er p la n ts a t R o ck v ille, M d,; R o x b o r o , N C.; H o u s t o n , T ex , C apo K en n ed y , F la,; H icksville, L. I.; N ew R o c h elle, N. Y. Officers: N. A. F inkclstein, P res.; L aw rence O rnston, F. J. S eufert, V ice-Pres . S H. A arons, Sec.; A. A. M idas, V ice-Pres. and T reas. D irecto rs: N. A. F in k clstein . P . A, J o h n ston, D. I, O brow , L C. L ane. Auditors: H askins & Sells. No. o f S tock h old ers: D ec. 31. 1971, 418. No. o f E m p loyees: D ec. 31, 1971, 1.200. E x e c u t iv e O ffic e : 1200 P h ila d e lp h ia P ik e , W ilm in g to n , D el. 19809.