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FILE NAME Keene KNE DATE 1981 DOC KNE006 DOCUMENT DESCRIPTION 1981 Moody's Industrial Manual entry for Keene Corporation 1981 VOL 2 Z KEENE COVERING NEW YORK AMERICAN & REGIONAL STOCK EXCHANGES & INTERNATIONAL COMPANIES INDUSTRIAL MANUAL WILLIAM O. DWYER Publisher HOWARD G. KIEDAISCH Ass`i Fublisher L. JOSEPH ROGERS Gen. Manager ROBERT P. HANSON Editor Editorial Board ROBERT W. BURKE DIANE R. KRUTZ BRIAN T. COFFEY ALFRED G. ELLINGHAM JOSEPH B. LEICH WILLIAM H. MOORE HAROLD H. COLDBERG WILLIAM M. FACCIONE ALVIN E. COUVIA FRANK R. PLATAROTE JOHN J. IERACI MICHAEL A. RABBIA BERNARDO G. SCERI JR Moody's Investors Service DB company of The Dun & Bradstreet Corporation SEE FOLLOWING PAGE FOR COMPLETE LIST OF OFFICES Copyright '1981 by MOODY'S INVESTORS SERVICE ING All rights reserved reserved New York 4 Carroll 38.92 nulative hts ntinen- ntal Il- 1976 a4 8 3 re laws Inc. to red and Derating n states lifornia red unshares orporatores welers C. SYT- ewelry Ters of d la- . Ben ready- cash Balti- --sop- .io Fashwear 1 Tex- a Inc. Inc. 1C in erica Inc. y for 00,000 a Inc. hase are- Dec. talli rsu- ion ex- s of are pr pa- om- .der Any ?WdLive uch an- d- MOODY'S INDUSTRIAL MANUAL 5173 fered 24 for each PVO com sh and 2,750 for Consolidated Balance Sheet as of Dec. 31 each 1,000 prin amt PVO conv deb 7s 8000 omitted 1989. The remaining shares were acquired through a statutory merger in August 1980 Assets Cash 1980 8.221 1979 11,707 interest In Nov. 1980. Co. purchased a substantial trading interest in the raw cotton cotton S.A. Geneva Switzerland firm of Poly- Receiv net Inventories ...... tee ......... . curr assets .. 104,634 180,938 14,975 74,360 134,327 2,756 Business A holding company operating through following Divisions and Subsidiaries International Trade Divisions Fulfills an important specialized function comdites in world trading of goods and commodities Balfour Maclaine International Ltd.- Exports a wide variety of products consisting of heavy machinery and equipment replacement parts and certain processed and manufactured commodities all produced in U.S. and Canada Trades on worldwide basis in such natural and processed commodities as coffee timber and wood products agricultural commodities jute products unfinished textiles rubber tea spices and food products Balfour Maclaine member of the Commodity Exchange Inc. the New York Coffee Sugar & Cocoa Exchange Inc. N.Y. Mercantile Exchange Cotton Exchange Exchange New York Futures Inc. Chicago Board of Trade Chicago Mercantile Exchange International Monetary Market and Minneapolis Grain Exchange acting as broker and dealing member mainly in silver gold copper and coffee cocoa cotton livestock etc. Van Ekris & Stoett Importer of green coffee into the U.S. R.E.B. Willcox & Co. New York Inc.- importer of jute carpet backing Allied International Eagle Trading Importer of industrial fasteners into the United States Retail Division Operates 308 retail jewelry and leased departments in stores Operations are conducted in 33 states Kay Operates jewelry stores De Roy Operates jewelry stores Marcus & Co. Operates leased fine jewelry departments in major department stores throughout the Eastern United States and West coast Black Starr & Frost Guild jewelry stores offering goods of generally higher quality and price than Fine jewelry stores PVO International Inc A diversified inter- national food chemical specialties and agricultural products company Officers A.C. van Ekris Pres & Ch Exec Off M.R. Lavington Exec Pres Arie Nugteren Exec Pres D.S. Suh Vice Pres J.C. Belknap Pres & Chief Fin Off R.I. Weitzer Vice Sec & Gen. Counsel R.E. Diaz Contr & Princ Acctg Off Murray Ackerman Treas & Asst Sec Allana Sears Asst Secretary Carrick Earl of Carrick H.K. Joyce Directors J.R. Stoner M.R. Lavington A.C. van Ekris W.I. Gerard Andre Ben Lassin Oliver Stahel Arie Nugteren H.A. Zaki Paul Hallingby Jr. Total curr Net prop etc. Other assets .. Goodwil ao le 308,768 24,812 17,710 2,280 223.150 16,162 7,977 2.351 Total ........0, Liabilities Notes etc. pay . Accts etc. pay ..... Income taxes ... 353,570 123,109 94,933 11.132 249,640 79,447 2,69 8,344 Total curr Long tm debt Def inc taxes Minority int Other liabil $ cum Add stk Com $ in cap ..... Retained earn .... Def empl compens 229,174 73,399 6,684 4,849 2,100 wa, 3.549 23,933 12,511 dr2,629 150,486 59,203 ws 4.331 = ....., 7.200 3,052 13,632 14.473 dr2.737 Total ........., Net curr assets ..... Depr & amort .. 353,570 79.594 8,587 249,640 72,664 6,363 Long sinking Term Debt debenture fund sinking 1. Kay Corp. subordinated debenture 13 due 1998 Rating B 10,000,000 outstg Dec. 10,000,000 DATED 1 1978. DUE D INTEREST INTEREST 1 to holders TRUSTEE Trust Co. 31 1980 1 1998 registered DENOMINATION registered 1,000 and any integral multiple thereof Transfer- able and exchangeable without service charge CALLABLE a whole or in part any time on at least 30 days notice to each Nov. 30 as follows 1979 ..... 110.00 1980 .._.. 108.50 1981 ..... 107,00 1982 ..... 105.50 1983 ..... 104.00 1984 ..... 102.50 1985 ..... 102.00 1986 ..... 101.50 1987 .101.00 .101.00 1988 ..... 100.50 and thereafter at 100. Not callable however prior to Dec. 1 1988 thru refunding at an in- whichper terest cost of less than callable for sinking fund which annum Also see at 100 SINKING Annually Dec. 1. 1988-97 sufficient to redeem 750,000 principal amount outstg of debs plus similar optional ments Sinking fund designed to retire 75 pay- of SECURITY maturity issue to Subordinate SECURITY secured Subordinate to all senior debt INDENTURE MODIFICATION ture may be modified except as provided with consent of %% of debs outstg RIGHTS ON DEFAULT or 25 of debs outstg may declare principal due and payable 30 days grace for payment of inter- est LISTED American Stock Exchange PURPOSE will be used to repay short debt to banks OFFERED at 100 plus_ac- plus_accrued interest proceeds to Co. 96.5 on Dec. 6 1978 thru Bear Stearns & Co. and associ- ates PRICE RANGE High Low oo... 0.08. .........- 1980 96 82 1979 104 % 1978 100 98 Auditors Arthur Young & Co. Annual Meeting In May Guaranteed Debt Kay Capital N.V. guaranteed floating rate euronotes due 1985 No. of Stockholders Dec. 31 1980 1,600 No. of Employees Dec. 31 1980 3,250 Principal Office 320 King 22314. Tel 683-3800 Consolidated Consolidated Income Account Dec. 31 000 omitted St. Alexandria Account years VA ended Net sales ......... 1980 886,871 1979 754,341 1978 459,242 Other income ..... Total ........-... 17,042 903,913 10,802 765,143 5,294 464,536 Cost of sales ...... . Sell etc. exp Interest .......... Income taxes ..... 793,170 79,678 22.084 3,763 671,010 63,406 16.383 6,590 395,261 50,119 6,182 6,552 Inc. contin op .. op Earn com a Gain pro assets sold eee eee 5,218 1.39 5,300 7,754 2.10 6,422 1.70 Net Income ...... 10,518 7,754 6,422 Prev earn .... Pfd divs ......... Com divs cash . 14,473 366 2,316 13,685 426 1,526 8,570 475 832 Com divs stk .. Stk options Retained earn .... 9,662 136 12,511 5,014 wee eee 14,473 an ee kee 13,685 Times chgs earn Earn com sh .. 1.41 2.83 1.88 2.10 3.10 1.70 Yr end com shs 3,549,000 3,052,000 2,775,000 After 3,915,000 1979 2,784,000 1978 2,112,000 deprec & amort As reported on 3,679,000 1979 3,510,000 1978 3,509,000 avg shs adj for 10 stk div 2/80 & 15 stk div 2/81 On income from contin oper before income tax Rating Auth 20,000,000 outstg Dec. 31 1980 Due July 1 1985 Issued in bearer form with coupons 10,000 denomination Interest payable quarterly Jan. Apr. July 1 andInterest payapb ayablle e at rate % Interest London interbank determined quarterly ofof %% aabboo veve offered note Interest rate from Apr. 28 1981 thru July 27.1981 %% beginning Callable beginning July 1 1982 at 100 No sinking fund Unconditionally guaranteed by Kay Corp. Proceeds to repay short term debt outside Offered 20,000,000 in July 1979 outside U.S. at 100 through a syndicate led by Kidder Peabody International Bankers Trust Inter- national Banque Bruxelles Lambert Banque Nationale de Paris Credit Lyonnais Roth- schild Bank Societe Generale and Svenska Handelsbanken Kay Capital N.V. convertible subordinated de- - benture 88 due 1995 Rating Auth 15,000,000 outstg Dec. 31 1980 15,000,000 Due Dec. 1995 Convertible common stock at 26.96 per share Proceeds used to repurchase outstg 5 cum pfd stock and to repay part of Co.'s short term indebtedness to banks Issued ter of 1980 15,000,000 during the fourth quar- 26,952,000 Other Long 1980 Term Debt Outstanding comprised of Dec. 31 , bank's 5,000,000 term loan with interest at bank's prime rate plus % due annual- ly from 1981 to 1985 with a 500,000 payment 1986 2 2,000,000 term loan with interest at bank's prime rate plus 14 due in 1984 Senior 3 12,000,000 91 annually 1983-1992 notes due 4 7,000,000 10senior notes due semi- annually 1984-94 5 2,000,000 term bank loan with interest at bank's prime rate plus 14 due 1984 7 952,000 other debt AUTHORIZED 10,000,000 shares outstand- Capital Capital Stock Kay common . $ ing Dec. 31 1980 3,549,000 shares reserved for options 151,000 shares reserved for issu- ance on conversion of subordinate debentures 556,000 par $ split DIVIDENDS $ shs split for DIVIDENDS 1966 Nov. 2 years since 1953 1954-55 1.50 1956 ...... 1.70 1957-58 1.60 1959 1960 0.90 1961-64 .Nil .Nil 1965 0.50 1966 .0.54 After for stock split 1966 ..0.12 ..0.12 1967 1969-72 Nil 1973 ..... 0.50 ... 0.10 1968 0.37 1974 .0.20 .0.20 1975 ..0.02 ..0.02 1976 .0.10 1977 ..0.20 ..0.20 .0.30 1979 .0.55 .0.55 <19801.37 ..0.75 Also stock dividends 1959 and 1960 % 1966 % 1980 % Mar. 16 1981 % VOTING 16 also paid % stk div VOTING RIGHTS one vote per share PREEMPTIVE RIGHTS TRANSFER AGENTS Guaranty Trust Co. New York American Security Bank N.A. Washington D.C. REGISTRAR Guaranty Trust Co. LISTED ASE Symbol PRICE RANGE 1980 1979 High . +. 32 16 Low ........... % % KAY . 1978 1977 15 % 6 4 1976 % % Preferred Retired Entire issue of % cumula- tive tive preferred par 100 was retired in Nov. KEENE CORP History Incorporated in New York on Dec. 31 1979 as successor to Co. of the same name incorporated in Delaware succeeding by merger in May 1967 to business of Keene PackagingPackaging Associates established in Jan. In 1967 acquired Mackenzie Co. Inc Penn Metal Co. Inc Pittsburgh Saw Corp. and substantially all of the assets and assumed most of the liabilities of Dusing & Hunt Inc. In 1968 acquired Foster Inc Value Programs for Industry Inc Albert Sechrist Mfg Co Bufnel Division of Smith Industries Intl Inc. 98 of the outstanding capital stock of Baldwin Inc. subse- quently sold and % of outstanding capital stock of Bowser Inc. now Engineering In 1969 acquired Kaydon Engineering and Market Decorators Inc Corp. tonco Electric Products Co. Light & Power Utilities Corp. Corp. and Smithcraft In 1970 acquired Wheeler Reflector Co. and Partition Sales & Mfg Inc. In Jan. 1972 acquired Spotswood Northwest Inc. and several product lines from Budd Co. Lighting In 1973 acquired Sunbeam Lighting Co. Inc. In June 1973 acquired Kent Lighting In Aug. 1973 Co. merged Ray Lighting Proof Corp. on basis of one Co. com sh for each 1.96 Ray Proof shs In 1978 acquired A.P.V. Bowser Fil- Sept. tration Ltd. of Croydon England In June 1979 acquired Crescent Lighting Corp for cash its Grating In Dec. 1979 Co. sold its Grating and Porta- Fab operations for cash and notes Holding Company Plan Development In Feb. 1981 to form a holding announced plans company of which Co. would become a sub- The sidiary Bairnco Corp. holding company would be called Co. said that under the propos- al Co. shareholders would receive two shs of Bairnco for each sh of Co. The plan approved on Jan. 30 by Co.'s board requires the endorsement of Co.'s shareholders It also re- qcuhiarnegs e approval by the for the listing of New York Bairnco shs Stock Ex- Business Products manufactured in four major groups as follows BEARINGS PRODUCTS Custom Bear- engineered Custom space specialized bearings for aero- machinery construction equipment defense and other capital goods markets Bearings production Roller Standard production roll- er bearings for automotive appliance and oth- er industrial markets Section Standard sec- tion bearings for aerospace instrumentation textile and other industrial markets Fix- LIGHTING PRODUCTS Indoor Fix- Fluorescent high intensity discharge oo 5174 MOODY'S INDUSTRIAL MANUAL and incandescent lighting fixtures for com- mercial industrial and institutional markets task lighting for all markets Outdoor Fixtures intensity discharge and incandescent lighting fixtures for commercial industrial sports and residential mar- kets Medical Fixtures exami- lighting nation tures for health and patient room lighting fix- care markets FILTRATION PRODUCTS Filtration Long debt ...... Cv subord debt Def inc taxes Other liabil .. Com stk 0.10 .... Paid surp ..-...- earn ...... 2,300 36.807 39,107 37,268 15,325 860 7,644 251 8,269 62,209 975 37,360 38,335 36,525 16,275 1,235 3,490 288 15,885 51,791 On May 1 1967 acquired Regal Products Corp. Harrisburg Pa for about 51,064 com- mon shares On May 31 1967 acquired H.V. Keller Manufacturing Co. Muscatine Ia for 6,983 common shares sold Apr. 30 1970 In Mar. 1968 acquired Perfection Metal Inc. Atlanta for 20,927 common shares In May 1971 acquired Aluminum Suppli era Inc. and Norrab Inc. Canton O. acquired On Oct. 12 1971 Accessories Inc. and assets of Building Permabit Manufacturing Systems Filtration and oil separation equip- ment for industrial aviation marine utility and defense markets Waste Treatment Systems equip- ment for municipal and industrial waste water treatment markets Shielding Systems frequency and microwave shielding for health care security and defense markets anechoic chambers f^r industry INDUSTRIAL PRODUCTS Laminates Electrical and electronic insulations high fre- quency ciruitry materials Cutting Services equipment and services for meat processors and retailers band saw blades for industrial markets Metal Expansion joints for the construction market expanded metal products for construction and industrial markets Transit Automatic fare and data collection systems temperature mineral wool insulation and insulating cements for ref- ractory utility and industrial markets Property Owns and leases 19 plants as fol- lows lows East Providence R.I. LaGrange Ga Parkersburg W.Va. Galt Ont Can St. Louis Mo. Aurora Ill Sumter S.C. Kalamazoo Mich Chicago Il Greeneville Tenn Olive Branch Miss Muskegon Mich 3 Fontana Calif Wilmington Mass Union N.J. Bear Del Norwalk Conn Croydon England In addition Co. leases executive and admin- istrative offices in N.Y.C. Subsidiaries Keene Corp. of Canada Ltd Bowser Filtration Ltd. Officers G.W. Bailey Chmn & Pres G.F. Mahoney President H.A. Mileaf Sec R.J. Prata Treas Presidents R.A. Shantz M.S. Sellinger Frank Metzger G.W. Bailey E.R. Anderson F.P. Harvey J.J. Bokan L.E. Fichthora III Total .......... Net cutt assets ..... Deprec etc. seas Lower cost fifo or mkt tive purposes 170,933 163,824 42,904 43,288 36,961 34,137 Restatefdor compara- Long Term Debt Outstanding Dec. 31 1980 38,843,000 consisting of revolving credit 17,500,000 bank loans under revolving credit and term loan agreement effective Jan. 18 1980. Agreement provides revolving credit for maximum borrowing of 40,000,000 has option to borrow in the domestic or Euro- dollar market Interest rate is at prime com- mercial rate if borrowed in domestic market and % above London Interbank rate if bor- rowed in Eurodollar market Repayment on loan is due in installments from 1983 to this 1987 . 2 2,345,000_6 %% Mortgage notes payable in installments through 1991 3 18,000,000 industrial revenue bonds due rates are % 1997 through 2009. Interest at prime commercial rate with a maximum of % on 11 million 70 of prime commercial rate with a maximum of % on $ million and 65 of prime commercial rate on 4 million 4 998,000 other notes and mortgage loans payable conection In connection with Revolving Credit and credit Term Loan Agreement above pays % commitment fee on unused amount of Co. also maintains collected cash balances with banks of % of loan commitment and an additional % when funds are borrowed in the domestic market Subordinated Debt outstg Dec. 31 1980 16,050,000 comprising Convertible 1 50,000 % Convertible Subordinated Notes due through 1982. Convertible into common at 26.57 per share 2 16,000,000 %% convertible subordinated debenture privately held due 1988 Debentures are convertible into com shs at 26.98 a sh agreements relating to certain of above debt contain covenants most restrictive of which require minimum working capital ra- tio of 1.6 to ; require compliance of certain debt to net worth tests on a quarterly basis which may limit incurrence of additional debt and limit cash dividends or the purchase of capital stock to approx 9,763,000 In subse- quent years % of consolidated net income Inc. Sarasota Fla On Nov. 1 1971 acquired for cash Coronet Aluminum Inc. and Continent Manufac turing Co. Inc. Butler Mo. Jan. In 1972 acquired Columbus Stove Co. a subsidiary of National Industries Inc. for undisclosed undisclosed cash sum sold July 31 1979 On Aug. 1 1979 acquired Harlew Industries for cash and notes Business Manufactures aluminum windows sliding patio doors screen and storm doors tub and shower enclosures tubular and wrought aluminum furniture aluminum lad ders carpets wood mica kitchen cabinets Products are distributed through about 62 owned sales warehouses throughout country Plants Company plants at Merced Cal Woodville Tex Caldwell Tex Milford Va Cartersville Ga Waynesboro Ga Swainsboro Ga Rome Ga and subsidiaries has Canton Ohio Sanford Florida Sarasota Fla Muscatine Ia Linton Ind Miami Fla Deland Fla McKenney Va Sylmar Calif Subsidiaries Keller Trucking Inc. Keller Bath Enclosures Inc. Keller Casuals Inc. Keller Showroom Inc Keller International Inc. Keller Kitchen Cabinet Southern Keller Ladders Inc. Keller Properties Inc. Keller Inc. Keller Aluminum Suppliers Inc. Norrab Inc. Inc. Officers H.A. Keller Chmn Pres & Chief Exec Off B.A. Keller Asst to Pres & Corp. Vice R.M. Connors Senior Vice Chief Fin Off & Treas Fred Phillips Pres Manufacturing H.A. Keller Jr. Pres & Sec Medlin Pres Building Products Div RMiocnhael Morettini Corp. Contr & Chief Acct H.A. Keller H.A. Keller Jr. Directors Brittingham B.C. Brittingham Alan Sternlieb Auditors Arthur Andersen & Co. General Counset Anderson Russell Kill & Olick P.C. Annual Meeting In April No. of Stockholders Dec. 31 1980 3,657 No. of Employees Dec. 31 1980 2,222 Executive Office 200 Park Ave. New NY 10166. Tel 557-1900 York will also become available for dividends or purchase of common stock 0.10 0.10 Capital Stock Keene Corp. common par Auth 10,000,000 shs outstg Dec. 31 1980 2,507,048 shs in treasury 1,610,961 shs reserved for options 346,150 shs reserved for warrants 11,244 shs reserved for conversion of debentures 0.10 and notes 594,914 aha par Has one vote per share no preemptive R.M. Connors I.S. Levine Turchin R.L. Turchin S.W. Langer Botwinick Benjamin Botwinick General Counsel Levine Reckson Reed & Geiger Miami Fla Mudge Rose Guthrie & Alexander New York Auditors Ernst & Whinney Annual Meeting Third Thursday in Jan. No. of Stockholders July 31 1980 2,518 Consolidated Income Account years ended Dec. 31 000 omitted Net sales etc. ..... 1980 210,112 1979 202,326 1978 163,859 Cost of sales etc. .. Sell exp ....Oper profit ..... Other deduct net . 137,091 35,161 37,860 1,415 135,932 36,023 30,371 2,769 110,268 30,181 23,410 808 Balance .. ....... Gen. etc. exp ..... Asbestos litig exp . Interest .. ..,.... 36,445 4.392 6,000 5,071 27,602 4,268 eee ee 3,393 22,602 3,544 teens 2,422 Income taxes ..... 9,076 9,113 7,934 Income ...... Prev ret earn .... Dividends ... .... Retained earn .... Earn com sh .. end com shs 12,006 51,791 1,588 62,209 4.42 2,507,048 10,828 42,466 1,503 1,791 3.52 2,878,297 8,702 35,003 1,299 42,466 2.64 3,177.747 After 5,407,000 1979. 5.389,000 1978 4,938,000 depr & amort Arseported on 2,715,000 1979 3,076,000 1978 3,297,000 aver com & com equiv shs 3.77 1979 3.06 1978 2.32 fully dilut- ed Incl Crescent Lighting Corporation acq in June 1979 Consolidated Balance Sheet as of Dec. 31 Total current Net prop etc. Exc acq cost .. Other assets ........ 1980 8.017 28,716 39.454 4,477 1,407 82,07 56,532 31,559 771 1979 9,877 26.076 39,963 3,378 2,329 81,623 48,820 31,612 1,769 Total .. ...... 170,933 163,824 rights rights Dividend Debt Restrictions See Long Terra Dividends Paid since 1967 1968 1973 1976 ....... 0.10 .0.25 1969-71 .... Nil 1974 ...... 0.15 1977 .0.30 .0.30 1972 1975 1978 ...... 0.05 .0.20 .0.20 .0.40 .0.40 No. of Employees July 31 1980 4,400 Office 18000 State Road 9 Miami FL 33162 Tel 305 651-7100 651-7100 Consolidated Income Account years ended 8000 omitted July 31 . 1980 19810 980 1979 1978 1979 i. .0.50 1980 .0.60 1981 .... 0.15 Also paid stk diva 1968 300 To Mar. 31 Agent Transfer Chemical Bank N.Y. United States Trust Co. of New York Registrar Offered 400,000 shs at 24.50 a on May , 1968 thru Laird Inc. and associates Pro- ceeds to repay short bank debt and for working capital 700,000 shs at 13.50 a sh on July 30 1969 thru Eastman Dillon Union Securities & Co. Net sales Cost of sales ..... ..... Sell etc. exp . income .... Other inc net Total Interest ..... Interest weet ne Income taxes ....- Inc. cont oper . Earn com sh . - Inc. discont oper .- Net Income 184,606 140,949 39,942 3,714 376 4,091 3,252 cr197 1,036 0.30 sees 1,036 179,396 131,957 36,571 10,867 576 11,443 3.259 3,179 5,006 1.45 50 5,056 157.358 111,193 32,210 13,955 302 14,257 2,236 5,702 6,319 $ 82 dr843 5,477 and Laird Inc. and Assoc 668,800 shs repre- Prev ret earn 45,870 41,852 38,145 sented company Listed On financing NYSE Symbol KE Also listed Divs cash Divs stk ....... 1,037 .. 1,037 : 756 1,014 on Philadelphia SE Price Range 1980 High Low .......-... ..... 2.06. 25 17 1979 % 13 1978 % 10 1977 % % 1976 10 % Retain earn Earn sh .. 45,869 0.30 3,458,300 After 3.411.706 1979. 45,870 41.852 1.46 1.58 3,457,800 3,457,300 2.8.31.542 1978 Warrants Outstanding Dec. 31 1980 war- rants to purchase 11,244 ahs at 8.50 expiring 2,525,549 depr & amort 6,019,000 not restricted On 3,458,270 1979 3,457,371 1978 3,461,506 aver reduced of shs adj for % stk div 7/78 Reflects to lifo method costing inventories which reduced KELLER INDUSTRIES INC Florida History Incorporated under aws Aug. , 1951 as Jalousie & Window Engineer Inc Air Control Products Inc. adopted Feb. Feb. 28 1955 when stock of 16 affiliated corpowas acquired Present name adopted rations Jan. 1965 In 1964 acquired Dalcourt Chemical Industries Inc. for stock In 1965 acquired Engineering Co. and Ashkoute Production Ltd. net income by 2,671,000 0.77 a sh Consolidated Balance Sheet as of 000 omitted Assets Cash Receiv claim ...... ........- Inventories Prepay . etc. 4. 1980 10,882 20,981 872 37,403 1,221 1979 1,414 28,138 2,261 50.571 984 Total curr ... 71,300 83,368 July 31 1978 2,072 20,465 55.577 1,931 80,045 5+ * "" BH le M A  74 MOODY'S INDUSTRIAL MANUAL Operating profit .. income Other Total income .... STO- Interest .. 22.22. -.2. ~ 348,010 90,453 438,463 62,448 252,889 31,415 284,304 47,023 June Consolidated Income Account June 30 1957 Net sales -...... 14,182,750 Operating profit -. 1,160,239 years ended 18,145,349 1,858.475 No. of Stockholders June 30 1957. 650 No. of Employees June 30 1957 320 Head Office McMillan St. and Reading Roa Cincinnati Ohio Empl retire etc Other deductions . Fed income tax _ Net profit __..._. Prev earn surp 46,390 1,268 76,675 251,682 1,234,158 9 424 424 67.589 189,268 1,180,255 Dividends yr Pr tax eatc d.jadj Minority int adj 107,058 dr 1,902 s-ccce== 103,414 CT 8,087 dr Earn surp 3-31 1,376,879 1,234,158 deprec After Sales and Earn1i9ng5s7 252,444 252,444 years 195M6ar.214,717 Other income net Total income ..... Fed income taxes Minority interest Net income _.__._. 171,196 1,831,435 645,000 21,688 664,747 166,675 2,025,150 1,040,000 1,885 983,265 Dividends 7,038,971 537,606 6,594,764 539,058 Earn surp 6-30 From SEC report 7,166,112 7,038,971 s June Sales & Karnings years to 30 in s No. Earn New York Bldg Office Suite 2501 . Year to Empire State Income Account June '57 Net sales -.--.----. 3,814.336 expenses Costs Operating profit .- Other income net Total income _.-.-- 3,53248,0,211233 7.671 287,794 294,996 294,996 Fed income Net tax income - 146,310 141,484 116.11162.1222 Sales : No. Income Shares Shares Com 1957 14,182,750 664,747 Sales Profit 430,000 9,390.117 . 8,948,264 ' = 8,326,319 251,682 169,268 291,259 271,543 263,747 249,619 0.82 0.64 1.16 1956 1955 1954 18,145,349 17,255,982 18,212,340 983,265 734,790 1,101.443 430,425 433,028 433,028 7,290,667 225,843 249,619 0.90 5,56,65533,,550066 99,979,87383 weoves 101.04.400 3.833.193 3.833.193 152,210 0.61 3.83.193 woecen pomp Based on 247.619 shares and disregarding preferred dividends paid in 1953 prior Consolidated 1952 . 17,748,531 17,748,531 17,748,531 902,697 393,689 393,689 1950_ 1950_ 1949 16,102,993 16,102,93 16,102,9 3 13,901,346 1,224,327 1,45,941 1,4 5,941 854,100 393393,,689 689 393,689 Consolidated Sheet 1948 10.707.942 656.870 Balance : Shet 393.762 as of on Com 2.28 = 1.70 2.54 2.292.29 Prev Dividends Earn surplus 7-31 1,183,529 118,130 1,156,883 1.106.377 1.106.377 119,170 1.133,529 1.133,529 After depreciation and amortization 1957 12,426 1956 12,850 Sales & Earnings Net yeaNet rs to JuNnoe. 30 in ) Earn 3.673.67 1957 = 1956 1.67 1955 June 30 .. 1953 3.3.88114.433.6 336 3,696,210 ' 3.695,876 ' 3,537,398 = 3,5798 3,756,009 Income 141,484 146,122 155,267 = 122,958 143.278 29429.4.88000 0 296,300 300,000 30030,0 000 Co01m8 0.49 0.52 0 41 Assets aces Receivables 353,373 437,168 437,168 Inventorineest coves 1,320,2941,320,294 1,462,425 182,198 300,000 1950 3,955,160 1,462,425 . 4.050.893 138,432 300,000 0.460.46 Receivables 879,364 net 1,144,033 1948 = 7,231,150 = 1955 and4,337p,r8i13or 246,097 Prepayments etc 595,9569,956 Total current 92,679 Land bldgs etc 6,589,6,589,383 383 6,806,930 7,231,150 7,231,150 6,246,874 300,000 0.82 . years June . ended July 31 Total current 2,092,959 1,871,620 aa 2,867,286 Balance Sheet as of June 30 1956 property DPeaptreecniattsion 33,,525533,,534846 3,379,588 380.783 etc. Land bldgs etc 3,100,011 2,790,870 86,767 265.224 te Deprec & amort 1,196,727 . 1,011,424 Deferred charges . 60560,56,36300 88,940 88,940 Assets Cash ...-~--------- 265.224 . 1,7 9,4 6 = Deferred property 1,903,284 1,779,446 Receivables 197,151 -- 149,976 ao 65,735 Deferred charges . 106,603 Total _........ $ 10,229,696 $ 10,699,680 Inventories 409,193 410,120 441100,,112200 Bore ANoctcetss Liabilities Accounts payable 10E,2D91,06906.590 10,699,680 Inventoriescurrent 409,193 Total Liabilities 149,361 215,000 property 191,034 Accruedpaytaabxlese ws eam 4,061,978 3,757,669 649,201 $ ne payable payable 615,445 Accruals tax 532,762 351,406 Land bldgs etc 335.454 355,963 314,367 Fed inc tax res ED100.590 922,263 Depreciation - 144,420 22. Divs payable -... 131,591 215,213 Net 146.438 27,606 life Cash Other accruals -..- lifie ns 232,133 current 1,362,223 1,976.957 Minority . 430,000 Total - Com stock ) interest Def chgs etc. -.. 12,293 stock 271,543 1,006,326 Com cusrurrepnt 1,267,206 430,425 LoansLoans payable payable ne 2 271,543 271,543 263,747 369,420 Capital surplus Earned surplus -_. 1,244,787 7,166,112 1,251,442 7,038,971 Total -......--Liabilities 1,906,678 1,376,879 1,234.158 oe Earned surplus . Total _...._--. 10,229,696 10,699,680 Accounts payable . 176.837 4,061,978 3,757,669 len Total -_...-..- 825,753 Emp prof men Net current assets 865.294 Net tang com sh 20.56 At lower of cost or market 20.26 Emp ... . shar . 17,963 17,963 tNae At cost Includes Net lowerof or market 7.40 7.08 posit Pald surplus Term Loan Outstanding Mar. 31 1957 300,000 time certificate of de- After deducting 440,000 U. tax notes Total current stock -.- 372,026 291,800 surplus 1,156.883 1965 Sept. 30. . annually will pay 25 of excess consolidated net earnings over 100,000 up to 50,000 per Net currentassets 1,099 191 1,092 3.13 annum additionally Company may not pay ; par : Authorized 430,000 shares $ 600,000 shares outstanding in treasutrreasuyry 5,685 5,685 ; shares par par TotalTotal assets 1,91,09606,,667788 1,832,041 1,832,041 cash dividends nor invest in fixed assets exchange which would reduce consolidated net work- preference four ing capital below 600,000 Capital Stock 1. Baldwin Co. common Issued in 1936 in for formerly out- standing no par class shares common for one ahare class A and no par class B convertible stock 53 % of com- At lower of cost or market Capital Stock L. Beau Brummell Ties Inc. common par $ outstanding AUTHORIZ 30E 0,0D 00 shares outstanding - par 1 mon share for each share class B 294,600 shares in treasury 5,200 shares par AUTHORIZED shares outstanding Has one vote per share with right of cumu- 1 271,543 shares par $ t lative voting for directors VOTING RIGHTS one vote per share Dividends 3 VOTING RIGHTS one vote per share calendar years ADDITIONAL INDEETEDNESS Company af no cumulative voting rights paid 80.8736 1 1939- 501997. 0.25 1933 may mortgage its assets or sell a substantial 1939- 80.8736 $ 0.1216 1939- 0.67 PREEMPTIVE RIGHTS 1840 0.25 --- 1941. 0.75 part thereof or create any new stock having = 0.67 1 DIVIDENDS calendar years since 1949 1942-43 0.50 1944 1945-47 0.70 prior rights to the capital stock only by i 1950 0.15 1951 80.05 1953-53 il securing the consent of holders of 73 at , 1954 0.25 1935-57 0.40 1978 0.10 1.00 1954-57 1.25 such stock issued and outstanding 1958 t Also stock dividends 1955 and 1956 % 0.50 DIVIDENDS years MAlso To Mar. 28 MAlso 1.15 payable in cash or in 1937 0.80 1938-39 0.50 1940-41 0.55 TRANSFER AGENT Banking Co. stock 65ths share for each share held 1942 0.50 1943 075 1944 1.00 Trenton N. J. Also stock 1948 2% 5 1952 10 % 1945 0.90 11946. 0.85 1917-53 050 050 Also OFFERED shares at 6.50 per share Apr. 28 1954 0.45 1955-37 0.40 1958. 10 July on Nov. 17 1954 by Estabrook & Co New PRICE RANGE- 1957 1956 1955 1954 1953 mAlso 100 in stock July 24 1956 RANGE- York and De Haven & Townsend Crouter & High 16 17 18 17 13 To Mar. 13 Bodine Philadelphia Proceeds from sale of Low ----.----. 13 13 15 11 11 OFFERED OFFERED comraon shares at $ 20,000 shares accrued to company and were Transfer Agent National Bank of Detroit share in Dec. 1936 by A. W. Porter Inc. New used to redeem debentures and preferred Dividend Disbursing Agent Continental II- York Offering included 30,000 shares for com- stock and for working capital Ilnois Bank Trust Co. Chicago pany account National & PRICE RANGE 7-4 1956 9 Detroft Bank & Trust Co. De- PRICE RANGE- 1957 1956 1955 1954 1954 1953 1953 Registrar BALDWIN RUBBER CO History Incorporated in Michigan Nov. 21 troit Listed on Detroit Stock American Stock Exchange Exchange and High Low -...------5 Transfer Agent % % % 534 6 % % % 47 % Fifth Third Union Trust Business Engaged chiefly in the manufso ture of rubber automobile floor mats Also manufactures mechanical and ber parts at plants in Pontiac Properties Main plant of brick construe- tion is located at Pontiac Mich on a 8acre site and contains approximately approximately 300.000 sq ft wholly owned Subsidiaries Company has a holding company subsidiary and controls an company Indiana vinyl films engaged in manufacture of Officers H. M. Pryale Chmn M. D. Mc- Lintock Pres and Treas P. C. Richardson .; Brinkman Sec and Asst Treas H. E. Howlett Asst Sec Directors H. M. Pryale A. C. Girard P. Richardson Bloomfield Hills Mich H. E. Howlett Pontiac H. A. Smith Detroit M. D. McLintock Birmingham Mich General Counsel Howlett Hartman & Beler Pontiac Mich Auditors Haskins & Sells Annual Meeting First Tuesday in Oct. No. of Stockholders June 30 1957 2,700 BEAU BRUMMELL TIES INC History At the : Incorporated in Ohio Aug. 1 1921 time of its organization company was known as Welsbaum Leininger Co name changed in 1923 to Weisbaum Brower Co present title adopted Nov. 25. 1939 Business Engaged in the business of manu- facturing and kindred lines selling men's neckwear and Property Plant located at Cincinnati Ohio approximately 50,000 sq ft of floor covers Sales offices in New York Chicago and Los of icesoffices Officers E. J. Watsbaum Pres H. Wels- Jacobs G. Wessendarp Brower baum EstermanEsterman and E. Wessendarp Brower Pres . Schonberger Smith Directors E. J. Weisbaum H. J.J. Weisbaum J. H. Woeste J. L. Schonberger M. Wes-Wes- sendarp R. A. Brower E. Counsel Gen. Counsel Ginter : Nichols Wood Marx and Co. Cincinnati Registrar First National Bank Cincinnati Listed on American Stock Exchange and Cincinnati Stock Exchange BELKNAP HARDWARE & MANUFACTURING CO Originally Incorporated in Kentucky in 1880 Originally established in 1840 Business Operates a wholesale hardware business distributing builders and heavy hardware furniture floor coverings household equipment plumbing and electrical fixtures and supplies etc. Property Plant at Louisville Ky consists of about 46 acres of office showroom and warehouse floor space Officers C. R. Bottorff Chmn Russell Procter Pres W. R. Caskey C. A. Gage M B. Davis D. E. Cross Jr. H. H. Burnett VicePres Berl Boyd Pres and Treas ; E. W. Heller Sec L. E. Dentinger Asst Sec C. W. Allen Jr. C. B. Price Jr. Asst Treas No. of Employees Dec. 31 1956 897 Office Pontiac Mich Auditors Haskins & Sells Annual Meeting Second Monday in Sept. Directors H Anderson Jr. C Bassett W. B. Belknap D E. Cross Fred Kimmel Jr G. E. Martch G. P. Metcalfe C. B. Price J. MOODY'S INDUSTRIAL MANUAL 1033 BAIFIELD INDUSTRIES INC History Incorporated in Delaware May 11 1959 as Missile Systems Corp present name adopted May 26 1964 acquired western 1963 In cialcial Data Corp. Gary branch of Finan- . merged In Jan. 1965 of Texas and Dalet Missile Systems Corp. Corp. wholly owned subsidiaries now operated as a division Merger Agreement See Automatic Sprinkler Corp. of America general index Business Company and subsidiary manu- facture mechanical assemblies and systems for U. S. special weapons programs Property Company owns plant of 225,000 plants 6g ft on 14 acres at Carrollton Texas 2 one 120,000 sq ft the other 60,000 sq ft on 30 acres at Shreveport La and leases properties aggregating 85,000 sq ft located in Grand Prairie and Carrollton Tex and Beverly Hills Cal Directors F. W. Bailey Chmn Chief Exec BALDWIN INC History Incorporated in Pennsylvania Dec. 24 1897 as Ehret Magnesia Manufacturing Co. Present name adopted Aug. 1 1959 on merger of Baldwin Co. by share for share exchange Baldwin Co. was incorporated in New Jersey Jan. 23 1935 In Feb. 1964 acquired Insulation Div of Corp. Mundet Cork In Aug. 1966 acquired the Accoustical Division of Elof Hansson Inc. New York in 1962 entered into a joint venture with Pall Corp. see general index for the manufacture of glass fibre pipe and blanket insulations Terminated Feb 10 1965. Business Manufactures high temperature industrial insulations calcium silicate and mineral wool insulation products acoustical producta and merchandizes a line of non- mineral wool insulation products also Glasstyle a glass fibre acoustical ceiling board PREEMPTIVE cumulative voting VOTING with RIGHTS one vote per share for directors PREEMPTIVE None DIVIDENDS $ par shares 1959 0.20 1963-64 0.15 1960 1965-66 0.35 1964 : 1961-62 0 20 Also stock dividends 1964 % 1965 and TRANSFER AGENT Trenton NatioNationalnal Bank Trenton N. J. reclassified ISSUED June 1959 5,000 100 par shares of Ehret Magnesia Mfg Co. were into 276,067 1 par common shares In merger effected Aug. 1 1959 552,134 shares were issued share for 276,067 shares each Co. Ehret Co. Magnesia Mfg Co. and Baldwin PRICE RANGE- 1966 1965 1964 1963 1962 High Low ------- 3 3 57B % 54 4 5 % % 4 BLAIR JOHN & CO Off and Treas J. E. Upfield Pres and Chief Oper Off 3. E. Anderson Sec D. Day- 1son R. E. Alshuler Other Officers E. E. Willits W. W. Upfield D. L. Watters Vice Emma Lou Peake Brenda Mae Quick Asst Sec Auditors Ernst & Ernst Counsel Kindel & Anderson Los Angeles Stockholders Cal Annual 3 ' Fourth Tuesday in May No. of Stockholders Jan. 31 1967 2,500 No. of Employees Jan. 31 1967 1,000 Office 9465 Wilshire Blvd. Beverly Hills Cal Unfilled Orders As of Jan. 31 1967 40,252,000 1966 42,510,000 Consolidated Income Account Jan. 31 Net sales 22... 1967 31,429,769 & Costs expenses Fed income tax Net income share Earn com share Cash flow com sh 28,401,588 28,401,588 1,264,724 1,763,457 3.03 3.66 years ended 19169666 15,404,742 14,274,195 230,000 900,547 1.55 1.89 No. of com shares 581,500 581,500 After 305,017 1966 197,237 deprec & amort Property Owns plants at Valley Forge Pa Trenton N. J. Kalamazoo Mich Huntington Ind and Temple Tex with aggregate floor space of about 558,500 sq ft Through Baldwin S.A. has a minority interest in Societa Americana Italy and in Fibras Minerales de Mexico S.A. Company had 14 foreign licensees in 1966 Officers A. M. Ehret Jr. Chmn E. R. Stevens Pres L. T. Choate Vice M. M. Wilson Vice and Sec A. J. Di lenno Pres and Treas L. T. Choate Paul Erney Pres Irvin Berman Contr P. H. Jackson Asst Treas H. E. Aurrichio Asst Sec Directors P. L. Corson A. M. Ehret Jr. W. A. Dill R. J. Lewis W. R. Spofford E. R. Stevens M. Wilson , - Purchasing Agent A. E. Farina General Counsel Ballard Spahr Andrews & Ingersoll Auditors gomery Lybrand Ross Bros. : i & Mont No. of Stockholders Dec. 31 1966 442 No. of Employees Dec. 31 1966 658 Office 500 Breunig Ave. Trenton N. J. History Incorporated in Delaware Mar. 6 1965 as successor to business founded in 1933 Business Co. is the national sales representative for television and radio station selling their advertising time to national advertisers through their agencies also performs certain research and counseling functions for stations it represents Co. has offices in 8 cities As of Dec. 31 1966 the U. and the S. 58 television Co. represented 48 stations throughout Property Co. owns office building in Chi- cago containing 164,500 sq ft of floor space of which 9,720 sq ft is used for its office and balance is leased to tenants Investments At Dec. 31 1966 company owned 50,000 com shs 9.25 in Boston Herald Traveler Corp. which owns Boston Herald Traveler a daily newspaper in Boston and radio station WHDH and television station WHDH in Boston 10 of com and 38 of % pfd of Central Media Bureau Inc. which has developed computer programs and related processing applications for the advertising agency field and 2,000 com shs of Meredith Publishing Co. Owns % interest acquired in 1966 in Condensed Jan. 31 Consolidated Balance Sheet Assets Cash ..-~.--------- Market secur .. Receivables net - Inventories .__.__- Prepayments ..___ 1967 1,494.954 2,554,320 689,014 1,432,925 44,184 1966 2,232,156 627,716 627,716 578,031 40,584 Total current . Equip etc. net __ Intangible assets Other assets _..___ 6,215,397 4,277,175 59,487 73,628 3,678,487 2,518,839 70,275 48,322 Liabilities Liabilities_ ~ Notes payable ._Accts pay etc. .. Fed income tax .- 10,625,687 57,948 57,948 2,588,661 2,588,661 1,112,055 6,345,923 6,345,923 29,808 1,964,845 230,000 Total current_ Notes payable ... Def Fed inc tax- 3,758,684 1,540,556 58,848 2,224,713 617,068 Com stk 0.10 : Paid capital _. Retained earnings 62,299 2,186,184 3,338,068 3,338,068 62,299 2,186,184 1,574,611 Stockhold equity Reacquired stk 5,586,551 318,952 318,952 3,823,094 318,952 Net sikhld eq . Total _.-...... Net current assets 1,433,774 Net tang com sh 5,207,599 10,625,687 FOR 10,625,687 2,456,713 3,504.142 6,345,923 1,433,774 5.91 Includes 41.489 cost 41.489 shs at Includes 000 shares of Interstate Engineering Co. see general index Engineering Co. Debt Outstanding Term 10,933 in- Long 1967 1,198,504 64 note payable 10,933 cluding interest monthly secured on land and buildings Consolidated Consolidated Income Dec. 31 Account 196627,055,900 years ended 1965 isis OtheOrther TotalTotal income ~-o0 sales sales of of sales exp Cost Selling exp - Depreciation Depreciation ..-.. IDnetefresFted me inc tataxx ear1n-1 Net income _---.-_ Retain - Dividends stk -. 27,055,900 27,203,598 21,815,059 460,362 4,145,603 4,145,603 4,145,603 359,128 359,128 317,446 317,446 3,930,38 141,756 141,756 22,158,418 22,440,705 17,700,527 3,574,596 463,403 463,403 cr15,000 cr15,000 378,998 3,721,917 170,1570,75777 Retain Earn 12-31 earn com share 4,106,00.2518 3,930,338 0.64 Cash flow com sh 625,928 No. of com 625,756 596,122 12/6 0.61 on adj for div 12/66 1.35 adj she stk for stk 1.25 1.42 for % stk . div Balance Sheet as of Dec. 31 Assets Cash bills _..20 .u . Le U. S. Treas bills 1966 581,987 se Receivables net -- Inventories _.._. Prepayments _____ Total current _ 7.499.252 2,313,734 55,956 10,450,929 Net property .__ Inv. & adv , cost 2,786,423 65,488 65,48 1965 ~~ 492,913 299,738 6,181,943 2,014,168 47,880 9,036,642 3,258,829 63,488 63,488 Total ......... Notes payable Notes Liabilities Accounts payapbaylabele Accruals Pavabh tax Def Fed inc tax ; 13,302,840 1,553,000 1,053,414 406,130 251,000 12,358,959 1,086,422 1,086,422 337,261 128,000 Total current " Notes payable - -- 4,24,62565,,998811 4,818,189 4,818,189 American Printers & Lithographers Inc. which has a plant in Chicago producing colored advertising brochures and cat- Blogs HarrisonOfficers Francis Martin Jr. Pres T. C. Harrison James Theiss Harry Smart Jack Fritz Eward Melvin Godlberg J. G. Whitley Rose Vice P. M. Kelly Sec Directors J. P. Blair Francis Martin Jr T. C. Harnson James Theiss Harry Smart J. W. Fritz Auditors Touche Ross Bailey & Smart Office No. of Employees Oct.Oct. 31 , 1965 271 . Office Employees 1965 717 Fifth Ave. New York N. Y. 10022 . Income Account years ended Dec. 31 Revenues ..-.... vo Salaries etc. ---.-- Selling etc. exp - Pen contrib sh contrib Pen plan contrib Income income Income Net taxes --... income __... Prev retain earn 3,941,833 1966 a 11,683,407 3,941,833 2,504,056 454,465 2,24 ,0 0 120,000 2,2,44119,905,3 053 8,398,840 Partie pfd divs ~- Common Retire divs treas stk , com stk 000 837,848837,884837,848 Lee _____-- R^'tainearn 12-31 9,980,045 Earn com share Cash flow com sh No. of com shs 2.35 2.70 1,028.955 After 355,575 355,575 1965. 1965. 413.474 413.474 amort Incl 79,961 equity in net Assets Sheet 519,291 Balance ee as of Dec. 31 1966 ee 11,2115,2522,0,42 042 3,733,157 2,474.858 2,474.858 120,000 120,000 2,20,00 2,2 0,0 0 2,220,000 2,220,000 2,315.677 2,2 0,0 0 2,315.67 8,974,5638,974,563 8,974,563 662.711 258,200 1,16,66565669 304,83042,8200 8,398.840 2.17 2.56 1,066,870 depr . & earns of 1965 910,179 Other Debt Outstanding April 20 1967 400,000 63 unsecured note payable to bank due July 31 1968 Capital Stock 1. Baifield Industries Inc. common par 10 cents Authorized 5,000,000 outstanding 581,500 options treasury shs 32,15032,150 reserved 41,48941,489 .; reserved for op optionstions 32,150 shs Has dividends paid Has one vote per sshh withwith rirgight ht ofof cum . Def Fed inc tax Retire Retire csounrtprliubs Paid one 27: earnings Retained earnings Stockhold equity Reacquired stk Net stkhld eq - 100,000 620,550 620,550 4,106,042,8106,028 5,476,115 2,800 2,800 5,473,315 83,000 83,000 632,270 3.39.39300,,33338 8 5,159,487 2,800 5,156,687 5,156,687 Receivables net .. Prepayments .-... Total current eqp Net prop Inv in sub sub & eqp ..._-.- LifLeife inv, ecasshts val... Goodwill etc. .... 2,454,195 24,803 ee 2,998,289 61,,167704,,1,56974,9487487 2,184,109 59,7102,184,109 1 1,693.882 22,735 es 2,626,796 6,208,839 2,006,501 2,006,501 54,010 54,010 voting for Transfer directors No Agents Bank preempt rights of America N. T. & & SA Los Angeles and Irving Trust Co. Y. Bank A-- Registrars Citizens Bank Los A-- geles and Chemical Bank New York Trust Co. N. Offered 148.125 shares at 15.75 a share on Jan. 8. 1962 by George O'Neill & Co. Inc. New York and associates Offering included 100,000 shares for company account Listed On American and Pacific Coast Stock Exchanges Price Range 1966 1965 1964 1963 1962 High_ Low 18% 16 % 23 15 Since listing for entire % year % 23 48-13 Note Also authorized 500,000 preferred assets 12,358,959 Net current 13,302,840 6,935,559 Net tang com sh 8.75 6,935,559 ( Depreciation .. Depreciation 3794 Depreciation shs 5,389,101 5,389,101 ad4j,949.f1o7r1 stk . div . Lower cost or mkt $ 8.24 adj Outstanding Term Loan Outstanding Dec. 31 1966 1 4,709,000 %% unsecured note payable 125 balance 000 Quarterly to Sept. 30 1970 when of 3,000,000 becomes due 2 109,981 51 note est payable 1,157 monthly including inter- property property 11. Dec. property property 1978 secured by 200,900200,900 mortgageat Dec. Capital . Baldwin Hill StoSctokck cocmommmoonn 1. Baldwin Inc. : AUTHORIZED shares outstanding Dec. 31 1966 625,756 shares in treasury 794 Total Liabilities Accts payable ..., Notes payable -7-- Divs payable _.__- Accruals etc. tax Fed income tax _. Total current - Common stk $ Retained earnings equity Stockhold Reacquired Net stk S. stkhld eq . Total Total _ Net curr assets _. Depr & amort 13,087,044 149,944 270050,.709010 1,073,960 450.880 2,586,575 2,586,575 1,066,870 9,980,045 11,046,915 10,501,069 10,501,069 10,501,069 10,501,069 13,087,644 13,087,644 1,18,828,86206,606 10,896,147 250,290 213,374 213,374 731.075 205,698 1,430,437 1,430,437 1,430,437 1,066,870 89,.46359,7810.840 99,,446655..717010 10,896,147 1,196,359 1,7 8.080 1,778.080 1,778.080 shares par 100 none issued shares par $ 37,915 shs at cost BALDWIN BALDWIN HILL ey et a cer MOODY'S ; stain sae INDUSTRIAL MANUAL - . ven AMERICAN and FOREIGN eine Se we e JOHN SHERMAN PORTER Editor : ea . mee Editorial Board getvate LLOYD C. SWEET FRANK J. ST CLAIR Sav a ARTHUR W. HERRMANN GEORGE I. BLAIR ment oe DAVID M. DAY DAVID M. ELLINWOOD a FRANK J. PRENDERGAST GEORGE H. PARSONS oe me 1958 | \ wt caen Fen D. F. SHEA Publisher ete we tn INVESTORS Fame MOODY'S SERVICE te 99 CHURCH STREET NEW YORK 7 N. Y. we ee A PHILADELPHIA . Suburban Station Bldg BOSTON 75 Federal St. CHICAGO 135 So. La Salle St. LOS ANGELES 606 So. Hill St. WASHINGTON Woodward Bidg SAN FRANCISCO Russ Bldg LONDON MOODY'S INVESTORS SERVICE LTD se + Copyright 1958 by Moody's Investors Service New York rights reserved eg ge Fe MOODY'S INDUSTRIAL MANUAL OFFERED OFFERED shares 78 of which 66,000 REGISTRAR shares offered for account of stockholders at Trust & Savings Bank Bank loans 2,500,000 14.85 DIVIDEND 26.50 per share proceeds to sellers Chicago Com- DISBURSING AGENT deposits Special deposits -- 42,216 2,750,000 41,723 per share on July 6 1947 by Central Republic pany Inc. Chicago and associates , - Com- Accrued taxes ..-. Dividends 601,195 634,719 PRICE RANGE 1957 1956 1955 1954 1953 RANGE- 1957 1956 1955 1954 1953 accruals Other accruals 32,055 32,055 High PRICE High High ~ % 8 10 % 11 High eweee Low % % 8 87 J._ 186,344 174,798 % 78 53 % 7 87 Low 22 Options Options 6 % 5 7 Total current Outstanding 4,310.426 ATLAS PRESS CO Stock Options options held by officers . June 30 1957 Mtge payable res 669,114 5,419,576 350.000 350,000 History Incorporated in Michigan Michigan Sept 27 30,000 shares pire Aug. 30 at 5.75 1958 per and employees on share Options ex- Contingency res . 1.20 pr pref stk 641,100 lle 641,100 1911. In Oct. 1950 purchased Clausing Mfg 188,200 Co. Ottumwa la manufacturers of Common stock . 195,578 lathes Business Manufactures and AUSTIN NICHOLS & CO INC Contrib surplus . 1,861,998 1,791,218 distributes wood 2,606,008 and metal bench lathes and lathe History Incorporated on Aug. 23 1919 in Earned surplus -- 2,704,075 parts drill preabes bench saws and milling machines Also manufactures and distributes metal and Virginia to acquire_the_business acquire_the_business acquire_the_business of the old Austin Nichols & Co. Inc. New York and its Total Net current assets 10,735,291 10,996,102 wood shapers subsidiaries the entire capital stock of current assets 4,325,270 4,254,569 Company machines and assembles approximately 5 of its finished product the re- The Fame Canning Co 51 of the capital stock of Wilson Fisheries Co a vegetable Net tg com sh 16.71 At lower of cost or market After 16.40 being liquidating mainder purchased for resale canning plant at Whiteland Ind and grocery allowing for brands of Wilson & Co. preferred stock at 20 a share value of Property Plants located at Kalamazoo Mich Ottumwa Ia and Warsaw Ind On Sept. 2 1847 company acquired and 195,578 1956 188,200 no par shares Subsidiaries Owns 99.92 of stock of Power subsequently merged wholesale liquor busi- 4,106,850 no par shares King Tool Corp. Warsaw Ind and entire ness of Dixie Distributors Inc. Miami Fla On Capital Stock 1. Austin Nichols & Co. Inc. 1.20 Standard Spirits stock of Clausing Inc. Ottumwa Ia Sept. 8 1948 company Wine purchased assets cumulative convertible prior preference stock no par Fla Officers J. E. Penniman Pres E. H. Mars- & Co. Inc. Miami AUTHORIZED land Exec Pres G. C. Nancarrow Vice- Pres F. E. Leander Sec and Treas On May 9 1949 of company purchased most Wine & Liquor Co. April 30 1957 106,850 shasrheasrenso poaur tstanding PREFERENCES preference for assets Inc. Directors J. E. Penniman F. E. Leander and dividends land IntheNoavs.set1s851 Capital C. Nancarrow Lucien Sweet E. H. Mars- company purchased most of DIVIDEND RIGHTS to cumulative land assets of L. C. Bates Co. New Haven Conn dividends of 1.20 per share annually payable Annual Meeting Last Tuesday in August On Oct. 1. 1952 acquired business of Ed- Feb. 1. etc. to stock of record about Auditors Ernst & Ernst quarterly No. of Stockholders June 30 1957 356 ward F. Sullivan Inc. Hartford Conn Jan. Jan. 20. etc. Business Company is an importer DIVIDENDS and Initial dividend of 30 No. of Employees June 30 1957 385 Office wholesale distributor of wines and liquors cents per share paid 1 Regular 1919-2019 North Pitcher St. Kalama- Aug. 1946. 200. Mich also blends and rectifies alcoholic products dividends paid quarterly thereafter thereafter Consolidated Income years ended The company was formerly engaged in the purchase manufacture and distribution of VOTING RIGHTS shares held one vote for each 4 June 30 Account prefer- Net sales 1956 food products Manufacturing activity was Affirmative vote of 66 % of prior 2. 2.002 6,268,568 Costs & expenses 7,642,834 6,856,666 6,526,87,55648,517 discontinued in 1937 and purchase and die- teonc1 e ainndcrc eaosm e mon class by class necessary tribution in Dec. 1978 amount of prior preference or Depreciation 2... Net earnings 199,141 198,296 Properties Company owns 80,000 sq ft authorize any stock equal or thereto orentirety sell business Other 2... inconie 22. 587,027 53,130 315.755 4,071 building in Maspeth N. Y. which houses offices liquor rectifying and bottling plant entirety property assets and business as an Total income 2.0 Interest 640,157 319.826 warehouse and distribution center LIQUIDATION RIGHTS any liquidation income Fec income 0 51,959 32,411 Branches are located at Coral Gables Fla to 20 per share and accrued divi- tax .. entitled 273,000 Net profit 315.198 136.000 Westbury L. .; H^...lsideand Trenton N. PdReEndEsMPTIVE Prev carn 151.416 Washington D. C West Haven Conn Los RIGHTS surp called Earn surplus 6-30 3,733,295 4,048,493 3,581,679 3,733.295 Angeles Cal Mount Vernon N. Y. Officers T. F. McCarthy Pres M. W. Mil- CONVERTIBLE_Into common at time or to redemption date incl if called at rate of 1.04 common shares for anIcnecplouldiecys 47,878 proceeds from life insur ler T. A. Fischer K. G. Peters Pres ence share each prefer- Sales and Earnings years to June 30 in $ F. Walter Sec L. R. Zang Treas F. F. with no adjustment for dividends Conversion rights protected CALLABLE Net Net No. of Earn Prior Asst Sec and Asst Treas As a whole against dilution in Sales 7.042,834 Income 315,198 Shares on Com 206,626 1.53 Directors S. Rheinstein C. J. Schmidlapp T. F. Maurice Newton McCarthy E. F. or part on 60 days notice on any dividend date at 20 per share and dividends 0,268,568 151,416 206,626 0.73 Hayes F. Walter M. W. Miller Walter ecke New York Bein- PURPOSE PURPOSE on recapitalization in 1946 5,030,910 4,442 206,626 0.02 Auditors Haskins & Sells on basis of four prior preference shares 2 5,924,922 7,527.473 37,391 335.003 206,626 206,626 0.18 1.62 Annual Meeting Fourth Tuesday in July No. of Stockholders Apr. 30 1957 Prior common shares and 3.75 cash in exchange for each share of former 5 prior A stock with 7,175,043 506.184 206,626 2.45 preference 465 common 647 accrued dividends thereon 7,735,775 28,649 206.626 2.56 RANGE- 1955 1954 1953 PRICE 1957 1956 200,626 High 3,740,838 79,051 0.38 No of Employees Apr. 30 1957 480 wo 1814 173 17%3 18 18 16 206,626 5,455,917 194,398 0.94 58th St. and 55th Drive Maspeth 78 Low ..- ~. 16 16 16 15 15 N. Office 1948 5.906.737 5.906.737 473.805 206,626 2.29 2. Austin Michels & Co Inc. commen me Consolidated Balance Sheet as of June 30 ended Assels Consolidated Consolidated Income Account years part Authorized 500,000 1957 Cash 1956 April 30 1957 1956 shares issued and out- sav . 1.8 U. S. sav bonds 565,231 20,083 292,365 20.083 Sales __.....--Cost of sales _ 43,354,432 37,242,415 standing Apr. 30 1957. 195,578 shares in 40,950,081 treasury 15 shares no par _ 35,407,795 Receivables net Finventories 1,027,539 671,037 Selling etc. exp 5,074,785 4,679,0454,679,045 owAnt Aet dApr. 30 1957 Schenley Industries Inc. .____ Prepayments 3,254,512 2,761,613 Net earnings _..._ 1,037,231 863,240 32,808 shares 16.8 Prior -.... 17,169 17,341 Other income __. 21,840 preference No. 1 and common vote 100,179 as one class Common 963,419 Total current 4,884,533 3.762,439 Total income ..... 1,059,071 stockholders have no right to subscribe to additional stock 56.586 55.150 except Land bldgs etc Depreciation 2,019,907 1,011,004 2,270,638 984.474 Depreciation ._._. Interest net Pension 153,871 119,04 common stock or securities convertible into common stock sold for cash Net property 1,008,903 1,286,16 plan sold Loss assets sold 54.733 36,146 4,177 Dividends calendar years Patents etc. | 1,172 1.352 Moving _, 14.709 4,177 1950- 0.30 0.30 1951-52 0.50 1953_ 0.40 8 Cash val life ins 34,911 59,369 exp deductions Other deductions 92,628 ...-22.. 1954 --- 1 nil 955 0.20 1955-57 0.20 oper prop -- 88,052 88.052 income tax ___.._.. 305 Also % in stock in 1956 and 1957 . Fed Net income Price Range 1957 1956 1955 1954 1953 340,000 365,000 High Total Liabilities 6,017,571 5,197,376 Prev earn -...._. surpl 346,54 383,597 14 2,606,008 11 14 2,388,270 7 % 456 Liabilities Accounts payable 231,782 20 pr pref divs 242,777 Com 128.220 128,220 456 Transfer Agent both classes Bankers 900.000 Notes payable --- 600,000 divs cash Com divs stock 37,602 87,645 Trust Co. New York Accruals _2. 2.2... 287,496 Fed income tax -- 270,021 194.274 147.308 Earn surplus 4-30 Earn pfd share 82,654 2,704.075 3.24 _.Llol. Registrar both classes Chase Manhattan 2,606,009 Bank New York No. Trust Minority Total current 1,689,300 1,194.359 _ No. of pfd shares Sales and Earnings 106.850 3.59 106,850 to Apr. 30 in $ Dividend Disbursing Agent Bankers New York Listed both classes On New York Minority interest Net years Common stk $ 693 206.620 636 Net Net No. Earn Exchange Stock Capital surplus 206,626 Sales Income Shares on Com .. Earned surplus __ 72,460 4,018,493 72,400 1957-3,733.295 1956 43,354,432 40,950,081 346,544 383,597 195,578 188,200 1.12 1.35 BALDWIN CO History under New Jersey Incorporated Total 1955 37,412,094 0.71 laws Jan. 23 1935 225612,,861553 118888,,220000 Net 2.222. one current assets 6,017,571 3,195.233 5.197,376 1954 36,858,684 0.65 Business Company manufactures mineral Net tang com sh | 295,794 188,215 0.65 At lower of cost 2,578,080 20.94 19 first first or 19531952 695,400 31,621,533 252,009 188,200 0.88 wool insulation products and mineral wool acoustical blocks market 1951_- 35,570,080 520,471 188,215 2.07 Property Owns plants in Trenton N. J Inc. 188.215 Hunting- 2Includes 960,391 to be sold to Yard 11995409- 28,801,005 27.314,432 411,051 398.674 188,215 188.215 1.48 1.41 Kalamazoo Mich Temple Tex with total floor space of 350,000 tonInd 1948. 25.594,695 329.626 sq . 188,215 1.06 Officers Capital Stock Atlas Press Co. stock par $ April AUTHORIZED Consolidated Balance Sheet as of 30 W. H. Hill Pres R. Stevens Cash 500.000 shares outstanding 206 626 shares in Assets 1957 1956 Exec Pres M. M. Wilson H. L. Humes treasury 65,646 shares re- Cash -..--.-....2. 662 374 Pres W. A. Schreyer Sec and 885,466 Treas par deposit John Yago Contr and Asst Sec VOTING RIGHTS 30 share Dividend 5,326,560 VOTING Has one vote per per share X one vote 5,326,560 6,346,043 PREEMPTIVE net 5,326,560 6,346,043 Directors W. H. Hill E. R. Stevens H. L. RIGHTS Receivables net 2,391,615 2,391,615 2,633,472 Humes W. A. Schreyer B. L. Corson C. L. DIVIDENDS Calendar years . Corson P. L. Corson E. W. Hunt R. J. 1937 0.45 1938-39 0.50 1940 0.65 - Lewis E. V. Hill cere Prop Totalcurrent 8.635,696 9,674,145 1941-42 080 1943 0.95 1944-45 1.00 . Auditors E. P. Moxey & Co. Depreciation ne 1946 50 21947. 0.80 1946-54 0.60 307,271 307,271 416,797 Annual Meeting Fourth Thursday in May 1955-56 mil 1937- Non net 383 Also 20 in 0.30 Net property net 1,859,133 1,859,133 268,286 No of Stockholders Mar. 31 1957 | mee stock prop " 819,541 No. of Employees Mar 31 1957 580 Includes 0.50 paid prior to 100 stack En stock plan . 55.384 55.384 13.435 dividend which was paid July 15 1947 OFFERED shares at $ per share ir April 1937 by Sadler & Co. Chicago Chicago Total PeUn TRANSFER AGENT NationalNational Bank ot Other assets Deferred charges Deferred charges wane nee Liabilities Accounts payable 48702 136,316 10,735,291 948,616 46,561 144,135 10,996,102 1,786,281 Office 500 Breunig Ave. Trenton N. J. Income Account years ended Mar 31 ; Sales of 222028. Cost of sales . 2277 Selling etc. exp 19195757 9,330,117 6,927,074 2,115,033 1936 1936 8.948.264 6,540,757 6,540,757 2,154,618