Document x17aD280RrN8ryMrv3zdOvmLm

Riley Stoker Corporation Annual Report For the Year 1947 Fred H. Daniels Louis E. Griffith David K. Beach Aldus C. Higgins James W. Armour Chapin Riley Officers ............................................. President Vice-president and General Manager Vice-president and Treasurer ..................................... Vice-president ..................................... Vice-president .............................................. Secretary Directors Aldus C. Higgins, Chairman Fred H. Daniels David K. Beach Louis E. Griffith Chapin Riley Frank C. Smith, Jr. George N.Jeppson Philip R. Mather um u u 17 my mm m WUmSt m STOKER CORPORATION, WORCESTER, MASS. Boston Now York Philadelphia Washington Pittsburgh Buffalo Cleveland Detroit Seattle Denver Portland St. Loots Cincinnati Hoeston Chicago St. Pavl Kansas Gty Los Angeles Atlanta Meaphls New Orleans COMPLETE STEAM GENERATING UNITS BOILERS PULVERIZERS BURNERS STOKERS SUPERHEATERS AIR-HEATERS ECONOMIZERS WATER-COOLED FURNACES STEEL-CLAD INSULATED SETTINGS FLUE GAS SCRUBBERS RS-001804 1/17/02 NUECES 1 TO THE STOCKHOLDERS OF RILEY STOKER CORPORATION: There is submitted herewith for your consideration the Audited Consolidated Statements of Income and Surplus for the year 1947, together with the Consolidated Balance Sheet as at December 31, 1947. The net income was 3792,751.52 after provision for Federal taxes. After deducting the Preferred Stock dividend, this is equivalent to 32.21 per share on the Common Stock and compares with similar figures of 31-68 for 1946, 3-54 for 1945, and 3.95 in 1944. The net income for 1947 exceeds that of any previous year. During 1947 dividends of 36.00 per share amounting to 318,501.00 were paid on the Preferred Stock and 40 cents per share, 3140,000.00, on the Common Stock. As of July 1, 1947, your Corporation purchased for the Sinking Fund 613 shares of Riley Preferred Stock, paying an average price of 3147.00 per share as compared with the redemption price of 3156.00 per share. After depreciation of 380,806.16, the net investment in land, buildings, and equipment increased during 1947 by 3106,932.77 and the net current position improved by 3396,782.61. Production for 1947 was thirty-one per cent above that for the previous year and has been exceeded only by production in the years 1943 and 1942. Recent sales to Public Utilities include some of the largest steam generating units ever constructed by your Corporation and a constantly increasing percentage of the Corporation's total business is being obtained in the public utility field. Your Corporation has entered the year 1948 with the largest volume of unfilled orders in its history, and the prospects for future business, both domestic and export, are very favorable. Worcester, Massachusetts March 31, 1948 Yours very truly, F. H. Daniels, President To the Board of Directors Riley Stoker Corporation Worcester 6, Massachusetts We have examined the consolidated balance sheet of the Riley Stoker Corporation and its subsidiary companies as of December 31, 1947, and the consolidated statements of income and surplus for the year then ended; have reviewed the system of internal control and the accounting procedures of the companies and, without making a detailed audit of the transactions, have exam ined or tested accounting records of the companies and other supporting evidence, by methods and to the extent we deemed appropriate; and have had submitted to us a report of other public accountants on their examination of the subsidiary not examined by us. Our examination was made in accordance with generally accepted auditing standards applicable in the circumstances and included all procedures which we considered necessary. The company, throughout the year 1947, has applied to "Contract Auxiliaries" the same treatment uniformly applied to "Erection Contracts" in this and past years; namely, the accumu lation of costs to the date of contract completion, and the determination of profits as at that date. In our opinion, subject to the explanation in the preceding paragraph, which we approve, the accompanying consolidated balance sheet and consolidated statements of income and surplus present fairly the position of Riley Stoker Corporation and subsidiary companies at December 31, 1947, and the results of their operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Worcester, Massachusetts March IS, 1948 George A. Smith and Company, Certified Public Accountants 4IA7I01 aviece8 a ^ Vl M OO N OoC, 'O N rt N OO N ^ 88 8 8 gd UJ Z < S o U >- 5 Sn H eQ 5 W P m Xcn W Q U z Z3 < <es zQ o < H< Q 6% Oo Pm U o u Od w O H GO w nJ 5 w p d PQ < s <4 o Cj MK P a hH u ,,, Cu z o i> 3 CQ -c 6 o8 3 u a! ! z o U <>! 3S3 83 s aj 5 ,2 to "a -_ mg S 3 "rt fo H *t/j u w & c3 m < u < < A 8Q a 3 u XQawJ, ..*a2- N0ig0; 3 c D< < mJ 2 > T3 O5w3 0*- POaS2 ji j *o y0 0o art Cfl Tl Pm PL, II b5i r+\ O' mm op m On NO -f m s Q O' 00 Q VD^ ^ v5_ NO- --T on" s-~ \J5 f*. ,-. ^ ff 00 N H 2 3 to N MM * i-- CM ON O l/-j 8 vO0rO0, wvNOO (4 D U< O Z 32 0 CQ ei 1 3u Om 2 W P t rt `3 ^ mJ CQ S t t> 81 & < -C s? "o s* ! 9 "Su ?ig g-i Statement of Consolidated Surplus For the Year Ended December 31,1947 Capital Surplus Balance, December 31, 1946 .................................................................................................... Less: Excess of cost over par value of 613 shares of Riley Stoker Corporation, 6% cumulative preferred stock reacquired and held in sinking fund ............................................... Balance, December 31, 1947 .................................................................................................... Earned Surplus Balance, December 31, 1946 .................................................................................................... Less: Adjustment of various tax reserves and additional state and federal taxes affecting prior years...................................................................................................................... Add: Net Income for Year.......................................................................................................... Deduct: Dividends on Preferred Stock............................................................................. Common Stock............................................................................. 218,501.00 140,000.00 Balance, December 31, 1947 .................................................................................................... 2114,140.84 28,814.09 285,326.75 22,734,271.64 7,067.02 22,727,204.62 792,751.52 23,519,956.14 158,501.00 23,361,455.14 Consolidated Statement of Profit and Loss For the Year Ended December 31,1947 Profit on Operations after selling and administrative expenses, but before depreciation . . Depreciation.................................................................................................................................. Operating Profit............................................................................................................................ Other Income.................................................................................................................................. Other Deductions ...................................................................................................................... Net Income before Federal Income Tax................................................................................... Provision for Federal Income Tax.......................................................... Net Income to Surplus................................................................................................................ 21,374,177.56 80,806.16 21,293,371.40 32,352.28 21,325,723.68 41,678.32 21,284,045.36 491,293.84 2792,751.52 RS-001809 1/17/02 NUECES