Document y0pGvpjvV1OQgRy754oM6edr

FILE NAME: Philip Carey (PC) DATE: 1951 DOC#: PC063 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual MOODY'S MANUAL OF INVESTMENTS AMERICAN AND FOREIGN INDUSTRIAL SECURITIES JOHN SHERMAN PORTER, Editor-in-Chief Editorial Board D aniel F. Shea Frank J. St. Clair Arthur W . H errmann G eorge I. Blair C. W esley Lee D avid M. Ellinwood Frank J. Prendergast M ax F. Brubaker 1951 COPYRIGHT, 1951, BY M oody's I nvestors Service, N ew Y ork ALL RIGHTS RISBRVSD MOODY'S INVESTORS SERVICE 65 BROADWAY, NEW YORK 6, N. Y. PHILAD ELPH IA BOSTON^ CHICAGO LOS ANGELES PITTSBURGH SAN FRANCISCO 1411 Walnut St. 75 Federal St. 105 W. Adams S t Hollingsworth Bldg. Union Trust Bldg. loss Bldg. ____________ LONDON; MOODY'S INVESTORS SERVICE, LTD. ai mH v * 4 4 $ ? F"'1 384 MOODY'S MANUAL OF INVESTMENTS Also callable on lik e notice for sinking 3 Ashland Oil & Refining Co common 357,500 shares issued in Aug., 1948 in ~ fund (which see) a t following prices to each stock; p ar Us tlon w ith m erger o f Allied Oil Co , l.-.c ' Dee. IS incl. ($ p er share plus dividends): AUTHORIZED--3.000,000 shares; outstanding. under History above). fi 1951__ 101% 1957__ 100% 1953___101% 1969___lOOVa 1955__ 101 1961__ 100% Sept. 30, 1950, 1,749,153 shares; in treasury, 19,321 shares; reserved for conversion of p re 39,680 shares issued in Dec., 1949 in cn - tion w ith acquisition of Freedom-Vaiv- an d th e re a fte r a t 100. ferred stock, 485,113 shares; p ar $1. Oil Co. SINKING FUND--A nnually Ju n e 15, com m encing 1951, 3% of greatest num ber of shares VOTING RIGHTS--Has one vote per share voting equally share for share w ith $1.20 cum. T ransfer Agents: Company's oitw land, Ky. and Chase National Banx, of 55 preferred theretofore issued, to call p referred on following S e p t 1. Company m ay c-mv. and $5 cum. pref. rre d stocks (Nos. 1 and 2) above. Cum ulative voting fo r directors Registrars Second National Bunk. Ash:,-.- . Ky. and J. P M organ Sc Co , Inc . X- v Y \ tak e cred it for $5 p referred theretofore called or purchased (except for purchase fund), any permitted. PREEMPTIVE RIGHTS--None. Subscription Rights: Common atockhc,! :.*'v balance less th an $10,000 to be held over to next calendar year. DIVIDEND RESTRICTIONS--See funded debt above. of record Apr. 26, 1945 had rig h t to suosert: to 40,000 shares of 4%% convertible p re it" - OTHER P R O V IS IO N S --S a m e as $1.20 pre DIVIDENDS--(paym ents since 1935 follow): 1936__ $0.20 1937-45 $0.40 1946-- $0.55 a t $101.50 per share on basis of one share fo r each 24 7/10 common shares h*; ferred (No. 1 above) excluding conversion rights. 1947__ 0.85 1948__ 1.10 1949___ 1.30 rights expired May 7, 1945. PURPOSE--Proceeds of (30,000 shares) offered 1950___ 1.70 01951. 0 T o Mar. 16. 0.50 Voting Trust Agreem ent; W. W. Vandev*and F. R. Newman each deposited 13,720 pr*. by com pany applied to samsL purposes as de b en tu re 3s due 1970. LISTED--On New York and Midwest Stock Exchanges. ferred and 167,522 common shares received `j them upon m erger into company of OFFERED--(50,000 shares) a t $98 p e r share ISSUED--In, connection w ith consolidation of Oil Co., Inc. under a 10-year voting trv* (proceeds to com pany $95 as to 30,000 shares) Swiss Oil Corp. and Ashland Refining Co. agreem ent dated Ju ly 27, 1948. The shares *> on Feb. 1, 1950 by a group headed by A. G. Additional 5,000 shares offered a t $5 per deposited represent all shares received c? Becker St Co. Inc., Chicago. share in June, 1939. by B ankers Bond Co., them other th an the 100,000 preferred sh.vv. Rem aining shares issued in exchange for Inc., and A lm stedt Brothers, Louisville, Ky., which they sold publicly. F irst National Ba^t stock of A etna Oil Co. and Freedom-Valvoline and Security St Bond Co., Lexington, Ky., to of C incinnati is voting tru stee and deposrar* Oil Co. residents of K entucky only. under agreement. CAPITAL STRUCTURE THE CELOTEX CORPORATION FUNDED DEBT Issue S 1. 3%% debentures, i960-- --. ........... . 2. 3%% debentures (series 1947), I960.. Rating Baa Baa Amount Outstanding *$3,860,000) . 2,450,000/ 03T im e s Charges Earned 1950 1949 21.75 12.89 Interest Dates fF&A 1 \F& A 1 Call Price 13] 102% 100 Price Range 1950 1932-5.9 102 -100% 106-99 lOH/2-101% X104-93 CAPITAL STOCK Issue 1. 5% cum. p re ferred __________ _____ 2. C om m on____________ ____________ Par Value . 320 No par Amount Outstanding 256,862 shs. 00906,374 shs. EEarned per Sh. 1950 1949 $11.69 $7.59 3.03 1.86 OQDivs. p er Sh. 1950 1949 $1.00 $1.00 1.00 1.50 Call Price 20 ... Price Range 1950 1932-50 173,4-15% X23 -15% 21 -13% EJ3S%- 3 0 F isc a l years. [HRange since 1938, afte r 100% stock dividend. Before 100% stock dividend. 1935-38 range 48%-12%. (a)To July 31. 1911 incl.; th ere after a t 102 to July 31, 1952, lncl. w hen price again changes; see text. S R ange since 1945. (DRange since 1943 fo r $20 par share. Range for $100 p a r shares from 1935 and to the 5-for-l split in 1943, 93-46. [^Includes 29,226 partially paid shares. X]Range since 1947. HISTORY Incorporated in D elaw are Ju n e 29, 1935, as successor in reorganization to the Celotex Co. (Del.). L atter company was incorporated in D elaw are in 1920 as "Louisiana Celotex Co." On Ju n e 16, 1932, the la tte r company wa9 placed in receivership. On Feb. 8, 1935, tru s tees w ere appointed under Section 77-B of the U. S. B ankruptcy Act. A reorganization plan w as subm itted under date of May 1,1934 (sub sequently m odified), and on Nov. 1, 1935, the business and assets of the predecessor com pany were transferred to the present com pany. Details of reorganization appear in Moody's 1935 Industrial Manual. In 1937, organized English Company, Celotex, Ltd. In 1937 acquired a n Interest in Am erican Gypsum Co.. P o rt Clinton, Ohio, and in 1939 completed acquisition of company. In Mar., 1945, acquired properties and busi ness of T exas-C em ent P laster Co. located a t Plasterco and Longworth, Tex.: manufacturers of full line of gypsum plaster and board products. On Aug. 30, 1946, acquired 83 1/3% in terest in Kl Rey P roducts Co.; purchased balance of outstanding stock in 1947 and acquired direct ownership of property and assets including 20% in te re st In stock of California Mill Supply Co., dealers in w aste paper, rags, etc. Acquired properties in Ohio of Weaver-Hall Co. in Aug., 1946. On Aug. 15, 1950 acquired properties of Wasem P la ste r Co., F o rt Dodge, la. SUBSIDIARIES This is principally an operating company. A t Oct. 31, 1950,100% of the voting pow er was owned in the following companies: Name, place of incorporation and business; A m erican Gypsum Co., Ohio, inactive. El Rey P roducts Co., Inc., California, inac tive. A t Oct. 31, 1950. ow ned less th a n 100% of voting power m following company. Celotex, Ltd., England, m anufactures ano sells Celotex products in British Empire 180%) 0 . 0 A rtides of Association of Celotex, Ltd. provide that unless and until number shall be changed as provided therein, num ber of di rectors shall not be leas than 2 nor more than 5. H olders of first preference shares a re en titled to appoint 1 such director. By virtue of its ow nership of 100% of deferred shares, Celotex Corp. is entitled t6 elect remaining di rectors. A t O c t 31,1950. th ere were 5 directors. Note: A t O c t 31,1950, com pany owned 205,328 common shares of South Coast Corp. (see general* index) constituting approximately 48% of voting pow er of all outstanding stock of th at com pany and 600 shares (20%) of Cali fornia Mill Supply Corp. BUSINESS A PRODUCTS The company m anufactures building and in sulating products, consisting for the most p rrt of products m arketed under the trade name "Celotex." These products are manu factured principally from bagasse, the fiber remaining after the Juice has been extracted from sugar cane, and are used, among other things, for exterior sheathing, piaster base, exterior and interior finish, for insulating roois, and as insulation In the m anufacture of household refrigerators, railway refrigerator cars, cold storage plants and other products. The company also m anufactures and sells products for correction of acoustical condi tions in office buildings, auditoriums, theaters, broadcasting studios, and other places In which acoustical treatm ent is desired, includ ing products m arketed under the trade names "A c o u sti-C elo tex ." The company also is engaged in the m anu facture and sale of other types of insulating and building m aterial products. Including loose, granulated and b att forms of ro ck wool, roofing products, gypsum plaster, lath and wallboards, and also various items used as accessories in th e application of products sold. Celotex also sells products made by other manufacturers, such as hard boards, which cut, saw and handle like lum ber (m ade t>y Masonite Corp.). and are used tor paneling of all sorts, for decoration, shelving, etc. Celocrete (made by various steel companies), a light weight concrete aggregate, is made of expanded molten blast furnace slag, and is used with Portland cement to manufacture precast concrete. The Celotex Corp. maintains o ffice through out th e w orld and has branch offices in 15 cities located in various parts of the United States, including tbe Pacific Coast. PRINCIPAL PLANT8 A PROPERTIES The main manufacturing plant is located at M arrero, in Jefferson Parish, La., close to the City of New Orleans. It comprises approxi m ately 143 acres of land. The company obtains bagasse, the principal raw material, from a number of sugar mills tn Louisiana A plant at Metuchen, N. J., is located on approxim ately 14% acres of land, and contains about 210.000 square feet of floor space, and is used for the manufacture of asbestos cement board with insulating cane (Cemesto), insulating siding. There is also a warehouse and curing building of about 50,000 square feet. A plant at P ort Clinton, Ohio and a plant near Hamlin, Tex. are used in m anufacture of gypsum products A plant near Ft. Dodge, la., m anufactures plaster products. A plant near Lagro, Ind. and a plant in De troit, Mich., are used for production of rock wool insulation products. Plant a t Lagro also manufacturers acoustical mineral tile. Plants a t Cleveland, and Avery, O., Madison, m .. and Los Angeles. Cal. are used in m anu facture of roofing products. P lant of Celotex, Ltd., a subsidiary, la lo cated at Stonebndge Park, London. Buildings, including office building, etc., have a com bined floor area of approxim ately 141.000 sq ft. Equipment Includes facilities for preparing raw material and fabricating equipment lor preparing finished board. MANAGEMENT 0***c*r* O. S. Mansell. P resident H. W. Collins. Exec. Vice-President Carl G. Muench, Senior Vice-Pres. C. L. C hristensen. Vice-Pres. and Chairm. Exec. Com. F. A. Irvine, Vice-President A. L Schimpf, Treasurer C. W. Johns, Secretary W. D. Becker, Contr. an d Asst. Sec. J. M. Erickson, Asst. T reasurer A. F. O. Pfeiffer, Asst. Treasurer J . W. F ranklin, P urchasing Agent Gates Ferguson, Advertising Manager G. C. Snyman, E xport M anager Marvin Greenwood, Sales Manager Directors C. L. Christensen. Chicago H. W. Collins. Chicago W. W. Colpitis. New York Bror Dahlberg. Chicago A. J. Dalistream. Chicago _ P. H. Davis, Chicago Parrish Fuller, Oakdale, La. John Irwin, Chicago O. S. Mansell, Chicago Carl G. Muench, Chicago A. C. Simmonds, Jr., New York E. B. Wilber, New York General Counsel: Pam. H urd St Reichnuna. Chicago. A nnual Meeting: T hird Tuesday m Feb ruary. N um ber of Stockholders: Oct. 31, 1950 (approx.), 12,200. N um ber of Employees: Oct. 31, 1950, 5.400. G eneral Office: 120 So. L aS alle St., Chicago 3, 111. M anagem ent com pensation Plan: For fiscal year bonus paym ents are based on the consoli dated n et earnings (as defined) in excess of $1,800,000 and are lim ited to 40% of combined annual compensation rate of officers and cer tain other employees, such am ount to be dis tributed in accordance with their respective salaries with such modifications as are desig nated by the president. Pension Plans: Effective Nov. 1, 1959. Cor poration established two pension plans, a non contributory plan covering the hourly work ers at Marrero, La. plant and a contributory p lan covering substantially all of salaried em ployees. Under plans corporation will make annual contributions to pension trusts beginning in 1951 in am ounts in each period sufficient to cover the norm al cost of the pensions for each year and to fund the past service cost of pen sions on the basis of a level method of fund ing over a 20-year period from effective date of plans. It is estim ated th at the total cost of the plans fo r 1951 w ill be approxim ately $320,000, of which $162,500 represents cu rren t ser vice cost, and balance of $157,500 represents paym ents to fund the past service cost, in cluding interest. Unfunded past service cost of plans as of Nov. 1, 7.950 is estim ated at approxim ately $2,475,000. There are other arrangem ents for pension paym ents to certain persons not covered by the above pension plans under which pay m ents of approxim ately $57,000 will be re quired in 1951. MOODY'S MANUAL OF INVESTMENTS 085 INCOME ACCOUNTS COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED OCT. SI 1950 1949 1948 1947 1946 Kt sales ______________________ _ $48,714.716 $38,362,160 $54,190,341 $46,872,120 $33,090.464 Coat of sales and e x p e n s e s _____ .... 41,876,732 33,718,358 41.530.140 35,663,208 25,425,359 (EDeprec., depletion Sc am ortization-. 1,599,690 1,503,697 1,322.596 925,048 557,250 Operating profit Other in c o m e _____ 5,218,294 370,684 3,140,405 384,783 11,337.605 388 132 10,278,864 354,220 7,107,856 459.6bl 1945 $22.185,651 20,041.957 770,782 1,372 912 244,357 2944 $20.693,859 10,0'j 9,125 16,481 978,182 194,410 Total in c o m e ...................... ........ --. Interest on funded d e b t .............. - __ _ Other i n t e r e s t .............................-- -- . Debt discount and expense . . . . . ____ Other deductions __ --................. Federal income taxes -__ . . . . _______ Excess profits t a x ................................ . Post-war credit--excess profits ta x -- Other inc. taxes St conng. tax res-- 5,588,978 216,596 30,621 213,208 2,051,000 74,000 3,525,193 229,794 33,808 126,401 1,135,000 51,000 11.725.737 237.694 45.302 35,050 183,414 4,307.000 132.088 10,633,084 153,075 85.040 10.952 108,487 3,383,867 83.732 7,567,517 160,225 8,135 10,139 100.524 2.476.186 952,300 35,682 1,617.269 114.459 13.580 304.296 400.920 157.220 21.263 1,172.592 m .39i 3.394 15,057 176,289 320,500 6.200 (Ber 48,120 25,604 Net profit --___ Preferred dividends Common dividends - 3.003,552 256,862 875.532 1,949,190 256,863 1,307,554 6,785.189 256.862 1.518.091 6,227.929 256.863 968,628 3,824,324 256.862 830,513 605.525 170,752 377,772 552.278 156,863 377,759 Surplus for year 1,871,158 384.773 $5.010.235 $5,002.438 $2.736.949 $57.000 $27,654 1X11945 includes am ortization on accelerated basis ($268,910 a fte r deducting $150,486 ap plicable taxes). 1X1946: B efore debiting $456,634 provision for additional Federal income and excess profits taxes and interest for prior years (while basis and amount are being protested, this provision has been made for the entire am ount com puted on basis as proposed by the Treasury Dept.) and crediting $49,556 applicable n et adjustm ents of depreciable assets. 1945: B efore debiting $120,321 costs and ex penses relative to sale of 100,000 additional preferred shares. Includes $47,500 cred it due to c a rry back of current year. General Notes Above report excludes Celotex, Ltd. Net profit of th a t com pany for years ended Oct. 31: 1950, $52,066; 1949, $147,954; 1948, $189,231; 1947, $44,148; 1946, $7,906; 1945, $59,343; 1944, $55,628. Record of Earnings, years ended Oct. Cost and Year N et Sales Expenses 1936-- __ $7,589,955 $6,724,665 1937 ________ 10,574,242 9,280,992 1938 ____ 9,126,489 8,471,885 1939 ____ 12,317,936 11.242,829 1940 _______ 13,817.501 12.808,896 1941 ____ 19.977,155 16,809,199 1942 ____ 23,510.364 19.645,214 1943 ____ 22,598,269 20,630,162 31: Operating Profit $865,290 1,293,250 654,604 1,075,107 1,008,605 3,167,957 3,865,150 1,968,107 Oth. Inc. Sc Ded. (Net) d $99.856 37,203 d 126.246 d 254.351 d 171,677 171,069 d 95.247 d 299,367 PBALANCE SHEET8 COMPARATIVE CONSOLIDATED ASSETS: 1950 1949 C a s h _____________________________ $5,017,130 $6.491.340 U. S. G overnm ent s e c u ritie s _______ 1,993,400 INotes and accounts receivable, n e t. 6,638,856 4,787.368 ederal tax re fu n d claim s -- __ _ In v e n to rie s ____ ______-- -- '___ _ 4,814,099 5,077234 Inc. Bet. Taxes $765,434 1,330,453 528,358 820,756 836,928 2.996.889 3,769,903 1,668,743 BALANCE 1948 $5.777,132 5.329.177 4.612.704 Income Taxes $29,419 63,700 10,000 79.000 89,300 1.247.790 2.645.936 1,138,544 Net Income $736,015 1,266,753 518,358 741,756 747.628 1,749,099 1.123,967 530.199 Common Dividends *$322,22 312.429 706.138 471,901 325,293 Com. Shs. Outstand. 268,685 N\ 268.685 \ 312,429 \ 629.960 N>27,676 627,676 632,068 696,933 SHEET, AS 0 7 OCT. 31 1947 1948 $5,101,040 $2,453.820 465,035 4,550.951 5.085.297 3.609,718 4,222,985 ' 3,546.432 1945 $1,853,639 6.025.651 2,303,393 266,730 2.305,964 Earn. Per Com. Sh. $2.20 4.17 1.19 0.95 0.96 2.55 1.54 0 54 1944 $2,256.657 850,000 2.277,528 ~22.5S2 Total c u rre n t a s s e ts __________--, O perating properties - ________ --_ Deprec., depletion Sc am ortization -- N et operating p r o p e r ty ______--Non-operating property ( n e t ) _____. . Patents and n g n t s ________________ South Coast Corp. in v e stm e n t...... Investm ent in Celotex, Ltd. ______ Investment in El Rey Prod. C o ....... [Calif. Mill Supply Corp.___ . . . . . . . Suspense -- _____. . . . . . _______. . . . . Invest. Certain-tced Prod. Corp. . . . Post-w ar ta x re fu n d . . . _____. . . . . . . Other a s s e ts _____. . . . . . _____ . . . . . . . . Unamort. debt discount St expense . . . Deferred charges . . . . . . ______. . . . . . . . $18,463,485 34.015,827 12,775,108 21,240,719 438,541 700,460 202,838 165,169 171,487 540,254 $16,355,942 32,150,768 11.419,129 20,731.639 438.541 700,460 202,838 340,001 202,107 383,534 $15.719.013 31.514.090 10.332.815 21,181.275 438.541 . 695,161 202,838 $14,874.357 28.349,631 9.249,071 19.100,559 438.541 703,074 202,838 622,845 235.915 448.747 227,379 81,252 475,439 $14,160,971 19.130,942 8.591,957 10.538,985 438.541 711,007 2,181,790 10155,130 220,143 92,204 357,018 $12.757.376 13.183,159 8,094 V)4 5.08 '*>4 12U,i /Y 438.541 718.913 195, m 102.671 207.579 $7,605,735 11.570,263 7,317,421 4,252,842 1/7,523 1 438.541 726.086 1,137,540 83,753 345,069 107,769 148,678 Total ................................... LIABILITIES Notes p a y a b le ___ . . . . . . . ___ Accounts payable . . . . . . . ____ Accrued expenses . . . . . . . . __ Accrued in t e r e s t ___-_______ Prov. for mise, t a x e s __ ____ Sinking fund requirem ent .. 0 P ro v . for incom e t a x e s __ $41.922,953 $2,503,539 1,435,275 51,269 248,298 437,500 505,105 $39.355,063 $1,897,502 997,830 54,673 181,882 437,500 546,261 $39.544.336 $2,223,634 919.460 58.183 146.231 437,500 585,726 $36,103,440 $1,000,000 2,234,898 897,131 41,998 126,270 250,000 1,912,673 $28,755.790 $1,300,000 2.310,542 812,733 43.458 93,509 250,000 830,898 $19,629,438 91,359.294 593,155 40,802 73,781 175,000 257,810 $15,024,138 $986.057 458,639 35.987 94,301 682.272 Total current liabilities . . . Debentures ______. . . . . . . . . . . . Bank loan _______ . . . . . . . . ----Liab. under license agreem ent Payment rec. on stock sales 5% p referred stock ($20 par) . Common stock . . . . . . . . . ___ Partially paid com. shares Paid-in su rp lus --.................. Earned surplus ...... ................ Total capital add surplus Treasury common sto ck ..... $5,180,987 5,872,500 5,137,250 876,246 29,226 6,269.661 18,559,332 30,871,715 2,250 $4.115,648 6.291,500 5,137.250 873,957 31.519 6.217,014 16,688.175 28,947,915 $4.370,735 6,723.500 5,137.250 869.332 36,144 6,110.639 16,296.735 28,450,100 $6,462.969 4,342,000 2,000.000 5.137,250 863483 42,325 5.969,212 11,286,500 23,298,470 $5.641.140 4,582.000 5355,130 5,137,250 855,472 5,793,659 6.691,140 18,477,521 $2,499,842 4,825,000 5,137,250 755,472 2,457,684 3,954.191 12,304,597 $2,257,257 1,879,000 23,849 3.137,250 755,472 1.953.797 4.017.512 9,864,031 Net capital and surplus 30,869,465 28,947,915 28,450,100 23,298,470 18,477,521 12,304,597 9,864,031 Total ________________________ Net current assets . . . __ ____________ $41.922,953 $13,282.498 $39,355,063 $12.240,294 $39.544.336 $11.348.278 $36,103,440 $8,411,388 $28,755,790 $8,519,831 $19.629,438 $10,257.534 $15.024.138 $5448.478 At low er of cost o r m arket. 1950: Com u ry notes, ta x series, a t cost: 1950, $2,000,000; 1944: A fter crediting $514.953 n e t excess of prises: Raw m aterials (including a t cost, $1,260,005 basic ra w m aterials fo r w hich the cor 1949. $1.000,000; 1948, $4,080,000; 1947, $3,380,000; 1946. $3,190,000; 1945, $1,000,000; $1944, $390,000. consideration received from sale a t $10.50 p e r share of 58.539 additional common shares, no poration is th e only substantial m arket), $2,261,405; goods in process, $248,176; finished 1950: 98 shares a t cost. p a r value over $1 sta te d value and $75.000 book value assigned to assets received in exchange goods, $680,952; operating and m aintenance supplies, $1.623,566: total, $4,814,099. Includes provision for renegotiation in 1944. for $125,000 principal am ount of South Coast ^ P rin c ip a l paid-in surplus changes follow: Corp. 5% incom e debentures (subordinated) 1950: Comprises: $1,577,260 debenture 5s 1949-47: A fter crediting (1949. $106.375; 194. w hich w ere carried on books a t $1. (subordinated) 1973 an d 205,328 shares of com mon stock-'fcarridd a t $438,541. M arket value $141,427; 1947, $177,353) excess of consideration received fo r (1949, 4,625; 1948, j > . ^ J*Z ElA m ount received from employees on stock sales agreem ent Oct. 31, 1950, debenture 5s, (subordinated), 711) common shares fully paid m th e y ear ev er stated value of $1 p er snare (a fte r $1400 OHAfter reserves (1950, $766,060). 1973, $1,072,537; com m on shares, $744,314; total. $1,816,851. costs and expenses relative to sale of stock in 1947). 611945: Includes $817,327 em ergency facilities covered in full by reserve. It is anticipated Investm ent a t cost (less $64,940 reserve In 1950) in securities Celotex, Ltd. (English sub 1946: A fter crediting S3.575.000 excess of th a t these facilities w ill continue in use. sidiary--not consolidated.) am ount received from sale a t $36.75 of 100,000 531950, 29,226 (1949, .31,515; 1948, 36,140; 1947, additional common shares over stated value 42.289) shares. Total subscribed by employees, Investm ent sold in 1945. of $1 per share; less $239,024 cost and expenses 1950, $701,424 (1949, $756,360; 1948, $867.360; 1947, No p ar shares: 1950, 876,246; 1949, 873,957; relative to sale of stock. $1,014,936); less unpaid portion due in install 1948, 86332; 1947, 863,183; 1946, 855,472; 1945-44, 755,472. 1945: A fter crediting $503,886 excess of n et proceeds of sale of portion of Investment in m ents to 1950, $672,198 (1949, $724,841; 1948, $831.216; 1947, $972,611); balance, 1949, $31,519 (1948, At cost (a fter $47,162 reserve in 1950). C ertain-teed P roducts Corp. common stock $36,144; 1947, $43,325). fi a f t o r H o /f im tin f f investm ent in U. S. T reas- over 1938 w ritten-dow n value thereof. Accounts certified by A rth u r Young 8c Co. 386 MOODY'S MANUAL OF INVESTMENTS STATISTICAL RECORD. FISCAL YEARS 1950 E arned p e r share--preferred _______. $11.69 --common _____ -- S3.03 Dividends per hare--p re fe rr e d ____. SI 00 --c o m m o n _____- $1.00 ffiprice range--preferred ....________ 1734- 13(2 --c o m m o n ________ .._. 2 1 - 131/4 Net tangible assets per sh.--preferred $120.18 --co m m o n . $23.42 Fixed charges earned: Bef. inc. taxes, deprec. St depl........... 28.22 Bef. inc. taxes tk aft. deprec. Sc depl. 21.75 A fter inc. tax., deprec. Sc depl-------- 13.15 Times charges Sc pxd. div. earned___ 6.45 P rice range--3*43, 1960 `issued 1945) IO2-IOOV2 --3%s. 1960 (series 1947)-. 101%-101% Net tangible assets $1.000 fund. d e b t.. $6,257 N et curr. assets per $1,000 fund. d e b t.. $2,262 Tim es preferred dividends earned__ _ 11.69 Num ber of shares--preferred_______ 256,863 --common . . . ___ _ 905,374 1949 $7.59 S1.S6 $1.00 $1 50 1834-154} 26%-13% $112.69 $26.29 18.60 12.S9 8.39 4.25 101%--9944 101%-101 $5,601 $1,946 7.59 256.863 0905.472 1948 $26.42 $7.20 $1.00 $1.75 20%-17% 34%-22% $110 76 $25.75 40.45 36.29 ' 2 33 12.36 102-99 101-100 /8 $5.231 $1.683 26.42 256,863 0905.472 1947 $24 25 $6.59 $1.00 $1.12% 21%-!9% 32%-19% $90.70 $20.06 45.97 42.26 26.00 12.80 106-101 104-93 $4,674 $1,326 24.25 256,863 0905,472 1946 $14.89 $4.17 51 00 $1 00 22-20 38%-2J% $7193 $15.59 44.95 41.83 22.42 9.19 105m%mm-1m01% $5,033 $1,859 14 89 256,863 855,472 . 1945 $2.36 $0.57 $1.00 $0.50 21%-18% 25%-14% $47.90 $9.49 16.27 10.25 5.7) 2.46 103V4-102 $3,5j O ' $2,126 3.55 256,862% 755,472 1344 SO ^ so ** 13%. 15%-k 62 $8.94 12 U T 57 r 24: $4 429 $1.354 3 53 156,8025 755,472 Calendar years. Including partially paid shares: 1950, 29,226; 1949, 31.515; 1948, 36,140; 1947, 42,289. FUNDED DEBT g 1. Celotex Corp. debenture VA% d u e 1960: R a tin g --B a a AUTHORIZED -- $5,000,000; outstanding, $3,860,000. DATED--Aug. 1,1945. MATURITY--Aug. 1, 1960. INTEREST--F&A 1 a t office of tru stee Or a t C ity N ational B ank St T rust Co., Chicago. Principal and interest payable In U. S. legal tender. TRUSTEE AND REGISTRAR--Chem ical B ank & T ru st Co., New York. DENOMINATION--Coupon, $1,000; registerable as to principal. CALLABLE--As a w hole or In p a rt on a t least 30 days' published notice a t any tim e to Ju ly 31, incl., as follows: 1952-.. 102 1953 101% 1954-- 101 1959... 100% 01959- 100 E A fter J u ly 31, 1959. Also callable for sinking fund, which see. SINKING FUND--A nnually on or before first day of fifth calendar m onth next succeeding close of each fiscal y ear beginning 1945,15% of sinking fund earnings (as defined), b u t not to exceed S250,000. Sinking fund paym ents shall average a t least $175,000, w hether or not earned, for each fiscal year after Oct. 81.1944. Debentures may be tendered in lieu of cash at an amount equal to principal ( mount of de ben tu res or tne cost b u t not t 'exceed sink ing fund redem ption price on neL^ Aug. 1; any excess of debentures (acquired otherwise than by redemption) so tendered shall be credited at not to exceed sinking fund re demption price against next succeeding pay ments. Cash payments to be used prior to the next succeeding Aug. 1 at direction of com pany to purchase at not to exceed sinking fund redemption price or to redeem deben tures; company on request of trustee shall ay accrued interest and commissions on deentures purchased or redeemed. Any bal ance in sinking fund on any Aug. 1 sufficient to redeem a t least $25,000 (or less if requested by company) to be used to redeem deben tu res by lot on or before any succeeding Oct. 1, an d any moneys not so used shall be added to next sinking fund payment. Any am ounts n o t so used after Oct. 1, 1959, shall be applied to paym ent at m aturity or to earlier redemption of debentures. Deben tures purchased or redeemed to be cancelled. Callable fo r sinking fund a t 104 to J u ly 31, 1948, incl., and th ereafter at above call prices. SECURITY--Not secured by any lien. CREATION OF ADDITIONAL DEBT, ETC.-- Company will not, directly or indirectly, cre ate or assume, or perm it any subsidiary to cre ate or assume, any mortgage, pledge, or en cumbrance on property or assets now owned or hereafter acquired, or on income or profits therefrom, unless debentures are equally and ratably secured thereby, except purchase m oney or other perm itted liens. Company will not (A) pay or declare any cash dividend on common, or acquire for value any capital stock (except by Issuance or ap plication of proceeds of additional shares), or (B) m ake any investm ent in excess of $50,000 in capital stock or obligations of or loans to any company not then or immediately there after by reason thereof to become a subsidiary (except through Issue or proceeds of sale or disposition of such investment or capital stock of company) if such dividends, acquisitions of - stock, or am ount of such investments or loans exceed the sum of (a) consolidated net earn ings (as defined) since O c t 31, 1944, plus (b) $1.000,000 and (c) proceeds of sale or disposl*tion after date of indenture of any such in,> vestm ent o r capital stock not applied as re 's fe rred to in (A) and (B) above afte r deducting therefrom (i) all cash dividends paid or de Pclared a fte r O c t 31. 1944. and cost of all stock PURPOSE--N et proceeds to pay term bar.k acquired, in each case as in clause (A) above, loans; balance to general funds. and (11) all investm ents o r loans as in clause LISTED--On New York Stock Exchange. (B) above, after date of Indenture. OFFERED--($3,000,000 a t 974} on Nov. 21, 1947 Note: The above clauses (A) an d (B) of the by a syndicate headed by Paul H. Davis & Co, 1947 issue (No. 2) are th e sam e except th a t th e Chicago, an d U nion Securities Corp.. New date is Apr. 30, 1947 instead of Oct. 31, 1944. York. Consent of 66 2/3% of d eb en tu res necessary to create, assume, or issue, directly or indirect CAPITAL STOCK ly. or perm it any subsidiary so to do, any ad 1 The Celotex CSrp. ferred stock; par $20. S% cumulative pre ditional funded debt, except (a) for refunding, renewal or extension of not to exceed like AUTHORIZED--500,000 shares (Increased from amount thereof, or (b) funded debt (as de 100,000 shares, J u ly 12, 1943); outstanding. 256,8624} shares; p a r $20 (changed from $100 fined) of a subsidiary to com pany; provided, that company shall not dispose or p a rt w ith p a r Ju n e 18. 1943, five $20 p a r shares issued control thereof (except to such subsidiary), unless im m ediately th ere after (1) average an fo r each SlOo p a r share). PREFERENCES--Has preference for assets nual consolidated net earnings available for interest (as defined) on funded debt for two and dividends. DIVIDEND RIGHTS--E ntitled to cumulative fiscal years im m ediately preceding equal at dividends of 5% p e r annum , payable quarterly Feb. 1, etc. least 4 times total annual interest require m ents on consolidated funded debt; (2) excess DIVIDEND RECORD--N o dividends paid on of current assets (as defined) over current liabilities at least equal outstanding funded $100 p a r shares to Nov. 10, 1936 w hen 5% was paid clearing up arrears. Thereafter, regular debt, except funded debt secured by liens as dividends paid q u arterly F eb ru ary 1, etc., to M ay 4, 1943, incl. perm itted, and (3) consolidated n e t tangible assets (as defined) at least equal 2% tim es con Initial dividend of 25 cents p e r share paid solidated funded debt. DIVIDEND RESTRICTION--No dividend (ex on $20 p a r h a res Aug. 9, 1943; reg u lar divi dends paid quarterly thereafter. cept stock dividends) shall be declared or paid DIVIDEND LIMITATIONS -- See ''Dividend R estriction" u n d er debenture 3%*, i960. on capital stock if thereupon current assets would be less than twice current liabilities. VOTING RIGHTS--None, ex cep t th a t if a t any See also clauses (A) and (B) above. tim e cum ulative dividends have accrued to the e x te n t of $2 p e r share, holders of preferred RIGHTS ON DEFAULT--In event of default (30 day grace period for paym ent of interest, stock shall have one vote per share. CO days for sinking fund installm ent), tru s tee or 25% of debentures m ay declare p rin LIQUIDATION RIGHTS--Has preference over common to par plus accrued an d unpaid divi cipal due and payable immediately. INDENTURE MODIFICATION -- Indenture dends. PREEMPTIVE RIGHTS--None. may be modified except as provided w ith con sent of 66 2/3% of debentures. CALLABLE--On any q u arterly dividend date, in whole or in p a rt (by lot), on 30 days' notice, PURPOSE--N et proceeds used to redeem de a t $20 per share plug accrued dividends. LISTED--On New York Stock Exchange. benture 3%s, due working capital. 1955, and for additional TRANSFER A G EN T--C h a s e National Bank. TAX STATUS--C o m p a n y refunds personal New York. REGISTRAR--Chemical B ank St T ru st Com roperty taxes in Pennsylvania not to exceed mills and in Kentucky not to exceed 5 mills pany, New York. on taxable value, and income taxes in Massa OFFERED--(100,000 shares) a t $20 p e r share (proceeds to com pany $19 p e r share) on Sept chusetts up to 6% and in M aryland u p to 5% per annum. 6, 1945 by a syndicate headed by P au l H. Davis LISTED--On New York Stock Exchange. St Co.. Chicago. OFFERED--($5.000.000) a t 1024} (proceeds to 2. The Celotex Corp, common; no par. company 99) on Sept. 6, 1945 by a syndicate AUTHORIZED--1.500.000 shares; outstanding, headed b y P aul H. Davis & Co.. Chicago. 905,374 shares (including 29,226 shares partially 2. Celotex Corp. debenture VAs (Issue ofpaid subscribed by employees); in treasury, 98 1947) due I960: shares; no par. Rating--Baa Dividend Record (In $) AUTHORIZED -- $3.000.000; outstanding, $2,- (Calendar years) 450.000. 1935-36 Nil 1937__ 1.20 1938.1. 0 DATED--Aug. 1, 1947. 1939-40 Nil 1941__ 1.12% 1942__ 0.75 MATURITY--Aug. 1, 1960. INTEREST--F&A 1 a t office of tru stee or City 1943-45 1949... 0.50 1946... 1.75 1949... 1.00 1947__ 1.50 1950__ 1.12% 1.00 National B ank St Trust Co., Chicago. Principal and Interest payable in U. S. legal tender. 01951. 0.50 Paid 100% in stock Nov. 4, 1938. TRUSTEE AND REGISTRAR--B ank of New To May 1. York, New York. DIVIDEND LIMITATIONS -- See "Dividend DENOMINATION--Coupon, $1,000; register- R estriction" tin d er debenture 3%s, 1960. able as to principal. VOTING RIGHTS--One vote p e r share. Cumu CALLABLE--As a whole o r in p a rt on a t least lativ e voting p erm itted fo r election of direc 30 days' published notice a t any tim e a t p a r tors. See "v o tin g Rights" u n d er 5% preferred and interest. stock, above. SINKING FUND--A nnually on or before first PREEMPTIVE R IG H T S-N one. day of ten th calendar m onth n ex t succeeding LISTED--On New York Stock Exchange. close of each fiscal year, beginning w ith fiscal year ending in 1947, th e lesser of 9% of sink TRANSFER AGENT--C h a s e National Bank, ing fund earnings (as defined) o r $187,500, b u t to be maintained at a minimum average of New York. REGISTRAR--Chemical B ank St Trust Cony $125,000 for each 12-months period regardless pany. New York. of such earnings. D ebentures m ay be tendered OFFERED--(100,000 shares) a t 36% by P aul H. a t an am ount equal to th e principal am ount of Davis St Co., Chicago and Union. Securities the debentures in lieu of cash; any excess Corp., New York. | credits to apply on future payments. Deben Subscription Rights: Common stockholders tures so redeem ed or credited to b e cancelled. ox record Oct. 22, 1943 had rig h t to subscribe, OTHER PROVISIONS--S am e as debenture fit $10.50 p e r share, fo r shares of common stock, 3%s. issue of 1945, due 1960 (No. 1) w ith ex on th e basis o f one share fo r each ten shares ception noted. then held. INTRODUCTION Users of this Manual should consult the Introduction on heavy white paper in th e front of this volume which contains valuable information concerning the scope of this volume.