Document ym754er3yZOOvxzzorm2Dp79D

Monsanto Chemical, Company Genehai. Offices ..... Saint Louis CABLE ADDRESS MOMSANTO-ST. LOUIS April 27. 1934. TO THE STOCKHOLDERS OF MONSANTO CHEMICAL COMPANY: There is annexed to this quarterly report a summary of the minutes of the annual meeting of stockholders of Monsanto Chemical Company, held on March 27, 1934. With reference to issuance of additional shares to stockholders, I am pleased to announce that this listing application has now been approved by the Committee on Stock List of the New York Stock Exchange, and consequently our transfer agent. Guaranty Trust Company of New York, will proceed with this issuance on April 30, 1934. New certificates representing the 100% stock distribution out of Paid-In Surplus will be issued to holders of record at the close of business on April 20, 1934, without the necessity of shareholders surrendering old certificates for exchange. The Board of Directors, on April 24, 1934, voted a quarterly dividend of 25c a share (inclusive of shares comprising 100% stock distribution), payable June 15, 1934, to stockholders of record at the close of business on May 25, 1934. *** * * Our sales and profits levels of the last six months of 1933 were maintained during the first quarter of 1934, when net earnings amounted to $674,117, equivalent to $1.56 per share on the 432,000 shares outstanding. First quarter of 1933 net earnings were $296,920, or 69.5c per share. Substantial improvement in current position reflects the conversion of $509,066 of the quarter's realized profits into working capital. Also plant facilities were further expanded and improved by expenditure of $371,362 during the three months. Consolidated Balance Sheet, Income and Surplus Statements at March 31, 1934, are submitted, and in connection with the asset "Investments in Controlled Companies" it should be known that no portion of our share in undistributed earnings of these com panies has been taken into our income accounts. DSW 331313 STLCOPCB4056093 SUMMARY OF MINUTES ANNUAL MEETING OF STOCKHOLDERS OF MONSANTO CHEMICAL COMPANY ST. LOUIS, U. S. A. March 27,1934 At this Annual Meeting resolutions were adopted (a) approving all actions of the Board of Directors during the year 1933, as disclosed by the Minute Book, (b) amending Article Fourth of the Certificate of Incorporation of Monsanto Chemical Company so that the corporation shall have authority to issue a total of 1,250,000 shares of a par value of $10 each, and (c) authorizing, subject to approval of the listing of same on the New York Stock Exchange, the issuance of additional shares of common stock of a par value of $10 each, on April 30, 1934, to the stock holders of record at the close of business on April 20, 1934, so that each stockholder shall receive an additional share for each share then held, the required addition to capital account to be charged against paid-in surplus account. The following directors were re-elected to serve for the ensuing year: Edgar M. Queeny Charles Belknap Gaston Du Bois Theodore Rassieur G. Lee Camp J. W. Livingston L. F. Nickell Joseph D. Lumaghi William M. Rand W. W. SCHNEIDER. Secretary. DSW 331314 STLCOPCB4056094 MONSANTO CH AND SUBSIDE Comparative Consolidated Balance Shee: ASSETS Current Assets: > March 31, ; 1934 Cash and U. S. Certificates....... $ 1,999,203.17 Marketable Securities at Market . . . . 437,509.18 Customers' Notes and Accounts Receivable, Less Reserve ................................................. 1,753,585.80 Miscellaneous Accounts Receivable . , . 51,751.12 Inventories........................................ .... . . . 3,195.750.66 $ 7.437.799.93 December 31, 1933 $ 2,055,361.85 250,281.25 1,590,405.93 67,430.36 3,227,824.03 $ 7,191,303.42 Increase Decrease $ 56,158.68 187.227.93 163,179.87 15,679.24 32,073.37 $246,496.51 Other Assets: Due from Officers and Employees On Purchases of Stock and Monsanto, Illinois Bonds...................................... $ Advances...................................................... .... Investments in Controlled Companies . . Miscellaneous Investments.......................... Frozen Deposits and Stocks in Banks, Less Reserve............................................ .... 75,700.07 22,195.33 797,467.67 476,190.74 15,839.28 $ 1,387,393.09 $ 73,025.21 20,125.29 799,073.30 455,041.72 15,839.28 $1,363,104.80 $ 2,674.86 2,070.04 1,605.63 21,149.02 $24,288.29 Plant Property: Land . ............................... Buildings........................... Machinery and Equipment 3,260,879.56 9.915,803.95 $14,430,155.99 $ 1,249,972.48 3,250.652.33 9,630.431.71 $14,131,056.52 $ 3,500.00 10,227.23 285,372.24 $299,099.47 Patents and Processes: Deferred Charges: Prepaid Items . . Other...................... $2.00 $2.00 $ 105,963.95 5,850.00 $ 111,813.95 $23,367,164.96 $ 122,887.83 11,700.00 $ 134,587.83 $22,820,054.57 $ 16,923.88 5,850.00 $ 22,773.88 $547,110.39 DSNN3313A5 STLCOPCB4056095 ICAL COMPANY { COMPANIES March 31,1934, and December 31,1933 LIABILITIES Current Liabilities: March 31, 1934 Accounts Payable ..........$ Accrued Accounts................................. Estimated Income Taxes.................................. $ 847.361.00 215,420.23 549,410.98 1,612,192.27 December 31, 1933 $ 1,089,864.35 231,611.82 553,286.07 $1,874,762.24 Increase Decrease $242,503.35 16,191.59 3,875.09 $262,570.03 Funded Debt: First Mortgage Sinking Fund Gold Bonds, due November 1. 1942; Annual Sinking Fund Requirement, $80,000.00 . . . . Less--In Treasury . ...................................................... $1,073,000.00 43,000.00 $ 1,030,000.00 $ 1,073,000.00 42,500.00 $ 1,030,500.00 $500.00 $500.00 Reserves: Depreciation and Obsolescence................... $5,042,117.26 For Redemption of Returnable Containers 584,054.51 For Fluctuations of Exchange. ..... 234,298.05 For Contingencies................................................ 291,625.25 $ 6.152,095.07 $ 4,893,846.75 552,219.50 234,298.05 204,238.48 $ 5,884,602.78 $148,270.51 31,835.01 87,386.77 $267,492.29 Capital Stock and Surplus: Capital Stock-- Authorized 500,000 Shares of $10.00 Each; Outstanding 432,000 Shares, Including 31,681 Shares at March 31,1934, Held for Exchange of Stock of Predecessor Corporation . . . . $ 4,320,000.00. Paid-in Surplus..................................................... 5.393,063.03 Earned Surplus acquired from predecessor Corporation............................. 2,582,772.19 Earned Surplus..................................................... 2,277,042.46 $14,572,877.68 $23,367,164.96 . $ 4,320,000.00 5,389,206.04 2,718,058.14 1,602,925.37 $14,030,189.55 $22,820,054.57 3,856.99 135,285.95 674,117.09 $542,688.13 $547,110.39 Notation. -- Current Assets and Liabilities of the British subsidiary have been converted at $4.85 per .. 0S>N STLCOPCB4056096 MONSANTO CHEMICAL COMPANY AND PREDECESSOR CORPORATION AND SUBSIDIARY COMPANIES Statement of Consolidated Income for the Three Months Ended March 31, 1934, and 1933, and Comparison " Gross Profit from operations before Depreciation and Obsolescence.................................................... Three Months ended March 31. 1934 . $1,586,561.45 Three Months ended March 31. 1933 1001*6886 Decrease $ 995,234.97 $591,326.48 Deduct: Selling and administrative expenses......................... Depreciation and obsolescence............................... Research expenses . ....................................... Total, Net Profit from Operations........................................ . $ 409,732.73 220.533.91 81,000.70 . $ 711,267.34 . $ 875,294.11 $ 297,043.93 $112,688.80 208,334.26 12,199.65 96,850.95 15,850.25 $ 602,229.14 $109,038.20 $ 393,005.83 $482,288.28 Other Income: Interest Earned........................................................ Other . ............................................................... Total Gross Income................................................................. . $ 5,027.65 81,334.79 . $ 86,362.44 $ 961,656.55 $ 9,619.33 $ 4,591.68 40,047.60 41,287.19 $ 49,666.93 $ 36,695.51 $ 442,672.76 $518,983.79 Income Charges: Bond Interest........................................................ Other Charges........................................................ Total........................................................... . $ 14,162.53 128,157.32 $ 142,319.85 $ 21,236.88 $ 7,074.35 63,148.47 65,008.85 $ 84,385.35 $ 57,934.50 Net Income before provision for income taxes . Provision for income taxes........................................ Net Income transferred to Surplus .... Per Share of Outstanding Stock.......................... $ 819,336.70 $ 145,219.61 . $ 674,117.09 $1.56 $ 358,287.41 $461,049.29 $ 61,367.00 $ 83,852.61 $ 296.920.41 $377,196.68 $0,695 $0,865 Notation,--The earning* of the British Subsidiary have been converted for die three months ended March 31, 1934 at $4.85 per , and for the three months ended March 31, 1933. at $3.40 per . STLCOPCB4056097 MONSANTO CHEMICAL COMPANY AND SUBSIDIARY COMPANIES . :' - '' ' /: Statement of Consolidated Paid-In Surplus ^ March 31, 1934 Paid-In Surplus December 31, 1933 . . i . . Net premium on purchases and sales of treasury stock and scrip . . Paid-In Surplus March 31, 1934. > t , $5,389,206.04 3,856.99 $5,393,063.03 Statement of Consolidated Earned Surplus Acquired from Predecessor Corporation March 31, 1934 Earned Surplus Acquired from Predecessor Corporation December 31, 1933 . $2,718,058.14 Deduct: ' - -- Dividends paid during the three months ended March 31, 1934 . . . Expenses incident to the incorporation of Monsanto Chemical Company in the State of Delaware ......................... ...... . . . . . '. $135,000.00 285.95 135,285.95 Earned Surplus Acquired from Predecessor Corporation March 31, 1934 . . $2,582,772.19 Statement of Consolidated Earned Surplus March 31,1934 Consolidated Earned Surplus December 31, 1933..................................................... $1,602,925.37 Add--Net Income for the three months ended March 31, 1934 . . . . 674,117.09 Earned Surplus, March 31, 1934 . ................................. ...... ................................ $2,277,042.46 DSW 331318 STLCOPCB4056098