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    "ocrText": "REPORT\nUnited States Radium Corporation\nDecember 31, 1936\nOFFICERS\nDEAN S. EDMONDS\nChairman\nCLARENCE B. LEE\nPresident, Treasurer\nHOWARD H. BARKER\nVice-President, Secretary\nDIRECTORS\nHOWARD H. BARKER\nDEAN S. EDMONDS\nG. CAMPBELL BECKET\nD. W. LADD\nJOSEPH W. BURDEN\nCLARENCE B. LEE\nUNITED STATES RADIUM CORPORATION\nBALANCE SHEET AS AT DECEMBER 31, 1936\nASSETS\nCash in Banks and on Hand\n$206,537.28\nInvestments (Market Value\n$70,588.25) at Cost\n70,858.60\nNotes, Accounts and Other\nReceivables (Less Reserves)\n10,097.48\nInventories: at cost or market,\nwhichever is lower\n31,365.78\nTotal Current Assets\n$318,859.14\nInvestments in and Advances to\nWeksler Thermometer Corp.\n21,065.02\nPrepaid Expenses\n1,345.45\nInvestment in Idle Property and\nPlant - At value fixed by\nBoard of Directors\n30,000.00\nEquipment, Less Depreciation\n8,055.00\nGood-will, Trade-marks,\nPatents, etc.\n1.00\nDeferred Charges, Leasehold\nImprovements, etc.\n730.37\n$380,055.98\nLIABILITIES\nAccounts Payable and Accrued\nExpenses\n$ 4,365.17\nProvision for Contingencies\n150.00\nTotal Current Liabilities\n$ 4,515.17\nRent Receivable, paid in\nadvance\n150.00\nPreferred Stock\n$200,000.00\nLess: Amount held in Treas\n5,000.00\n$195,000.00\nCommon Stock\n36,900.00\nLess: Amount held in Treas\n150.00\n36,750.00\nSurplus:\nCapital Surplus\n254,593.29\nDeficit from Operations\n110,952.48\n143,640.81\n375,390.81\n$380,055.98\nTO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION\nDuring March 1936 a final decree, in favor of the Corporation, was entered in\nthe LaPorte case. This resulted from Judge Foreman's decision mentioned in our\nlast year's report to you. Subsequent to this decree, all the other suits pending\nagainst the Corporation were discontinued, and by Fall of last year, the Corporation,\nfor the first time since 1924, found itself free from litigation.\nThis release from contingent liability occasioned by pending litigation, afforded\nan opportunity to distribute to Preferred Shareholders a portion of the Corporation's\ncapital assets not considered essential to the conduct of its business.\nPreliminary to the offer of stock purchase made in January of this year, the\nCorporation's assets were adjusted to values considered conservative by your Directors.\nGood-will, etc., was reduced from $200,000 to $1.00, - idle plant was written\ndown to an amount in line with what might reasonably be expected in case of sale,\n- and inventories were adjusted to present day market prices. All these are reflected\nin the attached Balance Sheet.\nThe purchase offer to Preferred Stockholders, mentioned above, has up to this\nwriting resulted in the purchase by the Corporation of 2,495 shares of its Preferred\nStock at an average price of $62.96 per share. This capital reduction is not shown\nin the attached Balance Sheet as all purchases, with the exception of 100 shares, have\nbeen made since the beginning of 1937.\nSales for the year were about the same in volume as the previous year, but oper-\nating profits were less, largely on account of increased competition at reducing prices.\nShould this condition continue, it will be difficult to earn anything like a fair return\non the capital invested in the business. Operations for the year resulted in a loss\nof $555.65.\nThe Corporation's subsidiary, the Weksler Thermometer Corporation, enjoyed\nan increase in its manufacturing and sales volume of twenty-eight percent. This\nnormally should show a satisfactory operating profit. However, sales and promo-\ntional expenses, considered necessary to the expansion of a new business, were rela-\ntively heavy, and consequently the net result was a profit of $2,096.01.\nThe books of the Corporation have been audited by Messrs. Peat, Marwick,\nMitchell & Co. of New York.\nVery truly yours,\nCLARENCE B. LEE,\nPresident."
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