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Report, May 18, 1939

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REPORT United States Radium Corporation December 31, 1938 OFFICERS DEAN S. EDMONDS Chairman CLARENCE B. LEE President JOHN E. PAUL Vice-President G. CAMPBELL BECKET Secretary HERBERT A. WHITING Treasurer DIRECTORS G. CAMPBELL BECKET DEAN S. EDMONDS JOSEPH W. BURDEN DELANO W. LADD CLARENCE B. LEE UNITED STATES RADIUM CORPORATION BALANCE SHEET AS AT DECEMBER 31, 1938 ASSETS Cash in Banks and on Hand $ 38,912.35 Investments (Market Value $39,091.25) at Cost 44,708.60 Notes, Accounts and Other Receivables (Less Reserves) 14,144.95 Inventories: at cost or market, whichever is lower 21,207.31 Total Current Assets $118,973.21 Investments in and Advances to Weksler Thermometer Corp. 42,449.32 Prepaid Expenses 2,453.95 Investment in Idle Property and Plant- At value fixed by Board of Directors 30,000.00 Equipment, Furniture and Fixtures, Less Depreciation 7,992.33 Good-will, Trade-marks, Patents, etc 1.00 Deferred Charges, Leasehold Improve- ments, etc. 426.67 $202,296.48 LIABILITIES Accounts Payable and Accrued Expenses $ 4,526.20 Provision for Federal Income Taxes 400.00 Total Current Liabilities $ 4,926.20 Preferred Stock $ 59,000.00 Less: Amount held in Treasury 9,000.00 50,000.00 Common Stock $ 36,900.00 Less: Amount held in Treasury 225.00 36,675.00 Surplus: Capital Surplus $217,139.94 Deficit from Operations 106,444.66 110,695.28 $202,296.48 TO THE STOCKHOLDERS OF UNITED STATES RADIUM CORPORATION The condition of the Corporation as at December 31, 1938 is reflected in the attached audited Balance Sheet. Operations for the year, after taxes and all charges, showed a net profit of $4,427.10. Out of this amount $3,605.00 was paid against Preferred dividend accumulations, which was at the rate of $3.50 per share. Since our last report, and during this year, additional shares of First Preferred Stock have been purchased by the Corporation reducing the amount of issued and outstanding at this writing to 879 shares. Volume of sales was less than expected. This was partly due to continued keen competition at gradually reducing prices. While at this writing the price angle has not improved, there is however a definite trend towards an increased volume of business for this year as the Army and Navy building programs enlarge the demand for luminous material. The Weksler Thermometer Corporation suffered an operating loss of $12,290.67 for the year. An analysis shows the principal reasons for this disappointing result to be due to reduced sales in the last half of the year; a substantial change in the type of merchandise sold; and an unusually large turnover of our skilled labor. Measures were promptly taken to offset the effect of these adverse factors, with the result that we believe the plant is now back again on a low cost of production basis, and operating at a small profit. It is with sorrow that we report the death of our Vice-President, Secretary, Director and Chief Technician, Mr. Howard H. Barker, who passed away on May 7th of last year. Very truly yours, CLARENCE B. LEE, President. May 18, 1939.

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4
Source index
0
Type
document
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unknown

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    "ocrText": "REPORT\nUnited States Radium Corporation\nDecember 31, 1938\nOFFICERS\nDEAN S. EDMONDS\nChairman\nCLARENCE B. LEE\nPresident\nJOHN E. PAUL\nVice-President\nG. CAMPBELL BECKET\nSecretary\nHERBERT A. WHITING\nTreasurer\nDIRECTORS\nG. CAMPBELL BECKET\nDEAN S. EDMONDS\nJOSEPH W. BURDEN\nDELANO W. LADD\nCLARENCE B. LEE\nUNITED STATES RADIUM CORPORATION\nBALANCE SHEET AS AT DECEMBER 31, 1938\nASSETS\nCash in Banks and on Hand\n$ 38,912.35\nInvestments (Market Value $39,091.25)\nat Cost\n44,708.60\nNotes, Accounts and Other Receivables\n(Less Reserves)\n14,144.95\nInventories: at cost or market, whichever\nis lower\n21,207.31\nTotal Current Assets\n$118,973.21\nInvestments in and Advances to Weksler\nThermometer Corp.\n42,449.32\nPrepaid Expenses\n2,453.95\nInvestment in Idle Property and Plant-\nAt value fixed by Board of Directors\n30,000.00\nEquipment, Furniture and Fixtures, Less\nDepreciation\n7,992.33\nGood-will, Trade-marks, Patents, etc\n1.00\nDeferred Charges, Leasehold Improve-\nments, etc.\n426.67\n$202,296.48\nLIABILITIES\nAccounts Payable and Accrued Expenses\n$ 4,526.20\nProvision for Federal Income Taxes\n400.00\nTotal Current Liabilities\n$ 4,926.20\nPreferred Stock\n$ 59,000.00\nLess: Amount held in Treasury\n9,000.00\n50,000.00\nCommon Stock\n$ 36,900.00\nLess: Amount held in Treasury\n225.00\n36,675.00\nSurplus:\nCapital Surplus\n$217,139.94\nDeficit from Operations\n106,444.66\n110,695.28\n$202,296.48\nTO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION\nThe condition of the Corporation as at December 31, 1938 is reflected in the\nattached audited Balance Sheet. Operations for the year, after taxes and all\ncharges, showed a net profit of $4,427.10. Out of this amount $3,605.00 was\npaid against Preferred dividend accumulations, which was at the rate of $3.50\nper share. Since our last report, and during this year, additional shares of First\nPreferred Stock have been purchased by the Corporation reducing the amount of\nissued and outstanding at this writing to 879 shares.\nVolume of sales was less than expected. This was partly due to continued keen\ncompetition at gradually reducing prices. While at this writing the price angle\nhas not improved, there is however a definite trend towards an increased volume\nof business for this year as the Army and Navy building programs enlarge the\ndemand for luminous material.\nThe Weksler Thermometer Corporation suffered an operating loss of\n$12,290.67 for the year. An analysis shows the principal reasons for this\ndisappointing result to be due to reduced sales in the last half of the year; a\nsubstantial change in the type of merchandise sold; and an unusually large\nturnover of our skilled labor. Measures were promptly taken to offset the effect\nof these adverse factors, with the result that we believe the plant is now back\nagain on a low cost of production basis, and operating at a small profit.\nIt is with sorrow that we report the death of our Vice-President, Secretary,\nDirector and Chief Technician, Mr. Howard H. Barker, who passed away on\nMay 7th of last year.\nVery truly yours,\nCLARENCE B. LEE,\nPresident.\nMay 18, 1939."
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