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TO THE STOCKHOLDERS
OF UNITED STATES RADIUM CORPORATION
We submit herewith the Balance Sheet of your Company as at the close of 1941.
Net profit from operations, after taxes, reserves and adjustments was $149,488.03.
It has been our previous practice to include the New York State franchise tax as
an expense item of the year in which such tax was paid. Upon the recommendation
of our auditors, proper adjustments were made and a reserve set up out of earnings
to cover the New York tax which will become payable this year on 1941 operations.
Without this adjustment our net profit would have been $163,936.58.
Dividends were paid during the year in the amount of $80,150.00. This was at
the rate of $5.00 per share on 14,805 shares of class A stock outstanding and at the
rate of $7.00 per share on 871 shares of First Preferred and $3.50 per share on 8 shares
of First Preferred which was purchased by the Company in the latter half of the year.
Due to the increased demand for our product and services, it was necessary to
considerably expand plant and equipment and add to operating and technical per-
sonnel. Research facilities were enlarged and new products developed. A plant for
the processing of some of our work by a new method was established in the latter
part of the year and should prove to be a valuable addition to our general line of
business. This expansion program, not yet completed, entailed an outlay of approx-
imately $39,000.00 during 1941.
The nature of our business is such that we are not at liberty to give out detailed
information about the Company's operations, but it may be stated that the increased
activities of the Company are directly related to the production of articles of great
importance in the National Emergency.
The Weksler Thermometer Corporation, which moved to larger quarters in the
early part of the year, enjoyed an expanded volume of business, and showed a net
profit of $15,848.21-after taxes and adjustments.
Very truly yours,
C. B. LEE,
President.
April 8, 1942.
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"ocrText": "TO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION\nWe submit herewith the Balance Sheet of your Company as at the close of 1941.\nNet profit from operations, after taxes, reserves and adjustments was $149,488.03.\nIt has been our previous practice to include the New York State franchise tax as\nan expense item of the year in which such tax was paid. Upon the recommendation\nof our auditors, proper adjustments were made and a reserve set up out of earnings\nto cover the New York tax which will become payable this year on 1941 operations.\nWithout this adjustment our net profit would have been $163,936.58.\nDividends were paid during the year in the amount of $80,150.00. This was at\nthe rate of $5.00 per share on 14,805 shares of class A stock outstanding and at the\nrate of $7.00 per share on 871 shares of First Preferred and $3.50 per share on 8 shares\nof First Preferred which was purchased by the Company in the latter half of the year.\nDue to the increased demand for our product and services, it was necessary to\nconsiderably expand plant and equipment and add to operating and technical per-\nsonnel. Research facilities were enlarged and new products developed. A plant for\nthe processing of some of our work by a new method was established in the latter\npart of the year and should prove to be a valuable addition to our general line of\nbusiness. This expansion program, not yet completed, entailed an outlay of approx-\nimately $39,000.00 during 1941.\nThe nature of our business is such that we are not at liberty to give out detailed\ninformation about the Company's operations, but it may be stated that the increased\nactivities of the Company are directly related to the production of articles of great\nimportance in the National Emergency.\nThe Weksler Thermometer Corporation, which moved to larger quarters in the\nearly part of the year, enjoyed an expanded volume of business, and showed a net\nprofit of $15,848.21-after taxes and adjustments.\nVery truly yours,\nC. B. LEE,\nPresident.\nApril 8, 1942."
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