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    "ocrText": "REPORT\nUnited States Radium Corporation\nDecember 31, 1941\nOFFICERS\nDEAN S. EDMONDS\nChairman\nC.B. LEE\nPresident\nJOHN E. PAUL\nVice-President\nE. B. FISHER\nVice-President\nG. CAMPBELL BECKET\nSecretary\nHERBERT A. WHITING\nTreasurer\nand Assistant Secretary\nDIRECTORS\nG. CAMPBELL BECKET\nDELANO W. LADD\nDEAN S. EDMONDS\nC. B. LEE\nE.B. FISHER\nRAYMOND R. MACHLETT\nJOHN E. PAUL\nUNITED STATES RAI\nBALANC\nAs of Decem\nASSETS\nCurrent Assets:\nCash in Banks and on Hand\n$ 91,800.91\nUnited States Treasury Tax Anticipation Notes\n200,320.00\nMarketable Securities-at Cost (quoted market $37,074.37)\n35,241.05\nNotes and Accounts Receivable:\nCustomers\n$131,632.84\nMiscellaneous\n358.33\n131,991.17\nLess Reserve for Doubtful Accounts\n2,000.00\n129,991.17\nInventories-at lower of cost or market\n74,793.37\nTotal Current Assets\n532,146.50\nInvestments in and advances to Weksler Thermometer Corporation (a non-\nconsolidated subsidiary) :\nCapital Stock (See Note 1)\n12,680.00\nAdvances\n34,664.73\n47,344.73\nPrepaid Expenses\n5,387.64\nProperty, Plant and Equipment :\nIdle Plant (Leased to Others)\n60,421.81\nLess Reserve for Depreciation\n33,068.83\n27,352.98\nLaboratory and Mechanical Equipment\n$49,343.08\nOffice Furniture and Fixtures\n7,461.13\n56,804.21\nLess Reserve for Depreciation\n12,473.14\n44,331.07\n71,684.05\nDeferred Charges\nLeasehold Improvements, etc., less amortization\n13,135.02\nPatent Expenses, less amortization\n1,183.90\n14,318.92\nGoodwill-at record amount\n1.00\n$670,882.84\nNOTES:\n(1) The investment in capital stock of Weksler Thermometer Corporation represents 63% of the outstanding\n6% cumulative preferred stock and 80% of the outstanding common stock of that Corporation. Based on\nan unaudited Balance Sheet of Weksler Thermometer Corporation at December 31, 1941, the equity in the\nnet assets applicable to the stockholdings of United States Radium Corporation was $32,800.00 as com-\npared with the investment of $12,680.00.\n(2) Includes provision of $21,000.00 for New York State Franchise Tax, payable in 1942, based on the income\nfor the year ended December 31, 1941. Prior to 1941 it had not been the practice of the Company to take\nup this tax in the accounts until paid.\n(3) The authorized capital stock is stated in accordance with an amendment to the Certificate of Incorporation\napproved by the stockholders January 14, 1942, which reduced the number of shares of $7.00 cumulative\nfirst preferred stock authorized from 1,100 shares to 1,000 shares and cancelled the authorized $7.00\ncumulative preference stock.\nCORPORATION\nSHEET\n31, 1941\nLIABILITIES\nCurrent Liabilities :\nAccounts Payable\n$ 40,000.34\nAccrued Expenses :\nTaxes, other than Federal Income Taxes (See Note 2)\n$ 31,539.67\nOther\n2,527.53\n34,067.20\nProvision for Federal Income and Excess Profits Taxes\n286,000.00\nTotal Current Liabilities\n360,067.54\nCapital Stock and Surplus :\nCapital Stock (See Note 3) :\n$7.00 Cumulative First Preferred Stock (redeemable at option of Corpo-\nration or on dissolution at $100.00 per share) :\nAuthorized and issued, 1,000 shares of a par value of $50.00 each\n50,000.00\nLess purchased and held in Treasury, 129 shares\n6,450.00\n43,550.00\nCommon Class \"A\":\nAuthorized, 16,000 shares of no par value :\nIssued, 14,900 shares\n$ 36,900.00\nLess purchased and held in Treasury, 95 shares\n225.00\n36,675.00\n80,225.00\nSurplus (restricted in the amount of $6,675.00 pending retire-\nment of treasury stock) :\nCapital Surplus\n216,899.94\nEarned Surplus\n13,690.36\n230,590.30\n310,815.30\n$670,882.84\nACCOUNTANTS REPORT\nTo THE BOARD OF DIRECTORS,\nUNITED STATES RADIUM CORPORATION,\nNEW YORK, N. Y.\nWe have examined the Balance Sheet of United States Radium Corporation as of December 31, 1941.\nFor the year then ended we have reviewed the system of internal control and the accounting procedures\nof the Company and, without making a detailed audit of the transactions, have examined or tested accounting\nrecords of the Company and other supporting evidence, by methods and to the extent we deemed appropriate.\nOur examination was made in accordance with generally accepted auditing standards applicable in the circum-\nstances and included all procedures which we considered necessary.\nIn our opinion, the accompanying Balance Sheet presents fairly the position of United States Radium\nCorporation at December 31, 1941, in conformity with generally accepted accounting principles applied for the\nyear on a basis which, except for the change indicated in Note 2 to the Balance Sheet, is consistent with\nthat of the preceding year.\nPEAT, MARWICK, MITCHELL & CO.\nNew York, N. Y., March 27, 1942.\nTO 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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