Word: backlog
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Dates: during 1950-1959
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...Consolidated Vultee Aircraft Corp. reported a $3.7 million operating profit for fiscal 1949, its first since 1945. Reason: sales increased 75% last year to $197 million, thanks chiefly to 6-36 orders. Consolidated still has' a backlog of $207 million in Army & Navy orders. Cf Lockheed Aircraft Corp.'s production increased 35% during 1949, reported President Robert E. Gross, but greater output of small, lower-priced military planes pushed profits down 10% to $5.5 million. Nine-tenths of the 505 planes produced last year were jet-powered. At year's end, total backlog of orders...
Things picked up a little last year as the Navy began ordering land-based patrol planes, pilotless aircraft and other equipment. (Martin's current backlog of military orders: about $75 million.) To help get the company squarely back on its feet, aging (64) President Glenn Martin moved himself up as chairman and brought in 43-year-old C. C. (for Chester Charles) Pearson, a onetime executive of Douglas Aircraft and a vice president of Curtiss-Wright, as his successor. With a sharp eye on overhead, Pearson sold off Martin's sidelines and managed...