Word: line
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Dates: during 1960-1969
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Elastic Rules. In one effort to limit such legerdemain, the Securities and Exchange Commission expects within a week or two to tighten the disclosure rules for companies seeking to float securities. Companies will be required in registration statements to divulge their sales and pretax profits for each line of business that contributes more than 10% to the total. Firms that engage in only one activity will have to abide by the 10% rule in showing sales by product or service. Though the new regulations will not apply directly to annual reports, many companies have already begun revealing operating data once...
...write off -that is, deduct from their taxable income-the cost of new facilities. The results can be astonishing. U.S. Steel raised last year's reported profits 59% above what they otherwise would have been, from $159 million to $253 million, largely by switching from rapid to straight-line depreciation of its huge investment in mills and other properties. The change reduced the amount that the company set aside on its books to reflect the degree by which its plant and equipment wore out in 1968. Net income increased, just as it would after a reduction in any other...
...from airline operations into a $9.1 million pretax profit. TWA saved $20.6 million in current "costs" simply by spreading the depreciation of most of its planes over twelve or 14 years, instead of eleven years. Other income and credits, including $6.2 million from TWA-owned Hilton International, raised the line's reported net to $21.2 million...
...Goodrich Co., fighting a takeover by Northwest Industries, increased its 1968 profit from $2.76 per share to $3.25 through two maneuvers. The company shifted to straight-line depreciation and changed its method of tabulating earnings. Higher profits, of course, would tend to lift the price of Goodrich's stock -making it more difficult for Northwest to buy control...
...listeners to the Times radio station WQXR were astonished to hear a London lisp on the evening news: "Thith ith Cloive Bawneth, dawnthe cvitic of the New Yawk Timeth." A put-on, many decided. But the speech defect was real. The speaker, moreover, was as straight as a line of type. After shedding his first wife of ten years, Barnes married Patricia Winckley, a lithe balletomane who looked like a swan on leave from St. James's Park. In New York, the Barneses and their two children, Christopher, 7, and Maya, 5, settled into a sprawling pad on Riverside...