Word: litton
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...your list you'd better put Tex Thornton." Berges was not in California long before he shared that view and began to think of Thornton as an eventual TIME cover subject. His nearly three years of watching the dramatic progress of Tex Thornton and Litton Industries, plus long interviews with the industrialist on horseback trips through the mountains outside Los Angeles, provided the bulk of the material for Writer Everett Martin and Senior Editor Edward L. Jamieson in putting together this week's cover story on one of the most remarkable executives in the world...
This was no performer re-creating the Old West, but the boss of a huge and exciting corporation that is dedicated to a relentless pursuit of the future. He is Charles Bates Thornton, 50, the chairman of California-based Litton Industries-and he was busy on horseback at the most important facet of his job: thinking. When "Tex" (he came from a small Texas town) Thornton has a problem to mull over, he finds that he does his best thinking on a solitary 30-or 40-mile ride through the mountains, where he can "look at the world down there...
Thornton has plenty of traffic to clear. Since he took over Litton just ten years ago next month, when it was only a tiny microwave-tube company, it has developed into one of the most remarkable growth companies of the age. In that decade, Litton has increased its sales 18,570% and its earnings 10,175%. It has never had a quarter in the red. In one of the greatest acquisition sprees of all time, it has absorbed some 40 other corporations, now has 71 plants in the U.S. and twelve other countries...
...should be used to expand and improve operations."There are some companies paying out dividends that would actually be showing no profit at all if they were making the proper set-aside for depreciation of their facilities," says Charles B. ("Tex") Thornton, chairman of California's fast-rising Litton Industries. Litton has never in its ten-year history declared a cash dividend, preferring-as many other companies do-to hand out additional shares of stock to its shareholders and to use the retained earnings for expansion and modernization...
Nothing makes happier reading for businessmen than profit figures, and the reading has been very good of late. Last week U.S. corporations continued to report new profit highs. Among them: Litton Industries (up 43% for the fiscal year), Procter & Gamble (up 6% for the year), CBS (up 33% for the first half), I.T. & T. (up 13% for the half) and Ampex (up 6% for the quarter...