Word: pretax
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Dates: during 1950-1959
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Mortimer wants products with the widest popular appeal, shies away from the specialized or offbeat food. At General Foods, this policy has resulted in a pretax profit of 10? on sales v. 6.8? for the No. 3 processor, Standard Brands (Chase & Sanborn, Royal desserts, etc.), but well below the 14.8? of Campbell Soup, the No. 2 company. Overall, General Foods profits have risen from $28 million in 1954, when Mortimer took over, to an estimated $60 million this year. But Mortimer is still not satisfied with some of his products, notably the Gourmet line, intends to make some changes. Says...
...take advantage of the tax losses, they began looking for another company with healthy earnings, decided on the family-owned Seeburg Corp., which had annual pretax earnings averaging $2,000,000. The family wanted to sell for $8,000,000 in cash, $2,000,000 in five-year notes. All but $3,300,000, could be covered by Seeburg's liquid assets-but how to raise that? Despite a tight money squeeze, they succeeded in borrowing it, partly from the Seeburgs themselves...
...been a top food and foreign-trade adviser to Presidents Roosevelt, Truman and Eisenhower. His successor, Mortimer, was chairman of the star-studded Advertising Council from 1947 to 1950, headed the United Community Campaign fund last year. Under him, each General Foods' sales dollar has brought a pretax profit of 10? v. 7? for its chief competitor, Standard Brands (Chase & Sanborn coffee. Royal Gelatin, etc.), and General Foods' stock has risen from $30 in 1954 to $57 last week...