Word: pretax
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...shake-up comes at a particularly difficult time for Thompson. Like all other agencies, it has recently been buffeted by a spate of mergers that has intensified competition in an already brutal business. But Thompson faces special problems. While the agency is admired for its creative flair, Thompson's pretax profit margins are estimated to be only about half the industry average. One likely reason for the poor performance: Thompson has been slow to cut costs and lay off workers...
Perhaps the most surprising sign of Japan's new hard times is the slump in the electronics industry. For the six months that ended Sept. 30, Toshiba's pretax profits plunged 80% from the same period in the previous year. At Fujitsu, Japan's top computermaker, profits fell 79%. Nihon Keizai Shimbun, Japan's leading business newspaper, last month reported that for the first time since 1975, Hitachi, Mitsubishi Electric and Fuji Electric planned temporary layoffs, shocking workers and managers in the industry. The companies denied the report, but rumors persist. Says Daisaku Kodama, an Osaka-based subcontractor for Matsushita...
Along the acquisition trail, Tisch made several false moves. In 1973 Loews bought a substantial share of Equity Funding just before the insurance company fell apart in the wake of a scandal that involved selling fraudulent insurance policies. Loews suffered a pretax loss of $3 million on its investment. Another ill-timed move was the acquisition of Bulova Watch in 1979, which proved a money-losing division for Loews until...
...single recipient of giving: $37.7 billion a year is raised by religious organizations and agencies. Corporations, with their stockholders to worry about, give far less (about $4 billion last year), but in the past decade some 1,600 U.S. companies have pledged to give 2% to 10% of their pretax profits to charity...
What Capital Cities is buying is the TV network that, despite its laggard ratings, is America's most consistently profitable. From 1977 to last year, ABC led CBS and NBC in pretax earnings and revenues, a sharp improvement from its early years of being the network everyone joked about (see following story). In 1984 ABC's pretax profits were $428 million vs. $409 million for CBS and $218 million...