Word: pretax
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...basic standard, which calls for companies to limit price rises over the next year to half a percentage point below their average annual rises in 1976-77. Still higher increases may be made by companies with special problems, like rapidly rising raw material costs, so long as their pretax profit margins do not go above the average for the best two of the past three years. The trouble is that more and more corporations intend to take this profit-margin approach, which is extremely difficult to monitor...
About a third of Revlon's sales come from its health-care business: drugs to control high blood pressure, antiacne soaps, diagnostic laboratories. Revson began diversifying into this field; Bergerac has pushed much further, mostly by acquisition. The products are related, he notes, and Revlon's pretax profit margins in health care (25.5%) are even higher than in beauty products...
That will take some doing. Anheuser, which had 23% of the market last year, outsold Miller, 36.6 million bbls. to 24.2 million bbls.; the St. Louis company rang up sales of $1.8 billion and pretax profits of nearly $170 million, both records. It has been willing to spend to match Miller in every segment of the market. Anheuser's Natural Light has overtaken Miller Lite in some markets, and Michelob has a wide lead in the battle with Lowenbrau...
Hurt by the drives of Miller and Anheuser, the sales of Milwaukee-based Schlitz slipped last year from 24.2 million bbls. to 22.1 million, and pretax profits plunged from nearly $97 million to $35 million. The Uihlein family (pronounced Ee-line), which controls 75% of the stock, is squabbling over methods to recoup. Chairman Daniel McKeithan Jr., an Uihlein in-law before his divorce in 1974, has brought in some outside executives and is seeking a new advertising agency to change the company's cheap-beer image. Schlitz is also thought by some to be for sale; merger talks...
...rather drastic devaluation. Kodak, which has spent more than $2 billion on research and development during the past decade, is still a prime moneymaker. In the first nine months of 1977 it earned profits of $417.3 million, down slightly from $429 million a year earlier, but Kodak's pretax operating profit is a lofty 26? of each sales dollar...