Word: pretax
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...erratic earnings record under Sarnoff, and some investors were obviously pleased by his departure. The day after his resignation was announced, the company's stock rose 75? a share, to $19.25, in heavy New York Stock Exchange trading. In 1971, the company wrote off a $490 million pretax loss when it abandoned the unprofitable computer business that Sarnoff had caused it to enter. At the time there was speculation that he might be forced out by dissident directors, including Industrialist Martin Seretean-who has since left the board, though he remains RCA's largest stockholder. Sarnoff has also...
...also the foundation of a family empire established by A.E. Owen in 1893 that now includes some 20 companies in seven countries. The Darlaston plant alone accounted for more than $56 million in sales last year; the group as a whole grossed some $200 million, but made a pretax profit of only $7 million...
...financial standard, CBS is the top network. It has posted record earnings for 17 consecutive quarters and, according to a Television Digest report released last week, its 1974 pretax profits ($110 million) were almost double those of its two competitors combined. Chairman William Paley, 73, who has run the network for almost 50 years, should feel a bit cheery. But Paley is fretful these days. He is upset by, of all things, a book, and a bad one at that...
...raised the prices of goods the companies held in bulging inventories. During 1975, these artificial profits have largely disappeared: companies have drastically reduced their inventories, and the prices of merchandise remaining in stock are rising less rapidly. During the second quarter, Citibank calculates, less than 10% of all corporate pretax profits were traceable to rising inventory values, v. nearly 33% during the same three months of 1974. Inventory values, the bank's economists believe, should continue to be less of a distorting factor in profit reports for the rest of this year. That is good news for the whole...
...retailing today is not supermarkets but so-called convenience stores, small outlets catering to people who wish to shop at odd hours and do not mind doing so in odd places like gas stations. Sales at these minimarkets increased by more than 22% last year, despite high prices: their pretax profits, as a percentage of sales, average 4.8%, v. a bare 1.1% in supermarkets, which depend on high volume, not high markups, for their healthy 12.4% return on investment...