Word: pretax
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Suffering. What are the moves all about? Like many magazines, Newsweek has been suffering at the cash register. The recession, the postal rate increase and Phase II have driven advertising and earnings down. The magazine's pretax profit hit an alltime high of $6,515,000 in 1969, dropped to $2,584,000 in 1970, and recovered slightly last year, to $2,738,000.* Newsweek's contribution to the company's consolidated income fell from one-third to under one-fifth. Business has improved some in recent weeks, but advertising was off by 43 pages...
Investors are particularly buoyed by last year's 13% rise in pretax corporate profits and expectations that earnings will increase this year by 15% or so. More than 70 major companies raised their dividends in the past three months, including American Brands, Avon Products, Colgate-Palmolive, Xerox and Federated Department Stores. Brokers are also cheered by evidence that more small investors are trailing back into the market after staying out for several years. Board rooms across the country are again crowded with tape watchers, and margin debt rose by a substantial $480 million in February, to $6.2 billion, indicating...
...full-time job earns only $3 for each $5 paid to a man with a similar job. Men at the top have a stake in maintaining the discrimination. If women workers got as much as men, wage costs would rise by some $109 billion-more than all pretax corporate profits last year. Increasingly, nonradical women have joined movement leaders in demanding a square deal in hiring, pay and advancement. They are making job equality their No. 1 goal...
...Wild. In recent testimony before the Senate Subcommittee on Constitutional Rights, Time Inc. Board Chairman Andrew Heiskell said that a huge second-class increase could compromise the First Amendment guarantee of a free press by affecting magazines' ability to survive. He cited some potentially disastrous arithmetic: "pretax earnings of all magazines in 1970 were about $50 million. Under the present proposal, magazines would pay $130 million more for mail service by 1976 . . . Magazines can be killed by Government, by denying them the revenues that they require to exist, or by making it impossible for them to distribute their product...
...Civil Aeronautics Board is forecasting pretax profits of up to $350 million for the eleven domestic trunk lines this year, up from last year's $25 million and 1970's $85 million loss. Executives of six U.S. airlines that either lost money or made only minor profits last year (American, Eastern, National, Northeast, Pan Am and TWA) expect to do much better in 1972. As CAB Chairman Secor Browne says, "the airlines have essentially turned the corner...