Word: profitability
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Dates: during 1950-1959
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...freighter ("I had to get that phase out of my system"). At 30, he bought Bridgeport Pattern and Model Works with "$80 and a $3,000 loan,'1 changed its name to Bridgeport Machines, Inc., and went to work manufacturing milling machines. The company now has 400 profit-sharing, nonunion employees, is worth $6,500,000. Married and the father of two daughters, Bannow sings a rousing first bass in a Bridgeport male chorus, the North Star Singers, has given up soccer with Bridgeport's Swedish Athletic Club to play golf. Traveling with his wife, he will spend...
...rising volume and constricting profit margins, Philips is the envy of its competitors. Although 1959 sales are 15% over 1958, the profit margin actually is widening (e.g., 7.6% so far in 1959 v. 6.8% last year). Even last year, Philips' return on sales was higher than General Electric's, which was 6.1%. Looking ahead, the stockholders, whose investment has appreciated six times in ten years, firmly believe, with President Otten, that "growth is in our blood...
...young executives in Loop corporation offices who went into mortgage debt to buy split-levels (average price: $23,000) for their growing families. With the steady rise of the real-estate market, the tightly budgeted family heads (average salary: $9,000) hoped to break even or turn a small profit by the time their companies assigned them to better jobs in other cities. But their hopes did not take into account the secret plans of Builder Morris Milgram of Philadelphia, a crusading businessman who has built four successful integrated communities in Pennsylvania and New Jersey over the past five years...
...upward at General Foods. He became vice president in charge of advertising in 1939, vice president in charge of marketing in 1947. One of the company's postwar problems was frozen foods. General Foods had carried the burden of the industry for years without making a penny of profit, but World War II shot the industry's business up to 1 billion Ibs. in 1945. Suddenly the get-rich attractions were so strong that fly-by-night outfits rushed out poor-quality products, gave frozen foods a bad name with the public. Result: the "Great Blood Bath...
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...