Word: profitted
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Dates: during 1950-1959
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...were prepared for bad news about the company, which in fiscal 1956 lost $19.7 million. They were not disappointed. In the first quarter of its fiscal 1957 (October through December), the three-year-old merged hybrid (Nash-Kelvinator-Hudson) piled up a loss of $2,994,613 v. a profit of $2,512,568 in the same period the year before...
...comparison was not so bad as it seemed. In 1955 the company had made a $7,141,920 profit in the quarter by selling off a large stock interest, and had actually lost $4,629,352 in 1955 from operations, or more than 50% greater than the 1956 loss. Set against this improvement was the fact that overall sales were down from $99.2 million in the first three months of fiscal 1956 to $88.9 million this year. Nash and Hudson had so far sold only 9,166 cars, a 35% sag in volume despite price cuts as deep...
...report from Romney, and deployed a management team to parry some pointed criticism. It came from Stockholder Sol A. Dann, a pixyish Detroit attorney who makes management-baiting a hobby, represents only a small number of American's 48,500 shareholders. Dann demanded that American merge with some profit-making company, or liquidate and pay off stockholders. But either choice would mean even bigger losses, said management. The book value of the company would be far less if it were not a going concern. By holding out, American has a chance to make its stock more valuable...
...black. Kelvinator refrigerator sales rose 8.5% in 1956 v. an all-industry slide of 11%. The Rambler, on which Romney is betting heavily, has sold well through the first four months of fiscal 1957, when sales rose 40.8% to a record 23,183. To turn a profit, said Vice President Roy D. Chapin Jr., "a reasonable increase in sales is all we need. We believe we can see that increase coming if we hold fast to our objectives...
...many a U.S. corporation, LIFO is a magic formula in times of inflation. It cuts their profits for tax purposes without taking a penny out of their coffers. Under LIFO-pronounced lie-fo and standing for "last in, first out"-the Government permits inventory to be figured by the cost of the last stock bought during the year, on the theory that it is the first to be sold. Thus the profit on an item costing $2 in January and $3 in December is figured on the basis of the higher cost, thus a lower tax. Though designed...