Word: seeburgs
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Dates: during 1950-1959
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Self-Contained Music Player. A small (22 in. long, 51 Ibs.), automatic background-music player that provides 37½ hours of music on 16⅔ r.p.m. records was put on sale by Seeburg Corp. It will be leased for as little as $30 a month...
...year. After limping along 33% behind 1957 for the first nine months, Monsanto Chemical Co. reported the best fourth quarter in history, so good that full-year earnings totaled $1.55 per share, only 7.7% behind last year. Philco's fourth quarter nearly doubled last year's rate. Seeburg Corp. announced 54? a share in the first quarter of its fiscal 1959 v. only 50? for the full twelve months before...
...take advantage of the tax losses, they began looking for another company with healthy earnings, decided on the family-owned Seeburg Corp., which had annual pretax earnings averaging $2,000,000. The family wanted to sell for $8,000,000 in cash, $2,000,000 in five-year notes. All but $3,300,000, could be covered by Seeburg's liquid assets-but how to raise that? Despite a tight money squeeze, they succeeded in borrowing it, partly from the Seeburgs themselves...
...notes, borrowed another $700,000 from them. Siegel raised more from Philadelphia's Donner Foundation and the New York Water Corp. In addition, they sold off their Fort Pitt clothing and beer business for $3,000,000 plus a hefty beer royalty from the new brewery owners. With Seeburg's cash position in shape, they were able to pay off their bank debts for the original Fort Pitt deal -and buy Eastern Electric Inc.'s electrical cigarette vending machine business...
Each of the Monopoly players now personally owns about 15% (168,000 shares) of Seeburg's outstanding stock, and together their families control perhaps 45%. Coleman and Siegel have already given Seeburg hearty shots in the arm by introducing stereo jukeboxes, getting into the profitable cigarette vending business, giving new financial backing to Seeburg dealers. In the 1958 fiscal year ending this month, they expect Seeburg to earn only about 50? a share, owing mainly to the cost of scrapping unprofitable old products. Next year, with enough stereo orders already to run at full production well beyond the current...