TWO FINANCIAL DATA
Busy year for chemical process industry DAVID M. KIEFER, Senior Editor, Washington, D.C.
T
he following pages present four years of significant financial data for 130 leading companies in the chemical process industries. The figures are for the calendar years 1965-68 unless otherwise indicated. C&EN has published similar data in each of its annual Facts & Figures supplements since 1956. Four companies are new to the section this year. One of these is International Flavors & Fragrances, Inc., a major producer of aroma and flavoring chemicals. The other three are moderate-size producers of industrial and specialty chemicals: Essex Chemical Corp., Lawter Chemicals, Inc., and Millmaster Onyx Corp. These four replace Duval Corp., Sinclair Oil Corp., U.S. Borax & Chemical Corp., and Wallace & Tiernan, Inc., all of which have been acquired by other companies in the past year. Several companies listed previously have changed their names. In some cases, this has been the result of a major merger. Thus the former Kawecki Chemical Co. now is Kawecki Berylco Industries following its merger with Beryllium Corp.; Norwich Pharmacal Co. has become Morton-Norwich Products as a result of its merger with Morton International, Inc.; William H. Rorer, Inc., became RorerAmchem, Inc., upon completion of its merger with Amchem Products. Pennsalt Chemicals Corp. changed its name to Pennwalt Corp. with its acquisition of Wallace & Tiernan. Other companies have shortened or simplified their names. The former Interchemical Corp. is now Inmont Corp.; Olin Mathieson Chemical Corp. has become Olin Corp.; West Virginia Pulp and Paper Co. is Westvaco Corp.; Libbey-Owens-Ford Glass Co. is Libbey-Owens-Ford Co. In other changes, Corn Products Co. has renamed itself CPC International, Inc., and Rexall Drug and Chemical Co. has changed to Dart Industries, Inc. The primary sources for the data on the following pages are company annual reports. Because companies do not report financial information in a uniform manner, however, C&EN has adjusted some figures to make them as consistent throughout as possible. 24A C&EN SEPT. 1, 1969
In most cases, intangible assetssuch as goodwill, patent and trademark expenses, or acquisition costs in excess of equity in net assets acquired —have been deducted from total assets and net worth. Reserves for contingencies, as well as other reserves for which no definite purpose is stated, have been included as part of net worth. Prepaid expenses generally have been deducted from current assets in determining the current ratio. Wherever possible, nonrecurring or extraordinary income, such as may result from the sale of fixed assets or investments, has been excluded from reported net income, but indicated by a footnote. Similarly, the net income shown is before deductions for special or extraordinary charges insofar as possible. Figures presented on a per-share-ofcommon-stock basis have been adjusted for stock splits for all years. No
adjustment has been made in past years' figures as a result of stock dividends, however. For comparative purposes, the last page of the tables summarizes similar financial data for the major chemical process industries on an industrywide basis. The source of these data (except for capital expenditures) is the Quarterly Financial Report for Manufacturing Corporations, which is prepared jointly by the Federal Trade Commission and the Securities and Exchange Commission. The industry estimates made by these government agencies are based on quarterly financial statements collected from a probability sample of all manufacturing corporations in the U.S. that file income tax forms. The survey is used by the agencies to prepare an income statement and balance sheet for all manufacturers, classified by industry, using conventional accounting concepts.
Explanation of table headings Total assets. The sum at year end of current assets, investments, prepaid expenses, net plant and equipment, and other tangible assets. Current ratio. The ratio obtained by dividing current assets—including all U.S. securities but excluding prepaid expenses—by current liabilities. Net worth. Equity at year end of preferred and common stock holders, including value of capital stock, capital and earned surplus, surplus reserves, and contingency and miscellaneous reserves, but excluding reserves for pensions, insurance, deferred taxes, and similar specific needs. Net plant and equipment. Value at year end of fixed assets, such as plant, land, and equipment, at original cost, less total accumulated depreciation, amortization, and depletion. Capital expenditures. Money spent for new fixed assets, such as plant, equipment, and land, and for replacement or modernization of facilities. Net sales. Gross sales, less allowances, and returns.
discounts,
Net income. Net sales and other income (except, in most cases, nonrecurring income) less operating costs, nonoperating charges, depreciation, depletion, interest, and taxes. Net income (breakdown). Per cent of sales: net income divided by net sales. Per cent of net worth: net income divided by net worth. Dollars per share: net income, less preferred dividends, divided by the number of shares of common stock outstanding. Dividends per share. Cash dividends paid (or declared) on each share of common stock during the year; excludes the value of stock dividends. Dividend yield (per cent of price). Dividends per share divided by the average of the high and low prices of the common stock during the calendar year. Stock price range. High-low market prices of common stock during the calendar year. Price-earnings ratio. Average of high and low prices of the common stock during the calendar year divided by net income per share of common stock.
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