Financial data MANUFACTURERS' SHIPMENTS Millions of dollars
All manufacturing industries Chemicals and allied products Industrial chemicals, except pigments Petroleum and coal products Rubber and plastics products Paper and allied products a C&EN estimates.
1960
1968
1969
1970
1971a
$369,555 26,585 8,857 16,764 7,677 14,619
$604,602 46,465 15,201 22,267 14,265 24,208
$656,717 48,698 16,551 24,555 16,552 26,951
$666,648 49,611 16,812 26,028 17,968 28,282
$695,000 53,000 17,800 27,500 19,000 30,000
Source: Department of Commerce, Bureau of the Census
SALES AND PROFITS OF C&EN's TOP 50 CHEMICAL COMPANIES Rank 1970
Company
1 2 3 4 5 6 7 8 9 10
Du Pontd Union Carbide Monsanto Dow Standard Oil (N.J.) Celanese W. R. Grace Allied Chemical Hercules Occidental Petroleum
11 12 13 14 15 16 17 18 19 20
Chemical sa les* Mill ions of dollars 1968 1969 1970
Total revenues** Milli ons of dollars 1968 1970 1969
Profit margiinb.* 1968 1970 1969
Company SIC class
$3250 1675 1711 1450 933 917 958 869 639 571
$3220 1815 1735 1570 1004 1028 1015 895 642 625
$3224 1876 1716 1643 1007 999 894 837 687 658
$3481 2686 1810 1723 15873 1256 1761 1278 718 1815
$3655 2933 1964 1876 16900 1250 1812 1316 746 2059
$3664 3026 1995 1911 18697 1037 1938 1249 799 2402
American Cyanamid FMC Eastman Kodak Shell Oil Stauffer Chemical Rohm and Haas Mobil Oil Ethyl Corp. Gulf Oil Standard Oil (Ind.)
522 625 507 513 478 423 417 331 315 342
576 620 522 552 499 448 444 382 315 383
602 599 537 526 483 445 406 402 400 392
1040 1387 2644 4008 478 428 7089 512 5657 3994
1067 1409 2747 4276 499 453 7573 517 6238 4322
1158 1330 2785 4331 483 454 8310 565 6720 4623
8.3 5.5 14.2 7.8 6.5 8.1 6.0 6.2 11.1 7.8
8.3 4.8 14.6 6.8 6.5 7.4 5.7 6.4 9.9 7.5
7.5 4.4 14.5 5.5 5.4 5.6 5.8 6.3 8.2 6.8
281 281 383 291 281 281 291 281 291 291
21 22 23 24 25 26 27 28 29 30
Cities Service Phillips Petroleum Borden Ashland Oil Diamond Shamrock Continental Oil PPG Industries Olin NL Industries Pfizer
358 358 354 342 314 333 261 298 275 272
361 377 394 342 327 325 310 322 296 293
386 382 381 353 347 329 317 312 312 301
1461 2130 1681 1082 528 2443 1058 1011 876 736
1595 2227 1756 1151 555 2607 1161 1167 938 818
1743 2304 1827 1423 570 2964 1110 1136 923 883
8.3 6.4 2.8 4.8 6.5 6.1 4.6 5.4 5.8 8.8
8.0 5.7 2.7 4.5 5.5 5.6 4.7 4.3 5.4 8.8
6.8 5.1 2.9 3.6 5.3 5.4 2.8 2.3 4.1 9.1
291 291 202 291 281 291 321 281 285 283
31 32 33 34 35 36 37 38 39 40
United States Steel 1 Swift & Co.d El Paso Natural Gas Standard Oil of Calif. B. F. Goodrich 3M Company Tenneco Air Products Koppers Akzona6
250 170 na na 240 232 242 185 199 na
290 248 na 268 272 261 251 203 221 na
293 288 277 270 266 255 251 250 241 230
4609 2832 na na 1144 1466 2101 205 449 na
4825 3114 na 4674 1235 1631 2493 224 536 na
4883 3085 927 5087 1208 1704 2573 263 536 364
5.5 0.5 na na 3.9 11.4 7.5 •5.8 3.6 na
4.5 0.7 na 9.7 3.2 11.0 6.6 6.2 3.4 na
3.0 0.9 4.9 8.9 1.0 11.0 6.1 5.7 2.2 6.9
331 201 492 291 301 283 291 281 281 281
41 42 43 44 45 46 47 48 49 50
BASF Wyandotte6 Airco Chemetron Firestone Tire & Rubberd Pennwalt Goodyear Tire & Rubber Merckd Lubrizol Dart Industries Reichhold
na 254 179 na 208 160 154 149 na 161
na 260 232 184 200 175 173 163 184 181
228 227 226 200 197 193 190 184 179 178
na 440 244 na 407 2941 617 151 na 161
na 491 301 2302 410 3236 693 166 708 181
228 441 300 2359 414 3217 761 187 711 178
na 4.4 4.1 na 5.6 5.0 15.2 11.0 na 4.1
na 4.1 3.7 5.1 4.2 4.9 14.7 10.8 6.3 4.0
na 3.9 2.5 3.9 3.0 4.0 14.9 11.7 5.6 1.8
na 281 281 301 281 301 283 289 283 281
a All financial data for fiscal years; total revenues include interest, other revenues when available, b Calculated by dividing after-tax earnings by total revenues, c According to the "Directory of Companies Filing Annual Reports with the Securities and Exchange Commission," June 1969. d C&EN estimates, e Company formed in 1970; data for previous years restated to reflect current organization, f Fig36A C&EN SEPT. 6, 1971
10.7% 5.8 6.0 7.5 8.0 4.6 3.3 3.2 5.4 7.4
9.7% 6.4 5.6 7.9 7.4 6.1 2.0 5.2 5.9 8.5
9.0% 5.2 3.9 6.9 7.0 4.9 2.6 3.4 6.2 7.3
281 281 281 281 291 281 281 281 281 509
ures show actual results in a given year and do not reflect subsequent reorganizations of companies, na = not available. SIC Classifications are as follows: 201 Meat; 202 Dairy; 281 Basic chemicals; 283 Drugs; 285 Paints; 289 Other chemicals; 291 Petroleum; 301 Tires; 321 Glass; 331 Iron and steel; 383 Photo equipment; 492 Gas; 509 Miscellaneous wholesaler.
MANUFACTURERS' INVENTORIES E N D OF YEAR Millions of dollars
All manufacturing industries Chemicals and allied products Industrial chemicals, except pigments Petroleum and coal products Rubber and plastics products Paper and allied products
1960
1968
1969
1970
1971 a
$53,814 3,343 1,044 1,706 1,045 1,563
$88,239 5,943 2,005 2,107 1,795 2,367
$95,475 6,635 2,300 2,262 1,882 2,613
$99,119 7,193 2,346 2,546 1,962 2,793
$100,000 7,500 2,500 2,650 2,050 2,850
a C&EN estimates. Source: Department of Commerce, Bureau of the Census
BALANCE SHEET, CHEMICAL AND ALLIED PRODUCTS INDUSTRY 1966 Millions % of of dollars total
1967 Millions % of of dollars total
1968 Millions % of of dollars total
1969 Millions % of of dollars total
1970 Millions % of of dollars total
Assets Current assets Cash and government securities Receivables Inventories Other current assets
$ 3,212 6,028 7,500 1,392
8.3% 15.5 19.3 3.6
$ 2,989 6,612 8,313 1,687
6.9% 15.3 19.3 3.9
$ 3,414 7,190 8,710 2,076
7.5% 15.8 19.1 4.6
$ 3,052 8,145 9,736 2,192
6.2% 16.5 19.7 4.4
$ 2,946 8,748 10,838 2,190
5.5% 16.4 20.4 4.1
Total current assets
$18,132
46.7%
$19,601
45.5%
$21,390
47.0%
$23,125
46.8%
$24,722
46.4%
Gross plant, property and equipment Reserve for depreciation and depletion (deduct) Net plant, property and equipment Other noncurrent assets Total assets Liabilities Current liabilities Short-term loans Accounts and notes payable Accrued income taxes Long-term debt payable within one year Other current liabilities Total current liabilities Long-term debt due in more than one year Other noncurrent liabilities
33,545
86.3
37,398
86.8
39,161
86.0
42,094
85.2
45,273
85.0
16,083
41.4
17,825
41.4
18,945
41.6
20,414
41.3
21,756
40.9
17,462 3,271
44.9 8.4
19,573 3,913
45.4 9.1
20,216 3,947
44.4 8.7
21,680 4,572
43.9 9.3
23,517 5,007
44.2 9.4
100.0%
$43,087
100%
$45,553
100.0%
$49,378
100.0%
$53,246
100.0%
1.7%
$ 1,003
$ 1,222
2.7%
$ 1,507
3.1%
$ 1,758
3.3%
$38,866
$
667
2.3%
2,472 1,520
6.4 3.9
2,701 1,115
6.3 2.6
2,918 1,190
6.4 2.6
3,337 1,191
6.8 2.4
3,527 1,285
6.6 2.4
345
0.9
408
1.0
434
1.0
541
1.1
668
1.3
2,091 7,095
5.4 18.3
2,425 7,652
5.6 17.8
2,815 8,579
6.1 18.8
3,178 9,754
6.4 19.8
3,303 10,541
6.2 19.8
6,831
17.5
8,019
18.7
8,352
18.3
9,063
18.3
10,025
18.9
1,335
3.4
1,546
3.6
1,731
3.8
1,926
3.9
2,103
3.9
Total liabilities
$15,261
39.3%
$17,217
40.0%
$18,662
41.0%
$20,743
42.0%
$22,669
42.6%
Net worth Capital stock, capital surplus, and minority interest Earned surplus and reserves
$ 8,437
21.7%
$ 9,254
21.5%
$ 9,426
20.7%
$ 9,910
20.1%
$10,387
19.5%
Total net worth
$23,606
60.7%
$25,871
60.0%
$26,891
59.0%
$28,637
58.0%
$30,576
57.4%
Total liabilities and net worth
$38,866
100.0%
$43,087
100.0%
$45,553
100.0%
$49,378
100.0%
$53,246
100.0%
15,169
39.0
16,617
38.6
17,465
38.3
18,727
37.9
20,189
37.9
Sources: Securities and Exchange Commission; Federal Trade Commission SEPT. 6, 1971 C&EN
37A
FINANCIAL DATA, continued 10-YEAR FINANCIAL PERFORMANCES Billions of dollars, unless otherwise noted
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
Basic chemical industry Sales After-tax earnings As % of sales As % of stockholders' equity Stockholders' equity a
$13.0 1.06 8.1% 10.4% 10.2
$14.3 1.21 8.5% 11.7% 10.4
$15.8 1.33 8.5% 12.5% 10.7
$18.4 1.59 8.7% 13.8% 11.5
$20.9 1.74 8.3% 13.8% 12.7
$23.6 1.90 8.1% 13.6% 13.9
$24.4 1.60 6.5% 10.7% 14.9
$26.2 1.65 6.3% 11.1% 14.9
$27.2 1.62 6.0% 10.4% 15.7
$27.5 1.37 5.0% 8.4% 16.2
Chemical and allied products Sales After-tax earnings As % of sales As % of stockholders' equity Stockholders' equity a
27.8 2.05 7.4% 11.6% 17.7
30.3 2.24 7.4% 12.3% 18.2
32.4 2.43 7.5% 12.9% 18.8
36.3 2.86 7.9% 14.3% 20.0
40.1 3.19 7.9% 14.7% 21.6
44.5 3.47 7.8% 14.7% 23.6
47.5 3.26 6.9% 12.6% 25.9
52.0 3.53 6.8% 13.1% 26.9
55.5 3.59 6.5% 12.5% 28.6
58.1 3.43 5.9% 11.2% 30.6
All manufacturing industries Sales After-tax earnings As °/o of sales As % of stockholders' equity Stockholders' equity a
356 15.3 4.3% 8.7% 176
390 17.7 4.6% 9.6% 184
413 19.5 4.7% 10.1% 192
443 23.2 5.2% 11.4% 204
492 27.5 5.6% 12.6% 218
554 30.9 5.6% 13.0% 237
575 29.0 5.0% 11.4% 254
632 32.1 5.1% 11.7% 273
695 33.3 4.8% 11.2% 297
709 28.6 4.0% 9.2% 311
a Year-end figures. Sources: Federal Trade Commission; Securities and Exchange Commission
SOURCES AND APPLICATIONS OF FUNDS, MAJOR U.S. CHEMICAL COMPANIES 1967
1966 Sources
Net income Depreciation and depletion Deferred taxes Other corporate sources Long-term debt Sale of stock Total
1968
1970
1969
Millions of dollars
% of total
Millions of dollars
% of total
Millions of dollars
% of total
Millions of dollars
% of total
Millions of dollars
% of total
$1895 1237 54 203 649 168 $4206
45.1% 29.4 1.3 4.8 15.4 4.0 100.0%
$1725 1399 65 161 769 107 $4226
40.8% 33.1 1.5 3.8 18.2 2.5 100.0%
$1831 1506 63 403 522 94 $4419
41.4% 34.1 1.4 9.1 11.8 2.1 100.0%
$1966 1591 89 398 541 99 $4684
42.0% 34.0 1.9 8.5 11.5 2.1 100.0%
$1839 1692 88 593 901 87 $5200
35.4% 32.5 1.7 11.4 17.3 1.7 100.0%
$1044
24.8%
$1073
25.4%
$1133
25.6%
$1153
24.6%
$1180
22.7%
229 2536 107 290 $4206
5.5 60.3 2.5 6.9 100.0%
187 2408 173 385 $4226
4.4 57.0 4.1 9.1 100.0%
512 2022 368 384 $4419
11.6 45.7 8.3 8.7 100.0%
328 2389 263 552 $4684
7.0 51.0 5.6 11.8 100.0%
349 2788 434 449 $5200
6.7 53.6 8.4 8.6 100.0%
Applications
Dividends Addition to working capital Capital expenditures Reduction of long-term debt Other applications Total
Sources: Annual reports of 25 leading chemical and allied products companies—Abbott Laboratories (1969-70), Airco, Allied Chemical, American Cyanamid, American Home Products, Bristol-Myers, Celanese, Diamond Shamrock, Dow Chemical, Du Pont, GAF, Hercules, Hooker Chemical (1966), Eli Lilly, Merck, Monsanto, Oh'n, Parke-Davis (1966-68), Pen nwalt (1967-70), Pfizer, Rohm and Haas, Smith Kline & French, Stauffer Chemical, Sterling Drug, Union Carbide, Upjohn, Warner-Lambert
CAPITAL EXPENDITURES FOR POLLUTION CONTROL Millions of dollars
All manufacturing Chemical and allied products Petroleum and coal products Rubber products Paper and allied products Textile mill products Nondurable goods industries Durable goods industries Source: The Conference Board 38A
C&EN SEPT. 6, 1971
CHEMICAL CAPITAL SPENDING BY FOREIGN AFFILIATES OF U.S. CORPORATIONS
1968
1969
1970
$289.5
$394.0
$487.2
50.3 85.9 7.6 26.5 1.4 182.4 107.1
59.3 89.8 9.7 44.2 1.0 218.7 175.3
95.7 96.7 9.5 100.7 2.9 331.4 155.7
Millions of dollars
1968
1969
1970
1971
Canada Latin America Europe Common Market Other Europe Other areas
$ 158 $ 169 $ 181 $ 184
Total
179
198
176
196
313
288
431
561
210
195
268
344
348
268
298
285
$1208
$1118
$1354
$1570
Source: Department of Commerce, Office of Business Economics
WORLDWIDE CAPITAL INVESTMENT BY 20 MAJOR CHEMICAL COMPANIES Millions of dollars
1968
1969
1970
Celanese Chemetron Diamond Shamrock Dow Chemical Du Pont
127 20 55 306 332
176 31 42 371 391
132 23 57 348 471
FMC W. R. Grace Hercules Koppers Monsanto
70 135 109 32 135
79 136 64 40 220
71 110 91 40 301
Olin Pennwalt Rohm and Haas Stauffer Chemical Union Carbide Total
79 16 39 21 347
77 21 54 54 322
90 32 85 47 394
$2065 $2488 $2666 na
Millions of dollars
1971
36 $ 44 $ 46 $ 50-55 35 55 50 45 22 30 46 55a 92 185 139 140 57 96 93 110-120
Air Products Airco Akzona Allied Chemical American Cyanamid
a C&EN estimates,
R&D EXPENDITURES BY DRUG COMPANIES
not available.
195 23 na 325
1968
$610.0 55.0 $665.0
R&D expenditures for veterinary-use drugss1b U.S. $32.3 $30.5 na Foreign
3.5
3.3
Total
$35.8
$33.8
na
na na
$44.8
$59.3
500+ Outside R&D spending by drug companies
90 110-120
55 35a 250 85-90
na 90 50a
R&D expenditures for human-use drugs0
$53.9
$51.5
$66.8
$86.6
1.7
1.9
5.8
15.2
R&D expenditures for veterinary-use drugs c
a PMA estimates, b Company-financed R&D expenditures spent within and outside the f i r m , c Company-financed R&D expenditures spent outside the firm both within the U.S. and in foreign countries, na = not available. Source: Pharmaceutical Manufacturers Association
375-400 $2730a
Source: Company data
WORLDWIDE AND DOMESTIC CAPITAL INVESTMENT BY U.S. CHEMICAL INDUSTRY 1968
1971 a
R&D expenditures for human-use drugsb U.S. $410.4 $464.1 $533.2 Foreign 39.1 41.7 47.0 $580.2 Total $449.5 $505.8
DEBT STRUCTURE Billions of dollars, unless otherwise noted
Billions of dollars
1970 a
1969
1969
1970
1971
Chemical and allied products industry Domestic spending 4 $2.83 $3.10 Worldwide spending b 2.39 2.89
$3.44 3.08
$3.36 3.14
a Securities and Exchange Commission estimates for new plant and equipment, b C&EN estimates.
1968
1969
1970
$ 6.09 14.86 29.1%
$ 6.44 15.65 29.2%
$ 6.97 16.20 30.1%
Chemicals and allied products Long-term debt 8.35 Stockholders' equity 26.89 Debt ratio, % a 23.7%
9.06 28.64 24.0%
10.03 30.58 24.7%
All manufacturing industries Long-term debt 79.1 Stockholders' equity 273.2 Debt ratio, % a 22.5%
90.7 297.1 23.4%
102.5 310.8 24.8%
Basic chemical industry Long-term debt Stockholders' equity Debt ratio, % a
a Debt ratio is long-term debt as percentage of long-term debt plus stockholders' equity. Source: Securities and Exchange Commission
Quarterly chemical industry stock price index3 Stock price index, 1954=100 300
200
J
)|
t!*'*'
t
»MI
I,
t
*
High Close Low 100
1961
1963
1965
1967
1969
'•I 1971
a Weighted stock price index of Allied Chemical, American Cyanamid, Celanese, Dow Chemical, Du Pont, Monsanto, and Union Carbide; weighted according to number of shares outstanding for each company; based on opening of business. Source: C&EN
SEPT. 6, 1971 C&EN
39A
FINANCIAL DATA, continued CORPORATE FINANCIAL GIVING BY VARIOUS INDUSTRIES Percentage of pretax net income Education Welfare and other 1966 1968 1968 1966
Chemicals (31 ) a 0.49% 0.46% Electrical machinery (17) 0.36 0.49 Fabricated metal 0.30 (11) 0.27 Food, beverage, tobacco (16) 0.37 0.37 Machinery (12) 0.41 0.44 Mining (2) 0.12 0.13 Paper 0.35 (16) 0.32 Petroleum, gas 0.27 (23) 0.26 Primary metal 0.58 (17) 0.41 Printing, publishing (8) 0.84 2.03 Stone, clay, glass (6) 0.39 0.46 Textiles (5) 0.48 0.56 Transportation equipment (14) 0.50 0.37 All companies (342) 0.32°/o 0.34%
Profit margins8 Actual dollar contribution to education 5 1968 1966
Per cent
$19.0 $ 19.1
0.37%
0.47%
0.32
0.34
9.3
17.7
0.50
0.52
0.8
1.0
0.48
0.63
4.0
4.6
0.64
0.70
1.1
1.4
0.14
0.22
0.4
0.3
0.32
0.55
2.3
2.6
0.33
0.23
13.9
17.6
0.51
0.63
7.0
8.3
0.61
0.62
0.9
2.3
0.93
0.81
1.2
1.4
0.45
0.81
1.4
1.7
0.58
0.68
10.6
9.2
1962
1964
1966
1968
1970
a After-tax earnings as percentage of sales, running 12-month totals. Sources: Federal Trade Commission; Securities and Exchange Commission
Return on investment8 Per cent
0.42% 0.48%
$88.6 $105.9
a Numbers in parenthesis are number of companies by type in survey, b The total amount contributed to education by the companies by type in the survey in millions of dollars.
BUSINESS COSTS AS PERCENTAGE OF GROSS REVENUE Employment costs
Du Pont Union Carbide a Monsanto Dow Hercules FMC Rohm and Haas Koppers Akzona Airco
1961
1968
1969
1970
30.1% 28 23.7 28.9 35.4 28.2 23.4 30.5 28.5 31.3
31.0% 30.6 23.9 25.5 35.1 31.9 27.4 26.9 26.9 28.2
32.6% 30.6 24.9 25.3 35.0 32.1 28.2 27.7 27.4 27.6
34.4% 31.8 26.0 25.6 33.9 33.4 30.2 28.1 26.0 29.6
35.2 52.5 49.0 52.4 61.0 57.1
35.9 53.8 49.8 53.7 59.6 57.9
37.5 56.1 51.0 53.4 60.6 55.9
Materials and other operating costs
Du Pont Monsanto Dow FMC Koppers Airco
36.1 50.9 44.6 55.9 57.6 48.8
a Based on domestic operations only, Sources: Annual reports of basic chemical industry 40A
C&EN SEPT. 6, 1971
1962
1964
1966
1968
1970
a Running 12-month after-tax earnings as percentage of stockholders equity at enu of period. Sources: Federal Trade Commission; Securities and Exchange Commission
HIGHEST RETURN ON STOCKHOLDERS' EQUITY, 1970 Profits, % of net worth
A.H.Robins G. D. Searle American Home Products Smith Kline & French Merck Bristol-Myers Rorer-Amchem Schering-Plough Richardson-Merrell Miles Laboratories
1969
HIGHEST PROFIT MARGINS, 1970 1970
30.3% 28.5 28.4 26.3 24.1 23.6 23.3 22.5 21.4 21.0
36.0% 29.1 29.2 26.1 23.9 24.7 23.1 24.2 20.0 32.1
LOWEST RETURN ON STOCKHOLDERS' EQUITY, 1970 Detrex Chemical Commercial Solvents B. F. Goodrich International Minerals Kawecki Berylco GAF Universal Oil Products Ventron Reichhold Chemicals Virginia Chemicals
4.4% 3.5 6.7 1.6 7.8 6.0 8.7 15.1 9.9 13.2
Profits, % of sales
1969
Texas Gulf Sulphur Lawter Chemicals Eli Lilly G. D. Searle Merck International Flavors Eastman Kodak Texaco Schering-Plough Rorer-Amchem
25.6% 15.5 15.5 17.4 15.6 14.4 14.6 13.1 12.8 13.1
1970
20.9% 16.4 15.9 15.8 15.2 14.7 14.5 12.9 12.9 12.7
LOWEST PROFIT MARGINS, 1970 0.3% 1.6 2.1 2.3 3.2 3.2 3.3 4.3 4.3 4.4
Detrex Chemical International Minerals Commercial Solvents Swift Universal Oil Products B. F. Goodrich GAF Uniroyal Virginia Chemicals Reichhold Chemicals
1.6% 0.6 2.1 3.3 3.2 2.5 3.0 5.4 4.0
0.1% 0.9 0.9 0.9 1.0 1.0 1.4 1.6 1.8 1.8
Note: Excludes companies with a net loss in 1970—Cook Paint an d Varnish, Essex Chemical, Inmont, and Signal. Source: Company financial data
Company data The following pages present four years of significant financial data for 132 leading companies in the chemical process industries. The figures are for the calendar years 1967-70 unless otherwise indicated. C&EN has published similar data in each of its Facts & Figures supplements since 1956. Six companies have been added to the section this year: Ferro Corp., Great Lakes Chemical Corp., Philip A. Hunt Chemical Corp., Kewanee Oil Co., Swift & Co., and Wilson Pharmaceutical & Chemical Corp. As a result of mergers, four companies are no longer listed: Atlas Chemical Industries, International Salt Co. (now part of Akzona, Inc.), Parke, Davis & Co., and Stein, Hall & Co.
Explanation of table headings Total assets. Year-end sum of current assets, investments, prepaid expenses, net plant and equipment, and other tangible assets. Current ratio. Current assets—including U.S. securities but excluding prepaid expenses-divided by current liabilities. Net worth. Year-end equity of preferred and common stock holders (includes contingency and other indefinite reserves). Net plant and equipment. Year-end value of fixed assets at original cost less accumulated depreciation, amortization, and depletion.
Several companies listed previously now have new names: Air Reduction Co. to Airco, Inc.; American Enka Corp. to Akzona, Inc.; Borden Co. to Borden, Inc.; Freeport Sulphur Co. to Freeport Minerals Co.; National Lead Co. to N L Industries, Inc.; and Schering Corp. to Schering-Plough Corp. 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 figures in many instances to make them as comparable and consistent throughout as possible. Intangible assets (goodwill, value of patents and trademarks, and the like) have been deducted from total assets and net worth. Contingency and other indefinite reserves have been included in net worth. Prepaid expenses gen-
erally have been deducted from current assets in calculating the current ratio. Nonrecurring or extraordinary credits and charges have been excluded from reported net income insofar as possible, but have been indicated by a footnote. Figures presented on a per-share-ofcommon-stock basis have been adjusted for stock splits, but no adjustment has been made in previous years' figures as a result of stock dividends. 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 of the Federal Trade Commission and the Securities and Exchange Commission.
Capital expenditures. Money spent for new fixed assets-plant, equipment, land-and to replace or modernize facilities. Net sales. Gross sales, less discounts, allowances, returns, and excise taxes. Net income. Net sales and other income, less operating costs, nonoperating charges, depreciation, depletion, interest, and taxes. Net income (breakdown). Per cent off sales: net income divided by net sales. Per cent off worth: net income divided by net worth. Dollars per share: net income, less preferred dividends, by number of shares of common stock outstanding.
Dividends per share. Cash dividends paid or declared on each share of common stock during the year; this figure excludes value of stock dividends. Dividend yield (per cent of price). Dividends per share divided by average of high and low prices of common stock during calendar year. Stock price range. High-low market prices of common stock during calendar year. Price-earnings ratio. Average of high and low prices of common stock during calendar year divided by net income per share of common stock. SEPT. 6, 1971 C&EN 41A
