REDUCING TO PRACTICE CERTAIN DISCOVERIES RELATING TO THE OPTICAL PHENOMENA OF REAR PROJECTION SCREENS

• Document Type: CREST
• Collection: NGA Records (Formerly NIMA)
• Document Number (FOIA) /ESDN (CREST): CIA-RDP79B00873A001900010118-4
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 53
• Document Creation Date: December 28, 2016
• Document Release Date: September 6, 2012
• Sequence Number: 118
• Publication Date: January 31, 1968
• Content Type: REPORT

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A Quotation
For
"REDUCING TO PRACTICE CERTAIN DIS-
COVERIES RELATING TO THE OPTICAL
PHENOMENA OF REAR PROJECtION SCREEN'S"
Submitted to:
THE UNITED STATES GOVERNMENT
Electronics
Research
MI*
?
1.4
CORNING
ELECTRONICS
A DIVISION OF CORNING GLASS WORKS
RALEIGH, NORTH CAROLINA
STAT
NPIC #27/68 Copy #3 (B)
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ELECTRONIC PRODUCTS DIVISION
CORNING GLASS WORKS
00 NING
RALEIGH, NORTH CAROLINA
January 31, 1968
3900 ELECTRONICS DRIVE
ZIP 27604
TEL: [phone]
Corning Glass Works wishes to submit the enclosed
unsolicited proposal for "REDUCING TO PRACTICE CERTAIN DIS-
COVERIES RELATING TO THE OPTICAL PHENOMENA OF REAR PROJECTION
SCREENS."
The estimated cost is
fixed fee and covers a 14 months' program.
which includes a
The proposal relates to the evaluation and applica-
tion of materials; some of which are the result of Corning's
inventions in the composition, processing, and manufacturing
of glass. Improvements which may be made thereon in the
course of work being performed under the proposed program would
be regarded as "Subject Inventions" under which the Government
would obtain free and non-exclusive rights for Government end-
use in accordance with the provisions of ASPR9-107.5(b)1. Tt
is not our intent to grant to the Government rights under any
background inventions or technology, including glass composi-
tion and processing.
STAT
STAT
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_Page Two
January 31, 1968
We feel confident that the work described will
result in significant improvements in screen performance in
?the most critical areas. We look forward to continuing the
program and trust that you are in accord with our proposed
approach.
If we can be of service or If more information, is
required, please contact the writer.
Sincerely,
CORNING GLASS WORKS
Manager, Product Planning
MRS:ngw
Enclosures (6)
STAT
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STAT
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A QUOTATION
For
"REDUCING TO PRACTICE CERTAIN DISCOVERIES
RELATING TO THE OPTICAL PHENOMENA OF
REAR PROJECTION SCREENS"
Submitted to
THE UNITED STATES GOVERNMENT
By
Corning Glass Works
Technical Staffs Division
Electronic Research Laboratory
3800 Electronics Drive
, Raleigh, North Carolina 27602
January 31, 1968
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-COST & PRICE ANALYSIS
NAME & ADDRESS OF OFFEROR:
TITLE OF PROJECT:
Corning Glass Works
Technical Staffs Division
.Electronic Research Laboratory
3800 Electronics ?Drive
Raleigh North Carolina 27602
"Reducing To Practice Certain
Discoveries Relating To Th. Optical
- Phenomena Of Rear Projection Screens"
STAT
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Works 1966 Annual Report
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'Corning Glass Works 1966 Annual Report
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Corning Glass Works 1966 Annual Report
for the fiscal year ended January 1,1967
115th year of operation
Administrative Headquarters, Houghton Park
Corning, New York 14830
Contents
COVER: Two 56-inch diameter glass
hemispheres will form transparent hull of
research vehicle for ocean bottom exploration.
1. Highlights
2. Review by Chairman and President
5. Operating Summary
25. Representative Products
29. Officers
30. Directors
31. Plants and Offices
32. Subsidiaries and Associates
33. Financial Summary
35. Financial Statements
39. Opinion of Independent Accountants
40. Ten-Year Financial History
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Highlights
For the Year
Consolidated net sales
Consolidated net income
Dividends paid
Expenditures for plant and
equipment
Depreciation and amortization
Per Share of Common Stock
Net income
Dividends paid
Equity in undistributed earnings
of associated and subsidiary
companies not consolidated
Other Data
Net income to sales
Net income to total
stockholders' equity
Number of common and pre-
ferred stockholders of record
on last dividend date
Number of common shares
outstanding at year-end
Number of employes (average)
1966 1965
$444,139,133 $340,471,141
54,173,845 38,688,621*
22,329,258 17,188,660
73,661,568 31,475,476
21,209,317 18,232,583
$7.90 $5.64*
3.25 2.50
1.38 1.18
12.2% 11.4%
21.4% 17.6 %
14,510 14,494
6,843,602
18,430
NET INCOME
6,852,043
21,372
*Exclusiveof non-recurring capital gain of $1,279,499
600
400
209
0
1957 58 59 60 61 62 63 64 65 66
Dollars in Millions
NET SALES Dollars in Millions
60
40
20
1957 58 59 60 61 62 63 64 65 66
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To Our Stockholders
During 1966 Corning Glass Works achieved record
growth in sales volume, earnings, physical plant,
and employment.
Sales were $444,139,133, an increase of 30.4 percent
above 1965, and nearly double those of five years
ago. Earnings of $54,173,845 were 40.0 percent above
the previous year, and were twice those of 1961.
To meet the demands of today's markets and to
anticipate those of tomorrow's, substantial sums
were spent for new plant and equipment and for
increased research and development. Approximately
3,000 new jobs were created as employment
exceeded 21,000.
Marketing Growth
Sales growth came from two directions: greater
business in existing markets and further expansion
in new fields. Products for color television played
an important role in the year's growth. However,
without exception every major division
increased its volume and contributed
to the 1966 level of earnings.
Continued attention to customer needs prompted
the development of many improved products.
Among the new areas experiencing unusual
expansion were those of hydrospace products,
integrated circuits, and fiber optics.
As evidence of the impact of research on the
company's growth, more than 40 percent of 1966
sales were from products not in full-scale
commercial production 10 years ago.
Physical Plant
This past year Corning embarked on the most
extensive facilities expansion program in its
115-year history. Expenditures for plant and
equipment in 1966 totaled $73,661,568, a sum
nearly equal to the depreciated value of the
company's entire physical properties in 1960.
Construction was either completed or started on
nine new manufacturing plants, four of them outside
the United States. Fourteen plants were enlarged,
including one overseas. The additional manufac-
turing area increased production facilities 18
percent, and nearly equaled all manufacturing
expansion of the five preceding years.
Decentralization
The company each year produces many thousands
of different products. For effective direction,
operating responsibility is decentralized into 16
major divisional groups, and then further into 230
product departments.
Such organization encourages individual initiative
and provides the flexibility needed to meet today's
fast-changing demands.
To a large measure the success of this decentralized
organization depends upon a mixture of youth and
experience. The average age of the 23 corporate
officers is 51 years. Directly supporting them are 175
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managers who, on the average, are 41 years old and
have had approximately 13 years of service with
the company.
Acknowledgment
We report with deep regret the death of two young,
outstanding Vice Presidents?LeRoy A. AmyIon and
Malcolm H. Hunt?and a retired Honorary Vice
President, Dr. Jesse T. Littleton. Dr. Littleton was
one of the company's first physicists and later served
as Director of Research.
Vice Presidents elected during the year were Julian
H. Allen, Director of Manpower Development;
Edward C. Leibig, Assistant to the President; and
Dr. Thomas C. MacAvoy, General Manager of the
Electronic Products Division. John E. Sheehan,
continuing as President of Corhart Refractories
Company, was elected its Chief Executive Officer.
Growth comes only as the result of extraordinary
effort on the part of many. We greatly appreciate
the continued contribution of all employes who
made possible this outstanding year. The results
are a tribute to their skill and loyalty in meeting the
challenges of the past year.
CHAIRMAN OF THE BOARD
PRESIDENT
Corning, New York, February 20, 1967
AMORY HOUGHTON, IR.
R. LEE WATERMAN
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Glass-ceramic wall cladding (left) offers beauty and strength
for the architectural market. A 110-inch diameter fused
silica telescope mirror blank (top) is prepared for final
polishing in customer's optical shop. Silicone rubber hinge
in chemically strengthened glass backlight (bottom) permits
space-saving storage in convertible's window well.
Technical Products
Growth in the industrial and scientific markets
accelerated in diverse fields ranging from glass
components for business machines to equipment
for the paper, chemical, and food industries.
A new operating department was formed to expedite
entry into the building products market. Renovation
commenced on a purchased facility at Oneonta,
N.Y., to fabricate glass-ceramic sheets for exterior
wall cladding.
High demand for telescope optics required
construction of a plant at Canton, N. Y. Plants at
Harrodsburg, Ky., and Danville, Va., began major
expansions to handle greater demands for optical
and ophthalmic glassware and production of an
improved radiation-shielding window, trademarked
CLEARSHIELD.
Increasing acceptance of Corning's laboratory
instruments, appliances, and glass electrodes made
it necessary to double the size of a leased facility at
Medfield, Mass.
Corning continued its participation in advance
technologies through development of windows for
the Apollo lunar module and glass spheres for
underseas exploration. Construction will start early in
1967 on a new facility to produce these items.
For the transportation markets, development
proceeded on CERCOR heat exchangers for gas
turbine engines. Additional capacity is being
installed at the Blacksburg, Va., plant to produce
chemically strengthened sheet glass.
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New flame-proof resistor (left), developed primarily for
television receivers, undergoes comparison test with
conventional resistor. Signetics integrated circuit, magnified
approximately 35 times above, is later encapsulated (top) in
Corning-designed glass package.
Electronic Products
Capitalizing on the unique advantages of glass and
glass-ceramic materials for electronic applications,
Corning expanded its business in that market.
Microminiature glass-ceramic capacitors were
produced in commercial quantities this year. At
the same time, demand remained high for standard
glass capacitors.
Further penetration of the film resistor market was
achieved through the sale of new precision resistors.
Due primarily to product quality, these components
exceeded the growth rate of the market. Another
new type resistor was designed specifically for the
television industry. Other CORNING resistors were
used in greater numbers in computer circuits. To
help meet these demands, a plant was constructed
at Wilmington, N.C.
In a field closely related to electronics, CORNING
fluidic devices attracted customer interest. These
devices have great potential in areas such as the
machine-control market which, until now, has relied
on electro-mechanical instrumentation.
Substantial growth was achieved in the sale of
integrated circuits by Signetics Corporation, a
Corning subsidiary which is one of the leaders in
that field. Seventy-four percent of this company's
sales volume in 1966 came from products not in
commercial production two years ago. Signetics is
expanding its plant at Sunnyvale, Calif.; established
a branch plant at Provo, Utah; and is now
constructing a plant at Seoul, Korea.
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Corning's fiber optic faceplates are used in the
Apollo lunar camera (above). In addition to
producing glass bulbs for color television tubes
(right), Corning also supplies receiver tube bulbs
and resistors for color sets.
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Television Products
Television sales volume again reached high levels.
Color television sales rose rapidly due to the
accelerated expansion of the color television
industry. Black-and-white bulb sales were good,
despite the industry's emphasis on color television
set production.
Initial production quantities of 15-inch and 22-inch
rectangular bulbs for color television were shipped
to tube makers, supplementing the existing line of
19- and 25-inch rectangular color bulbs and the
original 21-inch round shape.
Expansions of color television facilities at Albion,
Mich., and Bluffton, Ind., were completed on
schedule. Another plant designed specifically for
the manufacture of color bulb parts is under
construction at State College, Pa. It is expected to
be in operation during the first half of 1967.
Demand continued at a high rate for reed switch
tubing for computers and for electronic switching
centers, semiconductor cases and parts, specialized
cathode ray tube bulbs, and bulbs for power and
receiver tubes.
Sales of fiber optic products gained significantly.
Applications of this new technology include optical
magnifiers and electronic image converters. Flexible
fiber optic devices are under development. A new
facility will be constructed in 1967 to produce
fiber optic products.
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Corning produces quartz tubing and glass envelopes for
mercury arc lamps (top) which give illumination equivalent to
six 100-watt bulbs in "Safeguard" light (below). Sealed beam
headlamp reflectors (right) are supplied to automotive industry.
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Lighting Products
Corning maintained its position as a major supplier
of glass for the lighting industry.
Demand was high for bulbs for incandescent and
fluorescent lamps, parts for sealed beam headlamps,
tubing and bulbs for photoflash lamps, and
specialized lighting ware.
As a result of the growth of these standard product
lines, sizeable expansion and modernization
programs were undertaken last year in plants at
Central Falls, R. I.; Corning, N. Y.; Danville, Ky.; and
Wellsboro, Pa.
Plant improvement is carried on as part of a
continuing program to provide facilities with the
latest available production equipment and tech-
niques. For example, capital expenditures in the
company's first branch plant at Wellsboro enabled
that plant to celebrate its 50th anniversary last year
by registering record levels of operating efficiency.
The lighting products market is one of those served
for many years by the company, and development
of new products continues to strengthen Corning's
role in this important industry.
New products produced in commercial volume last
year included amber bulbs for automotive turn
signal lamps, bulbs coated with reflective coatings
of aluminum and by a newly developed wet silvering
process, and solid-color lenses for high-wattage
sealed beam lamps.
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Prepare
Chill
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Consumer Products
Continued progress was made in the development
and sale of products for food-handling?including
items designed for the home and for commercial use.
Demand for both PYREX ware and CORNING WARE
utensils was substantially ahead of 1965 volume.
CORNING WARE products with platinum filigree
decorations were designed for use as coordinates
with CENTURA tableware. Early in 1967, a 12-piece
PYREX brand Hearth Group of mugs, bowls, and
bake-and-serve sets was introduced. These products
combine the basic shapes, styles, and colors of
"Early American" utensils.
Substantial sales gains were made in the commercial
tableware field, both with PYREX brand and
PYROCERAM brand products. The physical properties
of heat resistance and extraordinary mechanical
strength of these products offer significant benefit
to restaurants, schools, hospitals, and military
installations.
Corning food-serving products are now airborne.
Four major airlines have purchased dishes for
in-flight serving.
Several new products were introduced in the
CENTURA brand tableware line, including color
accent pieces in the form of mugs and serving dishes.
The sales forces handling PYREX ware, CORNING
WARE products and CENTURA tableware were
combined. PYREX ware and CORNING WARE utensils
continue to be sold through the company's whole-
sale distributor network; CENTURA tableware,
through franchised retailers.
Corning's products for the home offer the
housewife utility, beauty, and versatility.
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NING WARE
SOT. SAUCEPAN
CORHART steel refractory billets (left) are cured after casting.
The Canadian market for Corning products is served from a
plant at Leaside, Ontario (top). Corning Packaging Company
produces a wide variety of corrugated paper and foamed
plastic packaging materials (bottom).
Other Markets
Paper and expanded foam polystyrene product
demand continued high as the Corning Packaging
Company served the retail, industrial, and specialty
markets with a wide variety of functional and
promotional packages. This division increased its
sales penetration of the photographic and consumer
electronics markets with foam plastic packaging.
The automotive, toy, electronics, and furniture
markets are now also served with paper product
packaging of new design.
Fused and bonded refractory sales increased to the
steel, glass, and copper industries. Corhart
Refractories Company, Inc., a Corning Glass Works
subsidiary, continued both to expand its service
to the steel industry and to broaden its sales outside
the traditional glass and steel markets. In a long-range
program to stimulate growth, substantial capital
expenditures were made to improve and expand
the company's manufacturing capabilities.
In addition to recording sales increases, Corning
Glass Works of Canada Ltd., another subsidiary,
made two significant moves. The company enlarged
its marketing organization to sell industrial,
laboratory, and refractory products, as well as
consumer, electronic and television glassware. The
company also began construction of a plant at
Muskoka, Ontario, to manufacture television parts
for Canadian tube makers.
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Corning, Nederlandse Fabrieken, N.V., serves the European
market with glass-ceramic cookingware trademarked PYROFLAM
(top). Corning International Services, S.A., provides technical
advice to customers world-wide (bottom). Television bulb
is checked for quality at the plant of Vidros Corning Brasil,
S.A., at Suzan? (right).
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International
The company's international activities were
expanded during 1966, both in additional overseas
manufacturing and in provision for more aggressive
marketing. Investments in subsidiary and associated
companies abroad continued to grow. Dividends
from associated companies located overseas also
increased.
The overseas sales force of Corning Glass Inter-
national, S.A., was expanded substantially. Its office
at Brussels was enlarged to serve as European sales
headquarters. New sales service offices were opened
at Hong Kong, Mexico City, and Milan.
Corning, Nederlandse Fabrieken, N. V., a subsidiary,
is currently expanding its facilities at Groningen,
The Netherlands, to increase production of glass-
ceramic cookingware.
Two subsidiaries completed new plants to manu-
facture television parts for Latin America: Productos
Corning de Mexico, S. A. de C. V., at Monterrey,
and Vidros Corning Brasil, S. A., at Suzano.
lwaki Glass Company, Ltd., an associate in Japan,
completed its new plant and began producing
automotive sealed beam headlamp parts. Cristalerias
Rigolleau, S. A., of Argentina, began enlarging its
manufacturing facilities.
Corning International Corporation, a subsidiary, was
formed to facilitate borrowing from overseas
sources for foreign expansion.
17
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Fundamental research studies include investigation of new
refractory materials (left). New research laboratories
at Sullivan Park (above) were formally dedicated in May.
Research and Development
Corning has had a long-standing conviction that
corporate growth can best be stimulated by the
invention of unique new materials and the develop-
ment of new processes. In support of this philosophy,
the company further increased its emphasis on
research in 1966.
More than 20 percent of this effort was directed to
fundamental research. Projects ranged from glass
composition studies and exploration of new
refractory materials to the investigation of basic
materials phenomena.
Applied research results last year included the
development of new glass electrodes for scientific
instruments, infrared transmitting glasses, glass-
ceramic architectural cladding materials, and glass
spheres for underwater exploration.
One measure of the high performance of the
research program was a five-fold increase in the
number of patents granted in 1966 compared to 1961.
Even as the new laboratories at Sullivan Park were
being formally dedicated in May, construction was
under way on an 8,000-square-foot addition to the
development building.
A new Technical Information Center at Sullivan
Park serves the research and engineering groups.
It includes a sizeable library and subscribes to
approximately 600 technical and semi-technical
periodicals published throughout the world. A
computer is used to classify, store, and retrieve this
growing body of information.
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Company officers discuss current operations with supervisory
personnel at monthly meetings (above). Steel work at State
College, Pa., plant (right) is representative of major
physical expansion program started in 1966.
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Employe Benefits
Two major new benefits were made available to
employes last year. A unique educational scholar-
ship plan provides grants during preparatory school
and college, up to $10,400 per child, to help
educate the children of eligible employes who
die before age 65.
An investment plan for monthly salaried employes
was adopted which permits an eligible employe to
invest up to 5 percent of his annual earnings in trust
funds. The company proposes to match 50 percent of
these savings in Corning Glass Works common stock
purchased on the open market by the plan's Trustee.
Should company contributions in any year exceed
5 percent of the common stock dividends paid
that year, the matching rate would be reduced
correspondingly the following year. Stockholder
ratification is being requested.
Physical Facilities
During 1966 more than 1.6 million square feet of
new manufacturing space was completed, or its
construction started. Five plants with a total of
430,000 square feet went into production; four
others with 612,000 square feet were being built.
Additions totaling 478,000 square feet were
completed at 10 plants, and 142,000 square feet
were being added at four other plants.
Fifty-one manufacturing plants were in operation
or under construction at year-end, almost double
the number operating in 1959. The planning and
execution of the physical expansion program has
been assigned to the newly created Facilities Division.
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01
01
(
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7
"Easter Island" is one of 12 engraved crystal
forms which comprise the special Steuben Glass
exhibition, "Islands in Crystal."
Steuben Glass
Steuben Glass continued to advance the art of
glassmaking in 1966 through the introduction of
new designs in several major categories.
Engraved crystal forms portraying 12 of the world's
romantic islands were introduced at an exhibition
in New York last spring. "Islands in Crystal" then
toured other cities. The exhibit was returned to New
York for further showing in November.
A group of advanced designs in crystal?some free
form and others geometric?were introduced in an
autumn exhibition, "Studies in Crystal 1967."
New examples of ornamental crystal objects enriched
by decoration of gold were increasingly sought by
collectors.
Two major new pieces combined engraved crystal
and precious metals. Rivaling the craftsmanship
of the Renaissance, these promise to take a leading
place among outstanding examples of decorative
objects.
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Almost nine million visitors have watched the
lampworker (top) in the Corning Glass Center
and toured The Corning Museum of Glass
since the Center was opened in 1951.
Corning Glass Center
For 15 years the Corning Glass Center has portrayed
the history, art, and science of glassmaking. Almost
nine million persons from the United States and
many foreign countries have visited the Center since
its opening in 1951, including approximately 725,000
during the year 1966.
During these 15 years, attendance has totaled two
million at the cultural and educational programs
presented by the Glass Center primarily for employes
and community residents. These activities attracted
175,000 persons in 1966 and included professional
theater, symphonies, ballet, lectures, and films.
The Corning Museum of Glass
A number of outstanding additions were made in
1966 to the collections of The Corning Museum. of
Glass, a nonprofit educational institution chartered
by the Board of Regents of the State of New York.
Among these is one of the largest recorded cut
glass lamps of the Sasanian period, probably made
between the 3rd and 6th century A.D.; a 17th century
German enameled Stangen glass, the gift of Edwin
J. Beinicke; and an opaque white sepia enameled
plate which was acquired by Horace Walpole when
he visited Venice in 1741.
An important collection of 18th and 19th century
European enameled and overlayed glasses, collected
by Mrs. Fritzi Mahler and the late Josef Mahler, was
exhibited during the summer.
24
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Representative Products
Corning Glass Works
and Consolidated Subsidiaries
For Art
STEUBEN? vases, bowls
STEUBEN? table crystal and accessories
STEUBEN? ornamental pieces
STEUBEN? engraved exhibition pieces
For Communications
Bulbs for cathode ray tubes
Bulbs for storage, power, receiver tubes
Bulbs for black/white, color television tubes
Fiber optic faceplates, magnifiers
PYROCERAM? cements
Reed switch tubing
For Construction
Glass-ceramic wall materials
Commercial lighting panels, lenses
Chemically strengthened sheet glass
Glass-ceramic laboratory bench tops
PYREX? drainline
BURYPACTM casing system
For Defense
Missile radomes
Antenna shields
Bulbs for radar tubes
Infrared transmitting domes
Ultrasonic delay lines
For Electronics
Substrate materials
Semiconductor encapsulating glasses
Resistors, capacitors
Integrated circuits
Thin film microcircuits
Glass memories
25
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26
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?
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ar.3
^
IAA
For Food Service
CORNING? Hot Beverage Center
CORNING? Food Service Center
PYREX? and PYROCERAM? tableware
Coffee urn liners
CORNING? DOUBLE-TOUGHTm tumblers
PYREX? and PYROCERAM? entr?dishes
For the Home
CORNING WARE? products
PYREX? utensils
CENTURA? tableware
Christmas ornaments
Vacuum bottle parts
Glassware for appliances
For Lighting
Incandescent, fluorescent, photoflash lamp parts
High-temperature lamp parts
Sign light tubing
Globes, lenses, chimneys, shades
Street light refractors
Reflectorized bulbs
For Manufacturing
Meter windows, sight and gauge glasses
Fluidic control devices
Thermocouple tubing, welding nozzles
Textile specialties
CERCOR? infrared space heaters
Industrial heaters, heat shields
For Medicine
Ophthalmic lens blanks
BESTLITETm photochromic lens blanks
Thermometer, syringe tubing
pH meters and glass electrodes
PYREX? and COREX? pharmaceutical ware
Microscope slide and cover glasses
For Packaging
Corrugated paper containers
Foam plastic packaging materials
Retail and gift packages
Display materials
Industrial packages
Printing plates for flexography
For Process Industry
PYREX? and CORGARDTM process piping
GlassPlant processing units
PYREX? heat exchangers
Bubble caps, fritted filters
Fractionating columns
For Refractory Uses
Glass furnace linings
Steel open-hearth roofs
Electric steel furnace linings
Basic oxygen furnace linings
Copper furnace refractories
For Science
PYREX?, VYCOR?, and COREX? laboratory ware
Laboratory instruments, appliances
CLEARSHIELDTM radiation-shielding windows
Hydrospace components, vehicles
Spacecraft viewports
Telescope mirror blanks, optical lens blanks
For Transportation
Aircraft windshields
Rear windows for convertible automobiles
Windows for mass transit vehicles
CERCOR? gas turbine regenerators
Sealed beam headlamp parts
Amber turn signal bulbs, miniature bulbs
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OM,
W. H. ARMISTEAD, AMORY HOUGHTON, JR., F. H. KNIGHT
A. W. DAWSON, J. E. SHEEHAN, R. W. FOSTER
T. S. WOOD, JR.,). H. BIERER
J. F. RILEY, R. L. WATERMAN, F. E. BEHM
I. J. TOMASSI, THOMAS WAA LAND, T. C. MAC AVOY
28
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u
In
0
? A. HOUGHTON, IR., R. D. MURPHY
:0A-1.5 AMES, F. P. HUNT, A. W. WEBER
fl
LARK, H. ALLEN, E. C. LEIBIG
Officers
AMORY HOUGHTON, JR., Chairman of the Board
R. LEE WATERMAN, President
JULIAN H. ALLEN, Vice President
Director of Manpower Development
OAKES AMES, Vice President
General Manager, Television Products Division
WILLIAM H. ARMISTEAD, Vice President
Director of Technical Staffs
JAMES H. BIERER, Vice President
General Manager, Consumer Products Division
PAUL T. CLARK, Vice President
General Manager, Lighting Products Division
ALLEN W. DAWSON, Vice President .
General Manager, Technical Products Division
ROBERT W. FOSTER, Controller
F. PHILIP HUNT, Vice President
Director of Industrial Relations
FREDERICK H. KNIGHT, Secretary
Corporate Counsel
EDWARD C. LEIBIG, Vice President
Assistant to the President
THOMAS C. MAC AVOY, Vice President
General Manager, Electronic Products Division
THOMAS WAALAND, Treasurer
ARTHUR W. WEBER, Vice President
Director of Facilities
THOMAS S. WOOD, JR., Vice President
Director of Purchases
WILLIAM H. DANA, Assistant Secretary
C. H. KRUIDENIER, Assistant Treasurer
HENRY H. SAYLES, Assistant Secretary
ARTHUR A. HOUGHTON, JR., President
Steuben Glass
ROBERT D. MURPHY, Chairman
FORREST E. BEHM, President
Corning Glass International
JOSEPH J. TOMASSI, President
Corning Packaging Company
29
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Directors
AMORY HOUGHTON, JR.,* Chairman of the Board
Corning Glass Works
R. LEE WATERMAN,* President
Corning Glass Works
WILLIAM H. ARMISTEAD,* Vice President
Corning Glass Works
PAUL T. CLARK,* Vice President
Corning Glass Works
JOHN B. COBURN
Episcopal Theological School, Cambridge, Mass.
WILLIAM C. DECKER, Honorary Vice Chairman of the Board
Corning Glass Works
ROS WELL L. GILPATRIC
Cravath, Swaine & Moore, New York, N.Y.
AMORY HOUGHTON,* Honorary Chairman of the Board
Corning Glass Works
ARTHUR A. HOUGHTON, JR., President
Steuben Glass
JOHN R. KIMBERLY
Kimberly-Clark Corporation, Neenah, Wis.
CHARLES D. LA FOLLETTE, Honorary Vice President
Corning Glass Works
GEORGE D. MACBETH, Honorary Vice President
Corning Glass Works
GEORGE MURNANE
Lazard Freres & Co., New York, N.Y.
ROBERT D. MURPHY, Chairman
Corning Glass International
HOWARD C. SHEPERD
Retired Chairman of First National City Bank, New York, N.Y.
*Member of the Executive Committee
Honorary Officers
AMORY HOUGHTON, Honorary Chairman of the Board
WILLIAM C. DECKER, Honorary Vice Chairman of the Board
HARRY M. HOSIER, Honorary Vice President
CHARLES D. LA FOLLETTE, Honorary Vice President
GEORGE D. MACBETH, Honorary Vice President
Transfer Agent
First National City Bank
55 Wall Street, New York, N.Y. 10015
Registrar
United States Trust Company of New York
45 Wall Street, New York, N.Y. 10005
The following trademarks of Corning Glass
Works and its subsidiaries appear in
this report: BESTLITE" BURY-PACTM,
CENTURA?, CERCOR?, CLEARSHIELDTM,
COREX?, CORGARDTM, CORHART?,
CORNING?, CORNING WARE?,
DOUBLE-TOUGHT m, PYREX?, PYROCERAM?,
PYROFLAM,STEUBEN?,VYCOR?.
Neither this report nor any statement contained herein is
furnished in connection with any offering of securities or for the
purpose of promoting or influencing the sale or purchase of
securities.
2ft
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Plants
Corning Glass Works
and Consolidated Subsidiaries
Albion, Mich.
Big Flats, N.Y.
Blacksburg, Va.
Bluffton, Ind.
Bradford, Pa.
Resistor Plant
McKean Plant
Buckhannon, W. Va.
Canton, N.Y.
Central Falls, R.I.
Charleroi, Pa.
Corning, N.Y.
Chestnut Street
Corning Packaging
Equipment Plant
Fall Brook Plant
Fluidics Plant
Main Plant
Multiform Plant
Parkway Facility
Pressware Plant
Refractories Plant
Steuben Factory
Danville, Ky.
Danville, Va.
Frederick, Md.
Greencastle, Pa.
Greenville, Ohio
Harrodsburg, Ky.
Horseheads, N.Y.
Louisville, Ky.
East Plant
West Plant
Marshall, Mich.
Martinsburg, W. Va.
Medfield, Mass.
Muskogee, Okla.
Newton, N.J.
Paden City, W. Va.
Parkersburg, W. Va.
Provo, Utah
Raleigh, N.C.
Sunnyvale, Calif.
Wellsboro, Pa.
Wilmington, N.C.
Groningen, The Netherlands
Leaside, Ontario, Canada
Monterrey, Mexico
Suzano, Brazil
Sydney, NSW, Australia
Under Construction
Muskoka, Ontario, Canada
Oneonta, N.Y.
Seoul, Korea
State College, Pa.
Sales and Service Offices
Corning Glass Works
and Consolidated Subsidiaries
Atlanta, Ga.
Bradford, Pa.
Brussels, Belgium
Chicago, Ill.
Cleveland, Ohio
Coral Gables, Fla.
Corning, N.Y.
Dallas, Texas
Hong Kong, B.C.C.
Houston, Texas
Leaside, Ontario, Canada
Louisville, Ky.
Mexico City, Mexico
Milan, Italy
Monterrey, Mexico
New York, N.Y.
Orange, Calif.
Raleigh, N.C.
Sunnyvale, Calif.
Suzand, Brazil
Sydney, NSW, Australia
Towson, Md.
Washington, D.C.
Zurich, Switzerland
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Corning Glass Works
Consolidated Subsidiaries
Associated Companies
,J
CORHART REFRACTORIES CO., INC., Louisville, Ky.
AMORY HOUGHTON, JR., Chairman
JOHN E. SHEEHAN, President
CORNING GLASS INTERNATIONAL, S.A., New York, N.Y.
ROBERT D. MURPHY, Chairman
FORREST E. BEHM, President
DOW CORNING CORP., Midland, Mich.
Silicones for medical purposes, polishes, water repellants, release
agents, lubricants, sealants, defoamers, elastomers, electrical
insulation; silicon crystals for semiconductor devices.
OWENS-CORNING FIBERGLAS CORP., Toledo, Ohio
Fibrous glass materials and products for thermal and noise
rj
CORNING GLASS WORKS OF CANADA Ltd.,
insulation, roofing, air filters, screening, electrical insulation,
fabrics, lighting panels, reinforced plastic products.
L-1
Leaside, Ontario, Canada
R. LEE WATERMAN, Chairman
PITTSBURGH CORNING CORP., Pittsburgh, Pa.
LJ
ALLEN W. DAWSON, President
CORNING INTERNATIONAL CORPORATION,
Glass blocks, Foamglas insulation, Geocoustic acoustic absorbers,
Foamthane insulation, Unibestos high-temperature insulation,
intaglio glass wall units, Foamglas-Board roof insulation.
Li
Corning, N.Y.
BOROSIL GLASS WORKS LIMITED, Bombay, India
ROBERT D. MURPHY, Chairman
FORREST E. BEHM, President
CRISTALERIAS RIGOLLEAU, S.A., Buenos Aires, Argentina
Li
SIGNETICS CORPORATION, Sunnyvale, Calif.
CIA. VIDRARIA SANTA MARINA, S.A., Sao Paulo, Brazil
WILLIAM C. DECKER, Chairman
JAMES F. RILEY, President
CRISTALERIAS DE CHILE, S.A., Santiago, Chile
SIGNETICS KOREA CO., LTD., Seoul, Korea
L'ELECTRO REFRACTAIRE, S.A., Paris, France
JAMES' E. STOKES, President
Li
ELECTROSIL, LTD., Sunderland, England
CORNING, NEDERLANDSE FABRIEKEN, N.V.,
Groningen, The Netherlands
Li
IWAKI GLASS COMPANY, LTD., Tokyo, Japan
JAMES R. HOUGHTON, Chairman
JOSEPH A. CELASCHI, Managing Director
JAMES A. JOBLING & CO., LTD., Sunderland, England
VIDROS CORNING BRASIL, S.A., Sao Paulo, Brazil
? -
SOVCOR ELECTRONIQUE, S.A., Paris, France
JORGE AMERICANO, President
ROBERT TURISSINI, Managing Director
SOVIREL, S.A., Paris, France
Li
PRODUCTOS CORNING de MEXICO, S.A. de C.V.,
Monterrey, Mexico
CYRIL T. PAQUETTE, Chairman
DUANE E. WELCH, General Manager
CORNING MEXICANA, S.A. de C.V., Mexico City, Mexico
ANTONIO CORREA, President
32L.
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CIA-RDP79B00873A001900010118-4
Financial Summary
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Corning Glass Works
and Subsidiaries
Net sales of Corning Glass Works reached a high of
$444,139,133 in 1966, an increase of 30.4 percent
above $340,471,141 in 1965.
Additional income in the form of dividends from
associated companies, royalties from licensees, and
interest income totaled $15,403,781 in 1966, a gain
of 23.3 percent from $12,488,946 in 1965.
Net earnings increased for the sixth consecutive year
to $54,173,845. This compares with $38,688,621
in 1965, an increase of 40.0 percent.
After payment of preferred dividends, earnings
per share of common stock were $7.90, compared
to $5.64 the previous year. Dividend payments on
common stock were increased to $3.25 per share
from the $2.50 per share paid during each of the
three preceding years. A new quarterly dividend rate
was established at $.625 per common share after
having been at $.50 per share since March, 1964.
The company has paid dividends continuously
since 1881.
At year-end, working capital amounted to
$121,875,828, compared to $83,889,067 at the end of
1965. Cash, certificates of deposit, and government
obligations were $84,851,514 compared to
$43,000,354 at year-end 1965.
The financial statements of the subsidiaries Productos
Corning de Mexico, S. A. de C.V., and Vidros
Corning Brasil, S. A., previously carried as
investments, have been consolidated following
commencement of manufacturing operations. Other
consolidated subsidiaries are listed on Page 32.
The company obtained a short-term loan of
$50,000,000 early in 1966. The loan was converted
in January, 1967, into a serial loan payable over the
next five years. Funds were also borrowed abroad
as necessary to help finance the expansion of foreign
subsidiaries and associates.
Domestic Associates
Corning owns a half interest in Dow Corning
Corporation and in Pittsburgh Corning Corporation,
and a 30.51 percent interest in Owens-Corning
Fiberglas Corporation. The financial accounts of
these three companies are not consolidated with
those of Corning Glass Works.
Corning's share of the combined net earnings of the
three associates amounted to $15,433,214 in 1966,
a gain of 16.4 percent over $13,257,741 in 1965.
Dividends received from the three companies were
$7,261,070 last year, an increase of 3.6 percent
over $7,005,634 in 1965.
At the end of 1966, Corning's equity in the net
assets of these three associates was $83,260,511
in excess of its investment. The investment in
Owens-Corning, valued at the quoted market price
of its stock on December 30, 1966, was approxi-
mately $133,723,000 more than the amount at which
Corning carries the investment on its books.
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Foreign Associates
Corning owns, directly and indirectly, a major
interest in two companies which manufacture
electronic components in England and France. The
company also has substantial interests in glass
manufacturing companies in Argentina, Brazil, Chile,
England, France, India, and Japan, and in a refrac-
tories manufacturing company in France. These
associates are listed on Page 32 of this report.
The company's share of the combined earnings of
these foreign corporations amounted to $2,625,932
in 1966, compared with $2,825,937 in 1965.
Dividends received from these companies reached
a high of $1,319,553, compared to $988,000 in 1965,
an increase of 33.6 percent.
DISTRIBUTION OF CORNING'S INCOME DOLLAR IN 1966
$ .39 EMPLOYE WAGES
AND BENEFITS (INCLUDING
SOCIAL SECURITY)
.12 TAXES
.05 DIVIDENDS
?
DEPRECIATION AND
AMORTIZATION
/? .07 RETAINED IN BUSINESS-
,"
.32 MATERIALS, SUPPLIES
AND OTHER EXPENSES
$1.00 TOTAL
STOCKHOLDERS' EQUITY
,nrinr
MILLIONS OF S
?"..? 250
200
150
1111 [II 111U -
1957 58 59 60 61 62 63 64 65 66
100
50
PLANT EXPENDITURES AND DEPRECIATION
ADDITIONS TO PLANT
AND EQUIPMENT
DEPRECIATION AND
AMORTIZATION
MILLIONS or
?75
1
FLELAILIL
1957 58 59 60 61 62 63 64 65 66
50
25
0
are
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fli
CORNING GLASS WORKS
and Consolidated Subsidiary Companies
Consolidated Statement of Income
and Retained Earnings
INCOME
Year Ended
Sales, less discounts, returns and allowances
Dividends from Associated Companies
Interest and Other Income
Costs and Expenses (Note 2):
Cost of sales
Selling, general and administrative expenses
Interest, state taxes on income and other charges
U. S. and foreign taxes on income
Net Income
Special credit (Note 2)
Net income and special credit
RETAINED EARNINGS
fl
EMPLOYED IN THE BUSINESS
Balance at beginning of year
Cash dividends:
On preferred ,stock?$3.50 per share
fl
On common stock?$3.25 per share, 1966;
$2.50 per share, 1965
Balance at end of year
January 1 January 2
1967 1966
$444,139,133 $340,471,141
8,580,623 7,993,634
6,823,158 - 4,495,312
459,542,914
352,960,087
291,669,419 237,048,270
60,171,531 45,611,651
6,333,119 2,622,545
47,195,000 28,989,000
405,369,069
314,271,466
54,173,845 38,688,621
1,279,499
54,173,845 - 39,968,120
167,163,640
(65,755)
(22,263,503)
$199,008,227
144,384,180
(103,680) -
(17,084,980)
$167,163,640
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CORNING GLASS WORKS
and Consolidated Subsidiary Companies
Consolidated Balance Sheet
ASSETS
Current Assets:
Cash and certificates of deposit
U. S. and Canadian Government obligations at cost
which approximates market value
Receivables
Less?Provision for doubtful accounts and allowances
'Inventories (Note 3)
Prepaid expenses
Total current assets
Investments:
Domestic associated companies (Note 4)
Foreign associated and subsidiary companies
not consolidated (Note 4)
Miscellaneous
Plant and Equipment, at cost:
Land
Buildings and equipment
Less?Accumulated depreciation and amortization
Other Assets and Deferred Charges
January 1
1967
$ 24,693,487
60,158,027
53,042,151
(2,888,456)
56,493,466
1,288,430
192,787,105
4,579,623
9,880,742
212,067
14,672,432
6,148,654
316,341,923
(141,662,196)
180,828,381
5,776,437
$394,064,355
January 2
1966
$ 14,628,614
28,371,740
39,543,279
(2,213,149)
47,841,705
1,075,851
129,248,040
4,579,623
15,150,659
212,068
19,942,350
4,922,926
249,082,071
(126,976,997)
127,028,000
5,250,376
$281,468,766
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In
fl
fl?
LJ
IT
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Payables
Accrued U. S. and foreign income taxes
Other accrued liabilities
Total current liabilities
Provision for Furnace Repairs
Loans Payable Beyond Current Year (Note 5)
Deferred Investment Credit
January 1
1967
$ 21,639,777
28,700,935
20,570,565
70,911,277
5,358,292
61,258,037
3,860,384
Preferred Stock-31/20/o, redeemable, par value $100 each:
Authorized-64,000 shares, 1966;-66,006 shares', 1965
Issued (less in Treasury)-17,069 shares, 1966; 24,420
shares, 1965 (Note 6) 1,706,900
Common Stockholders' Equity:
Common Stock (Note 7):
Authorized-7,500,000 shares of a par value of $5 each
Issued-6,852,043 shares, 1966; 6,843,602 shares, 1965
(including .excess over par value)
Retained earnings employed in the business
Common stockholders' equity
January 2
1966
$ 12,555,613
19,931,596
12,871,764
45,358,973
5,603,303
8,100,000
2,402,485
2,442,000
51,961,238 50,398,365
199,008,227 167,163,640
250,969,465 217,562,005
$394,064,355 $281,468,766
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.11
'1[
Notes to Consolidated Financial Statements
1. Principles of consolidation:
The consolidated financial statements include all significant subsidiaries in which the company has an ownership_
substantially in excess of a majority of the common shares outstanding. The accounts of foreign subsidiaries
included in the consolidated statements are expressed in U. S. dollars at year-end rates of exchange, except for
fixed assets and related depreciation which are stated at rates on dates of acquisition, and for income and ex-
penses (other than depreciation) which are expressed at rates prevailing during the year. Data pertaining to asso-
ciated and subsidiary companies which are not consolidated is reported in Note 4 below.
2. Costs and expenses: -
Depreciation and amortization amounted to $21,209,317 in 1966 and $18,232,583 in 1965. The company uses
accelerated depreciation methods for both tax and financial statement purposes.
The company and its subsidiaries have several pension plans covering substantially all of their employes, includ-
ing certain employes in foreign countries. The total pension expense for 1966 was $6,990,506 which includes a
reduction of $1,613,000 in the liability for past service. The unfunded portion of past service costs amounted to
approximately $37,762,000 at fiscal 1966 year-end which included amounts resulting from increases in pension
benefits that became effective on January 1, 1967. The market value of the assets in the pension fund approxi-
mated the actuarially computed liability for vested benefits at January 1, 1967.
In 1965 the pension charge was $4,539,117 which included $1,301,991, the market value of 22,021 shares of
Owens-Corning Fiberglas Corporation capital stock contributed to the employes' pension fund. The stock con-
tribution in 1965 resulted in a profit of $1,279,499 which was shown as a special credit in the income statement.
3. Inventories:
Inventories are valued at the lower of cost -(current standard or actual cost) or market. At January 1, 1967 they
consisted of: finished goods?$21,972,018; work in process?$17,205,865; raw materials and accessories?
$11,606,917; and supplies and packing materials?$5,708,666.
4. Investments in associated and subsidiary companies not consolidated:
Equity in Equity in
Equity in earnings for Dividends undistributed
Investment - net assets the year received income
Domestic associated companies:
Pittsburgh Corning Corp. -
and Dow Corning Corp.
(50% owned)
$ 2,244,563
$ 32,239,255
$ 8,743,034
$4,375,000
$4,368,034
Owens-Corning Fiberglas
Corporation
(30.51% owned)
2,335,060
55,600,879
6,690,180
2,886,070
3,804,110
Total
4,579,623
87,840,134
15,433,214
7,261,070
8,172,144
Foreign associated and
subsidiary companies not
consolidated
9,880,742
27,430,945
2,625,932
1,319,553
1,306,379
$14,460,365
$115,271,079
$18,059,146
$8,580,623
$9,478,523
The aggregate quoted market of Owens-Corning Fiberglas Corporation shares was approximately $133,723,000
in excess of the investment at the end of,the year.
Certain foreign companies previously included in the tabulation above which became significant operating com-
panies in 1966 are consolidated in accordance with the policy stated in Note 1. The company's equity in net
assets of these companies at the beginning of the year was approximately $5,500,000.
5. Loans payable beyond current year:
Term note, 43/4 %, due in five equal annual installments,
January 1968 through 1972 $50,000,000
Income debentures, 33/4%, due March 1, 2002 8,100,000
Other notes payable 3,158,037
$61,258,037
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F71
ONO
6. Preferred stock purchases; reduction of stated capital:
Shares purchased-7,351, 1966; 10,560, 1965.
Stated capital was reduced by $200,000 in February, 1967 and February, 1966 by the cancellation of 2,000
reacquired shares of preferred stock in each year to satisfy annual Sinking Fund requirements.
7. Employes' common stock options:
The company has reserved 140,259 shares of unissued common stock for sale to key employes under the
Employe Stock Option Plan. At January 1, 1967 options for 70,662 shares were outstanding; 13,800 shares under
Restricted options at prices equivalent to 95% of market prices and 56,862 shares under Qualified options at
1000/0 of market prices, both on the respective dates of grant. During the year 1966, Qualified options for 30,700
shares were granted at a price of $301.75 a share. Restricted .options covering 200 shares and Qualified options
covering 3,150 shares were cancelled during the year. In 1966 Restricted options for 6,900 shares of common
stock were exercised at prices ranging from $152.00 to $175.27 a share and Qualified options for 1,541 shares
were exercised at prices ranging from $215.25 to $230.00 a share; total proceeds of $1,505,295 were credited
to common stock.
8. Lease commitments and guarantees:
Lease commitments are approximately $2,231,000 annually, including a commitment to the 719 Fifth Avenue
Corporation of $1,163,000 through 1984. Commitment at the owner's option to purchase stock of 719 Fifth
Avenue Corporation is approximately $3,666,000.
Opinion of Independent Accountants
PRICE WATERHOUSE & CO.
60 Broad Street
New York, N.Y. 10004
January 20,1967
To the Directors and Stockholders
of Corning Glass Works:
In our opinion, the accompanying balance sheet and the related statement of
income and retained earnings present fairly the financial position of Coining
Glass Works and consolidated subsidiary companies at January 1, 1967 and the
results of their operations for the year then ended, in conformity with generally
accepted-accounting principles applied on a basis consistent with that of the
preceding year. Our examination of these statements was made in accordance
with generally accepted auditing standards and accordingly included such tests
of the accounting records and such other auditing procedures as we considered
necessary in the circumstances.
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39
Declassified in Part - Sanitized Copy Approved for Release 2012/09/06: CIA-RDP79B00873A001900010118-4
With the exception
of the amounts per
share of common
stock, all dollar amounts
are expressed in
thousands of dollars.
*Exclusive of
non-recurring net
gain of $1,279,499
in 1965 and net
loss of $2,334,924
in 1960 on
contribution and
sales, respectively,
of investments in
associated
companies.
Consolidated Statement of Income
1966
cJ
1965
17-1
Net Sales
$444,139
$340,471
Dividends, Interest, and Other Income
15,404
El
12,489
,
459,543
352,960
Costs and Expenses:
CT
Cost of sales
291,669
237,048
Selling, general and administrative expenses
" 60,172
45,612
Interest, state taxes on income and other charges
6,333
2,622
U. S. and foreign taxes on income
47,195
28,989
405,369
314,271
Net Income
$ 54,174
$ 38,689*
Net Income Per Share of Common Stock
(after deducting dividends on preferred stock)
$7.90
$5.64*
Dividends Per Share of Common Stock
$3;25
$2.50
Equity in Undistributed Earnings of Associated and
Subsidiary Companies Not Consolidated
$ 9,479
$ 8,090 (71
Per share of common stock
$1.38
$1.18 j.
El
Source and Disposition of Funds
Source of Funds:
El
Net income
$ 54,174
$ 38,689 kt
Portion of income set aside for depreciation and amortization
21,209
18,233
Increase in long-term debt
53,158
Proceeds from common stock issued
1,505
3,794
Contribution of and sales of investments (domestic associates)
1,301
Miscellaneous (net)
4,424
2,660
134,470
64,677
Disposition of Funds:
? n
Dividends:
On preferred stock
66
104
On common stock
22,264
17,085
Additions to plant and equipment
73,662
31,475
Purchase of preferred stock for retirement
678
C73
1,038
Reduction of long-term debt
200
171
Investments in associated and subsidiary companies
(187)
6,707
96,483
56,609
Increase (or decrease) in working capital
$ 37,987
$ 8,068 (77
Lin
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L
P
MOO
E1964
r,
1963
1962
1961
1960
1959
1958
1957
$327,612
$289,217
$262,200
$229,569
$214,871
$201,370
$159,138
$159,070
10,093
10,554
9,593
8,835
10,160
8,071
6,162
5,541
337,705
299,771
271,793
238,404
225,031
209,441
165,300
164,611
229,432
199,211
184,100
160,773
158,293
138,128
114,995
116,961
44,525
40,012
35,088
28,972
25,538
25,380
16,791
15,894
1,505
1,708
1,408
1,243
1,119
1,297
750
723
27,221
27,264
23,100
21,490
18,026
20,300
15,600
14,500
302,683
268,195
243,696
212,478
202,976
185,105
148,136
148,078
$ 35,022
$ 31,576
$ 28,097
$ 25,926
$ 22,055*
$ 24,336
$ 17,164
$ 16,533
$5.12
$4.62
$4.11
$3.79
$3.23*
$3.57
$2.52
$2.43
$2.50
$2.50
$2.00
$2.00
$2.00
$1.625
$1.50
$1.50
$ 6,078
$ 3,605
$ 4,323
$ 4,289
$ 4,338
$ 5,567
$ 2,873
$ 3,141
$ .89
$ .53
$ .64
$ .63
$ .64
$ .82
$ .43
$ .47
$ 35,022
$ 31,576
$ 28,097
$ 25,926
$ 22,055
$ 24,336
$ 17,164
$ 16,533
14,871
13,692
13,055
10,853
9,479
8,428
7,984
7,580
11,000
2,284
1,512
688
1,273
1,176
2,088
844
1,118
2,386
700
726
(1,037)
235
(708)
572
(544)
112
52,877
47,506
40,803
38,287
34,388
35,424
36,448
25,343
128
165
179
194
201
217
228
231
17,041
17,0046
13,580
13,560
13,528
10,963
10,077
10,053
38,423
16,942 ?
17,970
19,173
26,468
11,061
. P' 18,227
15,406
463
969
379
252
147
496
106
58
200
200
200
200
200
200
200
200
1,819
882
1,302
743
295
438
590
3,355
58,074
36,164
33,610
34,122
40,839
23,375
29,428
29,303
$ (5,197)
$ 11,342
$ 7,193
$ 4,165
$ (6,451)
$ 12,049
$ 7,020
$ (3,960)
41
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Expressed in
thousands of
dollars at
fiscal year-end
Declassified in
Consolidated Statement of Financial Position
Part
C-`
C-11
(71
171
Current Assets:
1966
1965
Cash, certificates of deposit, and government obligations
$ 84,852
$ 43,000 fl
Receivables (net)
50,154
37,330
Inventories
56,493
47,842
Prepaid expenses
1,288
1,076
Total current assets
192,787
129,248
Current liabilities:
Payables
21,640
12,556
Accrued U. S. and foreign income taxes
28,701
19,931'
Other accrued liabilities
20,570
12,872
Subscription to capital stock of an associated company
Total current liabilities
70,911
45,359
Working capital
121,876
83,889
Investments in Associated Companies, foreign subsidiary
(771
companies not consolidated and other companies
14,672
19,942
Plant and Equipment, at cost (net)
180,828
127,028
Other Assets and Deferred Charges
5,776
5,250
323,152
236,109
Other Liabilities and Deferred Credits:
Subscription to capital stock of an associated company-
noncurrent
Provision for furnace, repairs
5,358
5,603
Loans payable beyond current year
61,258
8,100
Deferred investment credit
3,860
2,402
70,476
16,105
C17
Net Assets
$252,676
$220,004
Stockholders' Equity:
177
Preferred stock
$ 1,707
$ 2,442
Common stock (including excess over par value)
51,961
50,398
Retained earnings employed in the business
199,008
167,164
Common stockholders' equity
250,969
217,562
Total Stockholders' Equity
$252,676
$220,004
f
Current earnings retained in the business -
$ 31,845
$ 21,500
Common shares outstanding at year end (thousands)
6,852
6,844
Number of common and preferred stockholders at last dividend date
14,510
14,494 TT
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?
208,258 188,187 171,949 158,062 145,030 137,106 135,009 117,043
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115
1964 1963 , 1962 1961 1960 1959 1958 1957
,
$ 38,352 ? $ 51,771 $ 40,996 $ 39,300 $ 31,408 $ 45,235 $ 44,294 $ 38,201
35,899 28,874 26,044 22,484 20,144 21,436 15,802 11,360
43,354 40,991 35,878 33,396 35,375 28,170 21,150 20,723
524 741 713 639 738 899 1,116 1,070
118,129 122,377
103,631 95,819
87,665 95,740
82,362 71,354
Irl
L.. 11,492 10,167 8,530 7,178 7,697 9,373 6,759 5,076
18,859 19,173 15,909 15,515 13,194 13,550 12,451 12,403
rti 11,957 12,019 9,516 10,643 8,457 8,048 8,296 7,107
L. 2,136 1,068
ii
42,308 41,359
33,955 33,336
29,348 30,971
29,642 25,654
75,821 81,018 69,676 62,483 58,317 64,769 52,720 45,700
13,257 11,438 10,557 9,255 8,512 12,938 12,500 15,132
L.
114,543 91,306 87,352 82,685 74,535 57,617 68,346 55,136
In
4,637 4,425 4,364 3,639 3,666 1,782 1,443 1,075
r
1,068 2,136
4,055 3,944 3,403 3,962 3,924 2,819 3,201 2,564
8,300 8,500 8,700 8,900 9,100 9,300 20,500 9,700
1,435 948
13,790 13,392
12,103 12,862
13,024 12,119
24,769 14,400
$194,468 $174,795 $159,846 $145,200 $132,006 - $124,987 $110,240 $102,643
$ 3,498 $ 3,986 $ 4,999 $ 5,412 - $ 5,701 $ 5,873 $ 6,448 $ 6,573
46,586 44,277 42,721 41,999 40,688 39,487 37,321 36,458
144,384 126,532 112,126 97,789 85,617 79,627 66,471 59,612
190,970 170,809 154,847 139,788 126,305 119,114 103,792 96,070
$194,468 $174,795 $159,846 $145,200 $132,006 $124,987 $110,240 $102,643
- $ 17,853 $ 14,405 $ 14,338 $ 12,172 $ 8,326 $ 13,156 $ 6,859 $ 6,249
6,821 6,806 6,792 6,786 6,770 6,755 6,722 6,707
14,669 13,976 14,402 14,694 13,665 12,845 12,172 11,922
43
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Declassified in Part - Sanitized Copy Approved for Release 2012/09/06: CIA-RDP79B00873A001900010118-4 '
,
ci
Printed in U.S.A.
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