ML20028E673

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Annual Financial Rept 1958
ML20028E673
Person / Time
Site: 07000340
Issue date: 08/25/1958
From: Spencer K
SPENCER CHEMICAL CO.
To:
Shared Package
ML20028E609 List:
References
FOIA-82-562 NUDOCS 8301280108
Download: ML20028E673 (24)
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35 Statement of Source.and Application of TQ;3

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,s l7 Comparative Highlights l Suminary for !!se) cars ended June 30, to5a 1957 t__f X ~ M -x w;; & E27M M M M M! M "5 W :"T M 2+"-F".M 31 ~ l Net sales S15,149,000 $48,263,000 Net income before taxes-S 8,038,000 $10,389,000 Income taxes S 4,000,000 S 5,258,000 Net income after taxes S 4,038,000 $ 5,131,000 Per share of common stock 3.09 S 4.05 t-l Depreciation for the year S 4,655,000 $ 4,457,000 l-Per share of common stock 4.14 3 3.96 Funds generated from operations S 9,621,000 S10,532,000 Per share of common stock ,8 8.55 9.36 .n Dividends per share of common stock S 2.40 S 2.40 Working capital $20130,000 $22,848,0% Property, plant and equipment: Gross $74,373,000 $67,309,000 Net of depreciation $47,726,000 844,970,000 Number of common stock shares 1,124,855 1,124,855 d Number of common stock shareholders 4,386 4,479.' 1 i i I. 28c Wagn and salarin. How the 44c Sfiericer .,tatertau ,,.o o ,,,,,,,,,,,,s,,,, and Sen kn Sales Dollar 'v'~ ' "" was used in the 1958 '

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BS $d The financial results of the fiscal year ended June 30,1958 were 9 }h~ dimppointing. Polyethylene sales volume continued to grow, but , !jgi Mf %F g g substantially reduced sales of nitrogen products, both agricultural L u c and industrial, more than offset the plastics products' gain. Net sales QW declined 6%% below the previous year and amounted to S45,149,. Mdk" Un W J 000, resulting in reduced net income amounting to S4,038,000, @F equivalent after preferred dividends to S3.09 per common share, as R57% Mft g[!,5Q j!k 7yi' j$ l compared to S4.05 per share for the year ended June 30,1957. O EA=- YND One of the causes for reduced nitrogen sales was the wet weather which extended over much of the Company's trade territory ~ during the spring and early summer of this year. This resulted in the deferment of some fertilizer applications and complete abandon. Ktncru A. serscra Pics / dent ment of others in some areas and on some crops. The prices of nitro. i gea products were somewhat higher than during the preceding year. The sharp decline in volume, however, resulted in a substantial re. duction of the Company's net sales and income. Because of this decline in sales and earnings, Management or. ganized a rigid program to reduce costs and expenses throughout the Company wherever economies could be achieved without adversely affecting the over all efficiency and long range growth of the Com. pany. As a result of this program the level of costs and expenses have been reduced and the Company is operating more efficiently. Our rewarch and development activity is v. the most effective level in j the Company's history. i Shortly after the close of the fiscal year, competition brought abodt a reduction in unit prices of some of our nitrogen products to about the level of the year ended June 30,1957. Construction of the t Company's new urea facility at the Henderson Works is on schedule, and the plant will go on stream this fall. This added diversification, together with normal weather conditions, should result in an creased Volume of nitrogen product sales. 3 1 t

t i I ;4 f, ,'4 1 Il During the fieal year a contract was consummated with the Crown Zellerhach Corporation to construct a plant adjacent to the Company's [ polyethylene plant at Orange, Texas for the extrusion of packaging film. Thh pLnt will be completed in the late fall of 1958 and will consume 1 substantial quantities of polyethylene in the years ahead. Similar contracts are under negotiation with other nationally known companies. Shortly after the close of the fiscal year, the Company joined the In-dustrial Itayon Corporation in organizing the Ohio River Chemical Com-l pany for the production of eaprolactam, the raw material for nylon 6. In-i dustrial Itayon uses substantial quantities of caprolactam for the manufacture of nylon fiber for floor covering and a variety of other products, and the Company utilizes it at the IIenderson Works for the production of nylon resins. Under this joint arrangement, responsibility for engineering, con-struction and management will rest with our Company. ,7

l. ate in August, arrangements were completed with Enjay Company, Inc., under which the Company will market a substantial portion of the

[ output of a new polypropylene plant to be built by the Ilumble Oil Com-pany. Polypropylene is a versatile new plastic which will complement the polyethylene and nylon prodwed by the Compmy at the present time. Regu-lar commercial sales of this new product will commence early in 1960. In the meantime, pilot plant quantities of polypropylene will be available for market development. The Company continues in a strong cash and working capital position, with funds available for prudent expansion. With the fine spirit of co-operation which the men and women of the organization continue to show, we look forward to a sound and constructive growth in the years ahead. I August 25, 1958 Sincercly yours, W i

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q f .S b ' ~.. 3Iarkets and Sales Net sales for the fiscal year ended June 30,1958 amounted to $45,149,000, as compared with S18,263,000 for the previous fiscal yer. This de. cline interrupted a pattern of ten years of sales growth. Sales of both agricul. tural chemicals and industrial chemicals were considerably lower, but plastic resin volume continued to rise, with an increase of 13% over net sales for 1956 57. The Company's agricultural chemicals product line consists of a broad variety of nitrogen bearing fertilizer materials which are either applied to tle soil or are used in the manufacture and mixing of complete fertilizers. It includes anhydrous ammonia, prilled aminonium nitrate and various solutions containing urea, ammonium nitrate and ammonia. During the year the Company pioneered several product improvements and enlarged its sales efforts in nsw market areas and new product uses. "Spensol Greeen," an ammoniating solution developed during the year, offers outstanding ad. vantages to the fertilizer mixer because of special inhibitors which substantially re. duce the normal corrosivebess of ammonium nitrate. The Company was first in the industry to package prilled ammonium nitrate ("Mr. N") in heavy duty polyethylene bags, contributing unusual storage properties, " eye appeal," and many re use'applica. tions of the bags. Intensive

  • sales promotion has been aimed toward new methods of applying urea solutions directly to the soil, with encouraging results. Ifowever, the egricultural product line was afIected by several adverse conditions during the past

[ year and accounted for only 477o of total sales, as compared ith 53% in the pre. . ceding year. At the beginning of the fiscal year, the inventories of fertilizer manu. l facturing and distributing customers were larger than usual and furthermore, because production capacities exceeded demand, the Company was required to curtail opera. tions during May and June,1958. Industrial chemical sales volume was also lower than for the preceding year, principally because of reduced sales of anhydrous ammonia. This product group, in addition to anhydrous ammonia, includes nitric acid, commercial grade ammonium [~ nitrate, rnethanol, formaldehyde, dryice and liquid carbon dioxide. The reduction in sales volume of rnethanol producerat the Company's Jayhawk Works was partially 5 1

off rt ley capacity sales of forrnaldehyde from the Chicago Works, since methanol is the primary raw materls! for the gooduction of formaldehyde, Sales of carbon di. nide products were somewhat less than for the preceding year. The in<!ust' rial chemi- ~ cal product line accounted for 19% of total sales during each of the last two years. Sales of plastic products, comprised of polyethylene and nylon manufactured at the Cornpany's Orange and IIeriderson Works, respectisely, were substantially greater in the year cnded June 30, 1958, and accounted for 34% of total sales for the year, as compared with 23% in the preceding year. Polyethylene sales vol. ume euceded the original designed capacity of the Orange Works, reflecting the efTect of plant enodifications on both quality and production capacity. The entire increase in sales occurred in domestic markets. While exports of polyethylene remained sub-stantial, quantities sold oserseas in 1957 53 were somewhat lower than in the previous year. Applied research efforts during the year resulted in the deselopment of improved resins for heavy. duty indu trial packaging films, as well as for films adapted to the new and promising field of oserwrap packaging. The Company's initial unit for pro-duction of nylon molding powders at the IIenderson Works was activated in the fall of 1957, but sales of this product contributed only modestly to total Plastics Division i sales. a In a move toward expanding outlets for its produc*ts, the Company has recently established a foreign department to promote export sales. Foreign operations will he conducted by Spencer Chemical International, Inc., a wholly owned subsidiary organ. 12ed under the laws of the Republic of Panama. This company will establish market. ing arrangements for exports of nylon, agricultural chemicals and industrial chemi. cats. Spencer International will also export polyethylene to several selected countries; in most foreign markets, however, the Company will continue to use an export agent as it has during the past several years. Financial Hesults of Operations Reduced income from operations of the Agricultural Chemicals and Industrial Chemicals Divisions more than offset increased profits from the Plastics Division. Nylon sales,in this first year of production, were insuflicient to coser the ccmbination of high initial manufacturing costs and p'ro-motional and technical expenses incident to market development. These expenses, together with unusually large fertilizer warehousing costs resulting from a late so si sa 33 na es as er as yar t=A/ J.nr J0, ip> n a war-vs.7 wfun ~ 14 T,7 ~%yw' W.v mV '**n~.

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~ fig 1 f 4 ?? ,l9'2-d.%w c%'G.y % M yar rieded /.ns N ,l i 2: = .u me.* 4 r a. 40 no si se as 34 es se av es 5 season and the sig'nificantly larger research and development p'rogram, account for the greater part of the increase in total opgra' ting expenses. ' Net income for the year ended June 30, 1958 amounted to Si,038,000, as com-pared with SS,131,000 for fiscal 1956 57. Preferred dividend payments amounted.to respectlyely. Net income on the 1,124,855 common shares $556,668 and S570,696, 30,1958, as outstanding was equal to S3.09 pei share for the fiscal year ended June compared with S4.05 per share for the previous year. Dividends of $4.20 per share on preferred stock and S2.40 per share on common stock were paid in both years. Operations for the year generated cash funds totaling $9,. l'inancial Position in excess of the requirement for retirements of 621,000, approximately S5,000,000 debt and preferred stock, and fdr dividends. Additions to property, plant and equip-ment absorbed expenditures of approximately S7,000,000, and included the expansion of polyethylene production facilities at the Orange Works and the partial completio of facilities for urea production at the IIenderson Works. The substantial expenditure, during the year for expansion of plant facilities, together with debt and preferred stock retirements, resulted in a net reduction in d working capital. Net working capital at June 30,1958 amounted to S20,130,000, own from the S22,rA8,000 on hand a year.ago. Working capital invested in S2,718,000 product inventories was considerably higher because of a larger carry.over i cultural nitrogen products, and higher inventories of polyethylene and nylon resins required by increased sales volume in these products. The principal factors co ing to the change in working capital are summarized on page 15. The expansion of the Orange Works, which approximately Plant.\\dditions doubles the production capacity of polyethylene, was virtually complefed at June 30, 1958. At the IIenderson Works, the Company is constructing a urea plant with a designed capacity of 100 tons a day and facilities to produce prilled urea and ure j fertilizer solutions. This plant is expected to be completed and ready for operation { hy fall, wellin advance of the peak fertilizer season. Expenditures for completion of currently authorized construction are estimat In addition to its own construction program, the Com-be approximately S3,950,000. pany his joined with Industrial llayon Corporation to form a company for the pose of constructing and operating a plant to produce caprolactam. 7 .8 l __.--.m mm gyu.znn. ;._ym Cw Emeec.a.- --

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as eflans 30 .o no si es sa e4 es se at se 1 l 4 L l i The, Company has continued its em. Ilesearch and Technical Actisities phasis on research and technical activities, so essential to providing th uct quality in the current market, as well as developing new areas for futu During the year approximately S3,000,000 was spent, of which S1,900,000 for product the programs of the Research and Development Division and $1,100,000 division technical activities directed toward product improvement and market re. search and development. The plans for the coming year will require about the sam total funds. He results of research on short. term product improvement, of course, are more immediately evident than those of the longer term programs. Numerous n polyethylene, designed for use in special applications, were develo during the 3 ear. Substantial improvements were made in nylon moldin d and niques for the production of extremely high purity ammonia were develo applied commercially. New and better nitrogen solutions for fertilizer m were compounded and marketrd. In the central research program heavy emphasis continues to be placed d tics research. He pilot plant program directed toward the development of th ard Oil Company of Indiana process for the manufacture of linear polyethyl brought to a successful conclusion. Ilouever, the Company has no c j entering that field, in view of the well supplied linear polyethylene market program for insestigating radically new types of polyolefins is bein New and improved additives, which in small amounts can enhance the p plastic materials, were developed and tested in conjunction with th for nylon and polyethylene application. A modern, well equipped greenhouse and biological research laboratory wer i completed at the Research Center, to be used in the Company's prog being cultural chemicals. Several new pesticides showing encouraging results are ~ 3 carried through greenhouse and preliminary field tests. A substantial portion of the Company's research effort continues in new ar not directly related to the Company's current product lines. A small pilot placed in operation for the production of uranium oxide of high physical properties partigplarly desirable in fuels for nuclear reactors. .. -Q. a

e I i, .\\nother small pilot plant is being constructed to te t a new process for making readily i r srketaL!c chemical products from coal. -{ With its new facilities, its improsed organization and its current esearch pro-Fam, Management is confident of securing an increased flow of commercially profit. l aMe results from its research and technical activities. Management and Personnel Re Company's new organizational alignment adopted near the close of the previous fiscal year operated most effectisely in its first full year. He assignment of responsibility for profits by product lines to the Prcduct Division Vice Presidents was riost timely in the light of the extremely com-petitive conditions which have developed. He corcentration of a substantial portion of the time of other officers to the deselopment of new opportunities was likewise fruitful. Dr. Nat C. Robertson, formerly Vice President of Research and Development of Escambia Chemical Company, joined the Company and was elected Vice Presideni of Hewarch and Developmer.t to fill the vacancy created by the resignation of Dr. John y 9 ~ R. Brown, Jr. f' He reduced volume of sales made it necessary from time to time during the year to effect some temporary reductions in personnel at the Company's nitrogen pro-1 ducing facilities. Every effort was made to handle such action with the grettest pos-H sibl. consideration for the employees involved. In esery case the. personnel comple-j ments have remained well intact and, when recalled, have resumed their respective j duties efficiently. jtl During the course of negotiations of the first contract with the International ? Che nical Workers Union AF1,CIO, which was selected early in 1957 as bargaining h egent by the production and maintenance workers at the Company's Ifender. son d Works, the Union called a strike which lasted for 52 days, i. A stock option plan for key employees was approvm oy the shareholders in October 1955. The plan authorizes a committee of the Board of Directors to grant f options for the purchase of unissued authorized shares of the Company's common j; stock, not to exceed 55,000 in total, at prices equal to the closing prices on the New pj I n Ab 0' i 4 so si sa sa s4 es se av se as ef Juw 30, ,.. n v n E E E gip p * (- { w:s al ,...., ws% S <h j ., WW v At M . s {; Property " y xgA;;w,y: p~~ A c5%@ RKmWagnL \\ pj g y Y YYb YbbY Eq n n e t ,o w~ ,x ag nm e..: i ?N , s -- e. I ym

~l J Yosk Stock Exchange on the granting dates of the respective options. At the beginning of the 3 ear, July 1,1957, there were options for 52,750 shares outstanding and 2,250 shares were available for granting. During the year options previously granted for 36,950 shares at an option price of $69.50 per share were voluntarily surrendered by the optionees and new aptions for 33.610 shares were granted at a price of S49.75 per share. Also, during the year options for 2,370 shares were declined and options for 1,310 shares were cancelled because of terminations of employment. As a result, { on June 30, 1958, there were options for 50,230 shares outstanding at prices of i S49.75 and S49.50 per share, and 4,770 unoptioned shares available. Shuchohlers At the end of the fiscal year there were 4,386 record holders of common stock, as compared to 4,479 a year earlier. In a significant number of cases, P single holder of record, such as an imestment trust, a trust department of a bank or a pension trust, represents the interests of many individuals. Preferred stock is 15 eld by 247 st'ockholders, as compared to 253 a year earlier. A continued reduction in the number of Preferred shareholders may be expected as a result of the Company's program of purchasing shares in the open market for appli. cation to the Preferred Stock Sinking Fund. ~ The shareholders continued to show a constructive interest in the affairs of the Company, as ir,dicated by the 86.97o representation, either in person or by proxy, at the annual meeting. This interest, together with the many visits and letters received from the shareholders, is both helpful to and appreciated by the hIanagement. The ncxt annual meeting of the shareholders will be held at 10 A.h!., October 28,1958, at the offices of the Company, Dwight Bui! ding, Kansas City,'hfissouri. Record holders of the common stock at the close of business September 29,1958, will receive notices of and will be entitled to vote at the meeting. h G, h c.h...{

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1 l j. 0 ft d 1 l ~ l 9. 3 SPENCER CHEMICAL COMPANY AND SUBSIDIARIES JgNI' = .W s.q ap Statements of Consolidated Income ,,,,,,,,,,,,a,,,_,,0 G35Gy,.s D:2T.-p.n_.w.nx&r=Mw ~mun:La%w '.iQ x..s?' :;5?%q3 1958 1957 NET SAr.ts or PaooucTs $45,148,936 S48,262,634 COSTS A.%D EXPE.NSES: Cost of products sold S27,429,889 $29,214,764 I Research and technical activities 2,960,907 2,556,935 l Selli, administrative l and other expenses (net) 5,855,447 5,196;885 Interest on debt 864,637 905;259 $37,110,880 S37,873,813 NET Isco3 E BEFORE TAXES ON I.SC011E S 8,038,056 S10,388,791 PaovislON FOR FEoEnt. ANo i STATE TAXE5 0.N I.NC05tE (Note 1) 4,000,000 5,258,000 1 NETIscostE S 4,038,036 S 5,130,791 Depreciation and aniortization included in costs and expenses S 4,655,255 S_4,456,9_99 i, The accompanying notes are an integral part of h the foregoing stater-rnts of consolidated inc$. 11 .1 j ,a

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-w.~.~~...- ~ .-.....;.c .w - ~.s. I t Kr! assels employed in the business s o,s a sosy CURRENT ASSETS: Cash S 9,781,545 l. $ 9,309,267 - United States Gosernment securities, at cost 4,453,599 'i 12,158,733 - -i Receivables, less allowance for bad debts of M 1-5,391,077 S261,218 and S217,267, respectively 5,586,598 - s.1 Inventories-2 d. Products, at the lower of production cost 7 (first in, first out basis) or market 5,301,738 l2,659,067 Raw materials and manufacturing supplies, Q at the lower of aserage purchase cost or market i 1 I,660,912 1,646,143 .3 Total current assets $26,731,392 ] $31,167,287 i CURRENT LIAEIUTIES: t .Accour,ts payable 3 2,214,462 $ 2,227,697 Current maturity of borrowed capital 1,250,000 1,250,000 Federal and state taxes on income 2,133,867 3,803,000 Accrued expenses 1,055,873 1,038,249 Total current liabilities 8 6,654,202 ..I $ 8,318,946 tj .j WORKINC CAPITAL (Current assets less current $20,130,190 $22,8%8,341 liabilities) ..y. _j PROPERTY, PraNT AND E9u PstENT: [ Land, at cost $ 1,017,412 $ 1,014,912 Buildings, machinery and equipment, and leasehold improvements, at cost,less accumulated depreciatiim and amortization of i t S26,617,179 and S22,338,302, respectively 40,606,350 41,559,090 l Construction in progress.(Note 2) 3 6,072,186 2,3 %,256 l Total property, plant and equipment ' S47,725,948 S44,970,258 PREPAYMENTS AND OTHER ASSETS $ 2,008,137 S 1,855,940 l i I.ESS--EsristATED DEFERRED LIABILITY TOR 'f ~ l INCOstE TAXES (Note 1) $ 3,734,000 S 2,806,000 ~ J NET ASSETS EstPLOYED i IN THE RUSINESS S66,130,275 S66,868,539 The accompanying notes are an integral part of the 19 s S

u" 1 OS [ Oll SPENCER CHEMICAL COMPANY AND SUBSIDIARIES 1 li = 933 and 1957 !\\ 'l .'~ CUT.~C=2 ~~P c.... %, ?. ~ :-Q.'~;.' W'.T..=%.X. r.~ W.. ~ : M, -.:~^^.T' *9..P... w:R*_'C,'_*3 a r as --- -- m s. ~ -n -e..s~... 9 S.:urcesfrom rehich assets 1cere providal sene seer IIORROWED CAPITA 1., payahIe in equal annual j ins sliments of SI,250,000 to August 1,1975, unsecured: j 3%% Notes,1957 58 S 1,250,000 S 2,500,000 1 7,150,000 l 3%% Notes,1959-69 7,150,000 . 1 3%% Notes,1959 71 3,000,000 3,000,000 l 11,100.000 4%% Notes,1959 75 11,100.000 $22,500,000 S23,750,000 l ."1. 'i

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'd.i. less-Maturity included in current liabilities 1,250,000 1,250,000 gQ N.. I -j .] l Total borrowed capital ~ S21,250,000 $22,500,000'. ] .l E9t'iry CAPirA1.: j Preferred Stock, par value S100 per share-Authorized 236,500 and 241,000 shares, l. respectively j-Issued and outstanding 130,130 and 132,830 ,1 shares, respectisely, of 4.20% cumulative, after deducting, at par, shares held in treasury for application to current and future ,i sinking fund obligations (Note 3) S13,013,000 $13,283,000 . l. Common Stock, par value S6 per share-1 j i' Authorized 2,000,000 shares (50,230 and 52,750 shares. respectisely, resersed l for employees' o tions) Issued and outstan ing 1,124,P,55 shares 6,749,130 6,749,130 l Amounts paid in on capital shares in excess of par salue 5,493,620 5.193,620 Earnings retained in the business (Note 4) 19.624.525 18.P>42,789 Total equity capital S14.800,275 S44,368,539 TotAt. Sot: acts rnost Winics Asstis WEnc PROViDED S66,130.275 S66,868,539 [ l 7aregoing statements of consolidated financial position. 13 .i J

t ^1 ~ 19 l b 5"cac=a c " c = 'c a' c o-e ^ ~ v Slatements of ^" Consolidated Earnings Retained in Business For aeyars snard June so 3 -.,. -r-,..-- m _.. ,,37 m~~ _..y._..-.,., _.:. m :e ~.~.... -. Bu.OCE AT UEGtNNtNG OF YEAR $I8,812,789 $16,982.346 Ana--Net income for the year 4,038,056 , 5,130,791 $22,880,815 S22,ll3,137 Drot:cT-Cash dividends on: 4.20% Preferred Stock, $1.20 8 556,668 , $ 570,696 per share Common Stock, S2.40 per share 2,699,652 2,699,652 $ 3,256,320 $ 3,270,348 B.u A5CE AT ENo or YEAR (Note 4) $19,624,525 S18,812,789 The accompanying notes are an integral part of the foregoing statements of cons >lidated earnings retained in the business. has agreed to purchase a portion pan [e capital stock and debenture notes I Provision has been made in the of t accounts for the estimated arr.ount of in-of Ohio River Chemical Comp ny, a come taxes deferred to future years company formed to construct an oper-the nse er ermissiste eceter ied met - te carret ci - ri ni ne r Ashtand. JYotes v ods of depreciation for purposes of in-Kentucky; the Compa y's total initial-come tax reporting. Provision has been investment is estimat not to exceed '# !g# made also for the estimated amount of $1,000,000. June 30,1958 United States income taxes whicli may be payable upo,n the earnings of the con-j The Company is required, by the mn3olidated s lidated foreign subsidiary wheneve,r sinking fund provisions of its Articles financral such earnings are distributed as dm-fund of Incorporation, to make sinkink year dends to the Company. Charges agamst payments on November 15 of eac g g mcome of the year ended June 30,,1958, sufficient to redeem 4,500 shares of its l for such deferred and future income 4.20% Cumulative Preferred Stock. i taxes totaled $928,000. Such payments may be in the form of cash or preferred shares purchased by had ac-2 It is estimated that ex enditures the, Company. The Companfeld in its will be made furing the quired for this purpose and of $2,300,000 l'easury 6,370 shares at June 30.1958, ensuing year to complete the construe. and 8,170 shares at June 30,1957. i tion ojects in process at June 30,1958, l inc1 ing the completion of the urea d Under the terms of the loan unit at the Ifenderson Works and the I expansion of the polyethylene produc-a-reements with respect to notes pay. tion facilities at the Orange Works. The af>le, approximatel 70% of consolidat-Company has contracted to construct, ed earnings retain in the business was in the coming year, additional facilities restricted as to payment of cash divi. at existing plants at a total estimated dends on Common Stock at June 30, cost of $1,650,000. Further, the Com. 1958. i [o[ 14 1 "I .W- = I,

ws 70 1

r. H f H u #4 A r. O t. b G f. N & C O.

T Il x

To the Stockholders, T W

\\r&% ' ' M L' 4' We base enumined the statement of consolidated (nancial position of Y 't 0 *,4 ??' %} ' ~^'W? M'ENCER CilE111 CAL CO.t!!'ANY la.tlissouri corporation) AND SUB. 1 SDi.lHIES as of June 30,19*8, and the related statements of consolidated w iuome and cornalidated earnings retained in the business for the year then ^ QQ- ~ - k$" ~ e x e ?.ded. Our esamination u as made in accordance uith generally accepted caditing standards, and accordingly included such tests of the accounting ^ & T[17g"'_ ~: =5 records and such other auditing procedures as ur considered necessary in h )}45;,;"I Q C.e circumstances. We had made a similar examination for the year ended id L a q i Q

NJ.i a

t 'M W 1:nc 30,1957. IL Q h*! ">'p iN in our opinion, the accompanjing statement of consolidated fnancial Y {L % t position and statements' of consolidated income and consolidated earnnngs ft;q i s ? 5 . } I & aL2 - l' m k u*a b , Inn retained in the business present fairly the Snancial po!! tion of Spencer Chemical Company and Sulnidiaries as of June 30, 1958, and the results of their operations for the year then ended, and uere prepared in conformity .vith generally accepted accounting principles applied on a basis consistent with that of the preceding year. Kansas City, Slissouri, Auditors,' Certificate August li,1958. 3( Statements of AND S U B SIDI ARI E S Source and Application For theyars ended Jeane 30 of IDrhing Capital w.. ..w o..,- - s..~ ~~u-- a.. a c.. m n n. -. ,m: Woaxisc CAPITAL AT TIIE BEcINNINc S22,848,341 $21,861,856 or rite YEAa Denisc Tile YEAR, WORKINc CAPITAL WAS PROVIDED By: Operations, including charges for depreciation, amortization and Federalincome taxes deferred S 9,621,311 S10,531,790 i I Woaxisc CAPITAL WAS APPLIED TO: Additions to property, plant and equipment S 7,064,567 $ 4,484,037 Current maturity of borrowed capital 1,250,000 1,250,000 Cash dividends on-Preferred stock 556,668 570,6 % Common stock 2,699,652 2,699,652 Preferred Stock purchased for sinking fund 270,000 817,000 498,575 (276,080) Other (net) ~ i S12,339,462 S 9,545,305 h WoaKtsc CAPITAt. AT Tile ENo or TiiE YEAa S20,130,190 $22,848,341 l 15 1 _2 1 1 a 10 year Phw ncial Record.... (

  • ~~}

i ~ " ~ ' ~' -l^ l D ::.L.' T :: 27 .: 1.XL*:L G: 7 " t ~ na mna waa soav soae Statonents ef consolidated Jinanciai poition AsssTs CenacNT AsscTs: Cash and United States Government securities $14,235,141. S21,468,000 $22,518,526 Heceivables (net) 5,586,598 5,391,077 4,285,912 6.962,650 4,305,210 4,637,637 Ir.ventories Total current assets 'S26,134,392 S31,167,287 S31,442,075 PROPEHTY, PLANT AND EquiPucNT $74,373,127 S67,308,560 $62,824,525 Less accumulated depreciation and amortiu. ion 26,617,179 22,338,302 17,955,298 St7,725,948 i S44,970,258 $44,869,225 i S 2,008,137

S 1,855,940

'S 2,206,015 PREPAYMENTS AND OrilER ASSETS Total assets $76,518,477 S77.993,485 $78,517,315 8 LI Ar LITies CURRENT LtAnit: Tics: Current maturities of Lorrowed capital S 1,250,000 S 1,250,000 S 1,250,000 Payables and accruals 3,270,335 3,265,946 2,733,182 3,803,000 5,597,037 2,133,867 Federal and state income taxes Total current liabilities S 6,654,202 S 8,318,946 S 9,580,219 EST151ATED DEFERRED LIABILITY FOR S 3,734,000 S 2,006,000 S 1,862,000 INCO31E taxes BOnao1TED CAPITAL,less current maturities $21,250,000 S22,500,000 S23,750,000 EQUITY CAPITAt: Cumulative Preferred Stock,less treasury shares $13,013,000 S13,283,000 S14,100,000 Common Stock 6,749,130 6,749,130 6,749,130 Amounts paid in on capital shares in excess of par value 5,493,620 5,493,620 5,493,620 Earnings retained in the business 19,624,525 18,842,789 16,982,346 Less-Preferred stock sinking fund obligations Net equity capital S44,880,275 S14,368,539 S43,325,096 Totalliabilities and equity capital S76,518.477 S77,993,485 S78,517,315' nu n.cno su~n n sesa 1es7 tese Statements of* consolidated income INCOsic: $45,148,936 S18,262,6M S45,624,949 Net sales Fees received on cost.plus. fixed. fee contracts Gain on disposal of oil and gas interests S45,148,936 'S18,262,6M S15,624,919 COSTS AND EXPENSES: S37,429,889 S29,214,76% S25,756,803 Cost of products sold 8,816,354 7,753.820 6,487,161 Selling, administratise and other expenses (net) 861,637 905,259 942,500 Inteiest on debt 'S37,110,880 S37,873 313 S33,186,46% NET INC05tE BEFORE INCO3rE TAIE-S 8,038,056 S10,388,791 S12,438,485 4,000,000 5,258.000 6,514,000 FEDEnAt AND STATE INCO3tE taxes S 4,038,056 S 5,130,791 S 5,904,485 NET INCOhtE FaRNi$cs PER COststON SHARE (Based on average number of shares outstanding, S 3.09 S 4.05 S 4.73 adjusted for stock splits) DEPRECt\\ TION AND AMORTIZATION INCLUDEDg S 4,655,255 S 4,456,999 $ 4,200,267 IN COSTS AhD ExPENscs 16 jy 1 4 SPENCER CH E MIC AL COMPANY AND S U BSIDI ARIES 1 1 m==. ..7::

.== :.;m ::3.m.cmm=s::==':

-.=:.a..=z;:: 1950 tD54 1953 1952 19 5t 1950 1949 42,325.261 $25,012,205 S27,251,100 $24,282,629 S10,994,257 $ 5,683,282 S 6,553,903 1,16',061 899,946 2.371.999 2,282,727 2,128,030 1,489,&t8 1,332,315 9 3.252.807 1.873,973 2,073,696 2,417,283 1,961,050 1,086,409 979,269 k7.950,067 S29,168,905 $31,455,826 S28,219,760 S14,288,152 S 7,938,755 S 8,433,118 9,181,329 $48,198,321 S39,748,414 S29,051,751 S26,241,178 S21,290,042 S15,440,221 i.814,966 10,403,189 7,729,771 6,472,151 4,362,818 2,782,209 1,460,768 1,373,485 S 990,793 $ 870,102 S 1,632,135 S 1,406,301~ S18,508,733 S13,979,453 ,366.863 $38,095,132 $32,018,613 $22,579,603 $21,881,360 S 1,302,342 5 1,109,876 74,690,415 _.$_68,251,830 .S_52,431,498 S37,575,813 $27,749,830 $23,522,417 S61,344,571 = = - S S -S S 550,000 $ 550,000 S 1,225,668 2,692,178 3,512,886 2,456,'t47 1,671,186 1,502,021 1,249,420 855,822 4.876.509 6,611,782 6,329,488 6,571,225 4,076,038 2,925,305 2,368,476 ~ ~(76835 S 8,242,411 S 6,128,059 S 4,724,725 S 4,419,966 i 7,568.987 S10,131,6615 $1 ) 965,000 S 212,000 S S S S k25.000.c00 S25,000,000 S25,000,000 S15,000,000 S 9,900,000 Slo,450,000 $ 9,683,687 il 1.550.000 $ 7,696,500 $14,007,500 $14,507,000 S 8,500,000 8 1,500,000 S 1,500,000 6,719.130 6,749,130 6,000,000 6,000,000 6,000,000 6,000,000 - 1,600,000 5,193,620 5,493,620 11,363.678 13,100,900 10,756,437 8,946,779 7,302,751 5,075,105 6,288,794 (211,988) (205,201) (261,692) (255,000) 1.156.428 S32E28,162 $30,558,736 S29,189,087 $21,547,754 S12,575,105 S 9,388,794 74.690.415 $_68.254,830 S61,314,571 S52,431,498 S37,575,813 S27,749,830 S23,522,417 1950 1954 1953 1952 19 51 1950 1949 136.151.921 $34,161,178 S30,837,455 S28,771,733 S23,735,518 S19,395,960 $15,699,344 86,328 173,635 l 887,555 336,151.921 S34. lot,178 $30,837,455 S28,771,733 S24,623,073 $19,482,283 S15,872,979 l! s19.592.521 S17,578,421 $15,835,294 S14,821,979 S13,425,670 $ 9,717,125 S 7,926,056 5,226,468 3,941,330 3,901,010 2,797,236 2,112,429 2,123,298 1,690,347 952.178 967,343 610,974 501,085 360,510 390,453 411,436 l< S18,120,300 S15,898,609 S12,230,876 $10,027,839 25.771.467 S22,487,094 S20,350,278 _$10,651,433 $ 8,72%,464 S 7,251,412 S 5,&t5,140 ' i 10.383,451 Sll,617, tat $10,487,177 5,826,000 6,428,000 4,162,400 2,790,100_ 2,273,900 1 5.265.000 6,330,000 _0 4,661,177 S 4,223,433 $ 4,562,061 $ 4,461,312 S 3,571,240 j 5.118.151 S 5,2d7,084 441 S 4.53 4.01 S-3.61 8 4.18 8 4.39 3 3.50 3.455,787 S 2,719,305 S 2,222,686 S 2,224,631 $ 1,715,132 S 1,374,708 S 1,252,588 i' ~ 17 .i Accent on technolo 1 The Company's technical proficiency has built strong preferences for Spencer chemicals and plastics. Laboratories like these have been highly successful in product irr.provement and the solution of customer problems. ,. Ap % Dedicated in August,1957, the Spencer Research

. ' 7 "i Center has rnade it possible to consolidate and.ex.

Q,~2 ~d rY aas Pand the Company's varied research activities. The ., M -#~s N2 af Center is staffed and equipped to perform research j g rrr~ n s s er sz:EP *r aesss in fields not presently served by the Company, and .n g '*"T g -a also provides assistance and consultation to the t g 3 'k,hk Y-various divisional technical laboratories. t e o o e o e e e e e 'Rh

+;p,i p, 'j 9-Bedaning with the entry of the Company into o

C the pYastics field, the Orange Technical Laboratory Mic - has made great contributions to product improve-7 Ea 6 %I_Y M 22.i1L*i.xsap M rs W 2 ment. This facility includes a pilot plant for studies .1_Mt %binL.Jt.as'rt,s. ] on new polyethyIene resins and processing uip-21 " D 'i M M o d ment to aid in the improvement of existing products.. a c o o 3 o o a o e ,ev The Plastics Sales Service Lab, located in Kansas Sy City close to the general offices, is fully equipped _ZAM.ifj witn machmery for processmg polyethylene and J[k YfMfM.--Qg,f- - l e R" !" 1 nylon. It is thus able to suggest sound process-d c,' ["l >' 3 :, ]" L14.y {'* *Db 'l q4 , s g% $ . f- ' f ing techniques to Spencer customers and help them ~ 5 '* M siif overcome difficulties faced in special applications. o 9 0 9 a e o o e e enn f2';% b N# - 'g The Technical D artment Laboratory at Jay-S [.G f and Industrial Chemicals Divisions. In addition to hawk Works senes both the Agricultural Chemicals T.u ( C$g@f _-.---= gg p oo l f.ii* Q.i mixed fertilizer pilot plant. Both new developments 4 a well staffed laboratory, this facility provides a U . d ;; T4 O. IN * ' n and customer problems are studied here. f h@$5b,M IU UU 3 31 j 1 .e - Kw! e w a.m:n w la i a

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,n w.) m ro w s

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  • '%.r:; m.:-

q-- -~ Dr. Nat Robertson == =' N:*w:hN i U y?gg ' Akhfi.3, $. g.. g .a .-.a (s eated), Vice. g.? N ~., y,,,73,,,,y p,, search and Derel. y k Q' y g Q;Y*t. , f[, f Q lV Q. W l ]Q*iq

opment, heads g.jpgpv, +

ss y WyW g&e Spencer research 3 actirities. Dr.0.Y. &.'Q:th?.& [f M4 % w. &. g, f +k - m Luke, Director of Q$ Central Research, f m Proj.ects.in applied research, des.igned to con-is in charge of the 'eegg JLaa J W x y tribute to the Company's future hrowth, are cur. Research Center. fp J. h rently under study at the Researc Center. Much GdN O ' gM f v' '.M@l cffort is devoted to the expansion of the Company's '- -J basic line of industrial products. New a~ricultural (g jh* W'?- ];[ f chermcals, developed here, have passed faboratory 9 +/' -a .m m des trills and are now being tested in the field. - O G e G G G G G G

m..

4-3.. p fJ k~m6kh gj. p With the finest analytical equipment obtainable Industrid pac kaging / for deter represents a new 6cld propert. mining the molecular structure and hysical QQ

q forpolyethylenef1m. It ies of po ethylene, the Orange La, evalu.

,,,,p,,,g,,,,, 93 Qs s g ates the scores o new resins originated in its pilot resdt of derclopment f; mri p.? .f&. .r gh - plant. It was responsible for producing the special work launc,ied by the [ J L' --[$,;"Q resin needed for heavy. duty polyethylene bags. proeressa re Orange a y =--. ? * - - ~. - Terhnscal laboratory. .f. &.= D 3 3 0 4 0 0 0 .\\. gy~.y r [4' r b[. Turnin " plastics theory"into " plastics ractice" >TorIias with Craca 15 the assignment of the Sales Service I l In fulfilling its purpose, the Lab has he ed deselop 'g,'[,#7,#'$',Nh .(( @-. f,tl oratory. Zeller6ach Corporction. h Mk ^l' f j unique polyethylene beverage carr.. r, solved which male it possible f. I c roblems of low temperature emLittle nent in to orerrrap bread at \\.,,4 O! ( \\g 6I J l ousewares and devised a resin for overw rap film. high packaging speeds. ,f ) %7S,e l \\ l ~ l C 1 0 3 J 0 0 0 f' :f,,'% a. l Among ie achievements of the Jayhawk Lab are fertilizer of higher an. g g.j /j., *,- c processing technique for making anhydrous am, dysis as Imccr cost is [. '.j monia with a purity of 99.999C/o (of great impor. h,' f,','h""I'Iin4 st ) ~M 8 W5~

  • gM'cWM tance,n metal treat,ng) and new methods of pro.

Improred mixed fertili.

b. \\

i i ducing high analysis mixed fertilizers. Customer sisits to this center help build sales. the pi, lor plant and,Ag Ib zers are cchiered by Che s Tech Sernce. - hg $gv7 x, -:p' 1 i . * 'g 1 s + .9 .,e 5'M .e e l 19 i I JAh!ES F. BaowNLtE, NEw Yoax, N. Y. Chairman of the Board, Afinute Staid Corporation IIENRY LEE COOPER, IIENDERSON, KY. President, Ohio Valley National Bank f)/ rec / prs ' Joe E. CULPEPPER, KANSAS CITY, MO. Vice President, Spencer Chemical Company

  • MILTON McGREEVY, KANSAS Ctry, Mo.

Partner, flarris, Upham & Co. ~ "JoirN P. Mittra, KANSAS CITr, Ma. I Vice President, Spencer Chemical Company FRANKLIN D. MuariiY, LAWRENCE, KANS. gg l Chancellor, Unitersity of Kansas IL II. SPENcEa, Prrissunc, KANS. Chairman of the Board, The Pittsburg and 31idway Coal 3 fining Company

  • KrNNtrit A. SPENcen, KANSAS CITY, MO.

President Spencer Chemical Company W W 'C. Y. Tiro 3tAS, KANs AS CITY, MO. Vice President, Spencer Chemical Company 'Alember of Eaecutive Committee KEN 3Eris A. SPENCER, President C. Y. Tnsoss AS, General Vice President-operations ]OHN P. Msttta, General Vice President-Finan e joe E. CULPEPPER, General Vice President-Starleting Oficers

3. C. DeNroN. Vice P,e,ident-Aaricatura Chemicas Dia, ion IL R. DnNctS, Vice President-industrial Chemicals Division E. V. Fatevancnt, Vice President-Administration F. L. PrLE, Vice President-Plastics Division N. C. RoBtnisoN, Vice President-Research and Desetopment Anritua MAc, Secretary EuctNE W. MORcAN, Treasurer
1. A. Boaotas, Assistant Secretary and Assistant Treasurer 1

General Counsel . Stinson,5 fag, Thomson,5fcEsers & Fizzell Kansas City,31o. -.7ms-&.pyvm l-h PQTAhnnualiiYeeang-e . Arthur Andersen & Co. l f D *'t G Sh Ee M ! G N ;. Kansas City,310. W.flUdhk 5k ;,, ' oWzus @T$NUf l O?s W : @yThe m Nt% 5 Sk p j V Transfer Agents t MM The First Naiional Bank of Kansas City s a h..r'o"*lT2dfar,';OeraEer;.T,ds Kansas City, Sto. k J. P. Aforgan & Co, Incorporated [ [h. h p p New York. N. Y. fau.y %,a t u w ar i [. I' ~ *A %* f ? M Registrars ~O .)g' /~ Commerce Trust Company Kansas City,31o. + - - g. jI '# 7 The First National City Bank of New York ~- -->'C* New York, N. Y. m 20 I i d s s f P C 1 A the S>encer - trademarks .t h i l DS tg c 3NI L-3 s% a. M r. ** N " Poly-Eth SPENSOL solu. Dry ice is roar. The "Mr. N" Miss " Poly Eth" Spe ncer's gen. eral tradema rk is tions caean ni-Leted in the figure signifies is representative - nW en products trogen wherever Midwest under highest quality of Spencer's of all three oper-mixed fertilizers this identifying ammonium ni. quality polyethy-sting divisions, are produced. trademark. trate fertilizer. lene resins. I O 9 s ? ,. e f** 9 q .5 ~***%em h;y w-am_ _, l - Tpgeme /. % l F F I e '\\' f1 '._\\ _'M s - V' W 1 1 M 3j _is Artier icti's growing flilllit lil CIIClitiCillS ~ $$I a.... t -r ?r>a:.. x' / - < n i J &e#m. d { r r f p.N Y

p34

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