ML20133L331
| ML20133L331 | |
| Person / Time | |
|---|---|
| Site: | 07000036 |
| Issue date: | 08/12/1959 |
| From: | Knoop V MALLINCKRODT, INC. |
| To: | Johnson L US ATOMIC ENERGY COMMISSION (AEC) |
| Shared Package | |
| ML20133G976 | List:
|
| References | |
| FOIA-96-343 NUDOCS 9701210569 | |
| Download: ML20133L331 (13) | |
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WJ MALLINCKRODT CHEMICALWORKS
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- W$d U. S. Atomic Energy Commission
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Mr. Lyall Johnson Chief, Licensing Branch Division of Licensing & Regulation 9
Gentlemen:
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Enclosed in accordance with your letter of August 11, 1959 '(L&R:JCD 5
70-36) are four copies of the Annual Report of this Company for 1958.
Sincerely
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MALLINCKRODT CHEMICAL WORKS f.'f itt i
LA Secretary i
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ANNUAL REPORT *.
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// /(* ' N(/I CH E MIC AL WORKS December 31,1958 DIRECTORS Edward Mallinckrodt, Jr.
August H. Homeyer William D. Barry John G. Moore David R. Calhoun, Jr.
John R. RuhofT Joseph Fistere Harold E. Thayer John E. Gaston Vernon H. Wallingford Shields Warren OFFECER8 Edward Mallinckrodt, Jr....Choleman of the Board Joseph Fis;cre........................ President John R. Ruhoff.................. Vice-President i
William D. Barry.................. Vice-President Harold E. Thayer................. Vice-President John E. Gaston................... Vice President
' Victor H. Knoop..................... Secretary Norman P. Knowlton.............. Vice-President Harold A. Brinner........ Treasurer and Controller John G. Moore.................. Vice-President Oliver M. Langenberg...... Assistant Secretary and Assistant Treasurer Counselt Sheplen Kroeger, Fisee & Shepley, St. Louis Certyied Public Accountants: Price Waterhouse & Co., St. Louis Dividend Disbursing Agent: St. Louis Union Trust Co., St. Louis Tree 4fer Agents Stp Union Trust Co., St. buis; J. P. Morgan & Co., Inc., New York Registmes: The Boatmen's National Bank of St. Imis; The Bank of New York, New York
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01)?'lU2U f UC e f}/Hi!CfYif e fH)?H2y 1958 1957 Net Sales and Operating Fees.............. 532,824,710 532,613,271 Cost of G ood s Sold............................. 23,996,972 24,299,496 Selling. General and Administrative Expenses.......... 5,208,487 5,073.839 Research and Development Expenses................. 1,809,794 1,425,489 1,809,457 1,814,447 Income from Operations. Ne t i nco me...................................... 876,013 857,361 Dividends Declared-Preferred Stock................. 119,932 119,932 Dividends Declared-Common Stock-5.80 per share...... 300,260 300,000 Earnings per share-Common Stock................... 52.01 51.97 Curren t Assets............................... S I8,928,802 $19,204,637 Curren t Liabilities................................ 3,215,591 3,496,338 Net Working Capital.................................. 15,713,211 15,708,299 Property, Plant and Equipment-Net.................. 12,775,235 12,488,177 Lon g Ter m De bt...................................... 3,625,000 3,875,000 Preferred Stock-par value............................ 2,582,200 2,582,200 Common Stock Outstanding-510 par Class A-shares..................................... 255,665 255,000 Class B-shares..................................... 120,000 120,000 Capital S urplus...................................... 5 1,098,851 $ 1,083,390 Accumulated income Reinvested............... 18,024,642 17,568,821 Book Value per Common Share......*................... $60.91 559.74 Page1
O (/ // / (* / (< ( CHEMIC AL WORKS ANNUAL REPORT t TO THE STOCKHOLDERS: In a year of general recession and business uncertainty, the 1958 operating results of the Company have been encouraging. The Company's earnings per share of common stock were 52.01 in 1958, as compared with 51.97 in 1957. Divider.ds at the rate of 5.80 ) per share were declared on the common stock in both years. The Company's total sales (including fees from the processing of euxenite and from 532,824,710, operations under the Atomic Energy Commission contract) amounted to an increase of $211,439 over 1957, despite a decrease in the dollar value of sales of the Company's general line chemical products. This decrease was caused in part by our established program for the elimination of unprofitable items, and in part by increasinglyf severe competition, both domestic and foreign. In spite of these and other factors, carefu attention to our problems by the departments concerned has resulted in improved profit. j ability of this portion of our business in 1958 as compared with 1957. The second and third units of the Weldon Spring uranium plant were placed in operation for the Atomic Energy Commission in the spring of the year. We are success-fully operating certain sections of this new facility at levels materially in excess of de capacity and at costs materially lower than originally had been anticipated. In accorda with the plan reported to you last year, the Atomic Energy Commission's Destrehan Street uranium refinery, located at the Company's St. Louis plant site and operated for the Commission since 1947, was placed in standby during the second quarter of the year. Operations of the euxenite processing plant for the production of columbium-tantalu and uranium products showed further improvement during the year, and the sales volume of these products increased. The existing subcontracts with Porter Bros. Corporation, which requires the use of the euxenite plant facilities for the major portion of the year, extends to June 30, 1960. The development of commercial columbium and tantalum products related to the euxenite operation was continued. During the last half of the year, commercial shipments of tantalum product were made on a contract basis. The Hematite plant, operated for the production of enriched uranium compounds for reactor fuel use, was expanded further to meet the increasingly varied demands of our customers. Research and development work in support of this facility was continued on an enlarged scale.The sales of the products produced in the plant increased satisfactorij and at the end of the year the Company held contracts sufTicient to occupy the facilities for approxima,tely the first six months of 1959. During the year, however, the c g-O Page 2
'~ situation developed rapidly with the completion of facilities by sescral other companies and the announcement of the intention of still other companies to enter this business. In spite of these conditions, we have maintained our leading position in this field. The over-all improvement in the operations of the Company during the year 1958 reflected all of the foregoing factors and was clearly apparent in the financial results. During the year the Company continued its research and development program on a somewhat expanded scale, particularly in the furtherance of the development of a process for semiconductor grade silicon metal. The Company is presently in production of this material on a limited basis, and is now engaged in a large-scale market testing program. The Company's current contract with the Atomic Energy Commission for the opera-tion of the Weldon Spring plant expires December 31, 1959. Negotiations with the Commission are in progress to extend the contract for a period of 4% years from that date. It is anticipated that the annual fee for the new contract will be somewhat less than the present annual fee of $780,000,in view of the reduced estimated cost of future opera-tions. Much of the reduction in estimated cost is the result ofincreased efficiency developed in the operation of the new facilities at Weldon Spring. Our relations with our wage employees continue on a satisfactory basis. Although 1 negotiations with the other unions are not conipleted, a new two-year contract with the Independent Union of Chemical Plant Workers covering most of the employees in the St. Louis commercial operations was signed on February 9,1959, to replace the prior annual agreement which expired December 31,1958. We mourn the death on October 14, 1958, of Mr. Henry V. Farr who, for many years, served this Company as a director and vice-president. Mr. William D. Barry, Vice-President and General Manager of our Eastern opera-tions, reached retirement age in August 1958; however, he is continuing to serve the Company as a director and as a consultant. Mr. John E. Gaston and Mr. John G. Moore, vice presidents for sales and operations, I respectively, were elected in November 1958 to fill vacancies on the Board of Directors. The Company has had many occasions during the year to be mindful of the continued interest and support of its customers, suppliers, employees, and stockholders, it is only appropriate at this time that we acknowledge, on behalf of the Board of Directors, our i sincere appreciation for their many contributions to the continued progress of the Company. fh-e President February 16,1959. [ Page 3
j l ANNUAL REPORTo (/ ///C 'I6I CH E MIC AL WOR K S i i I l Financial Review j e Dividends Stock Options and Additional compensation Man Regular quarterly dividends were de-clared on the Series B and Series C preferred Of the IN,335 authorized but unissued l stocks throughout the year. A disidend of shares of Class A common stock on Decem- $.30 per share was declared on June 3,1958, ber 31,1958, 46,800 shares were reserved on the Class A and Class B common stocks against conversion of the then outstanding and paid July 1,1958. A further dividend of shares of Series C cumulative preferred stock, 5.50 per share was declared on such stock and 24,335 shares were reserved against the on December 2,1958, and paid January 2,- exercise of stock options, granted and to 1959, to stockholders of record' December be granted. 17, 1958. The Board of Directors will con-Options to. purchase 18,500 of the tinue to take action on dividends on the authorized but unissued shares of the Class A common stock semi annually until further common stock were granted in 1956 and notice. options to purchase an additional 3,550 The 3Fa% unsecured note payable to shares were granted in 1958. Options on 665 I The Prudential Insurance Company or shares were exercised during 1958 and, after America requires prepayments of $250,000 adjustment for options cancelled, 3,335 shares 4 annually to maturity April 1,1971, when the remain available for grant at December 31, balance of the note is payable. The note 1958. contains various restrictions as to payment Earnings in 1958 again were sufficient to 2 of cash dividends on common stock. Of the permit the allocation of funds under the amount of accumulated income reinvested. Mallinckrodt Additional Compensation Plan in the business on December 31, 1958, for Officers and Key Employees which was $5,097,504 is free from such restrictions. first made operative for the year 1957. [ ] Page 4
oepreciation and Amortization books at a cost of 5387,473. The subsidiary Allowance for depreciation and amorti-reported a net loss of $107,153 (Canadian) zation in 1"3 was $1,305,773 compared with in 1958, principally as a result of severe $1,171,686 in 1957 and 5948,811 in 1956. competition from both imported and domes-tic products, as compared with a profit of Working capltal 5932 in'1957. No dividends were declared. Current assets exceeded current liabili-The Company's net equity in Mallinckrodt ' ties by $15,713,211 at the end of 1958, or Chemical Works Limited on December 31, approximately the same figure as at the be-1958, was 5818,278. ginning of the year. The ratio of current In December 1958, Mallinckrodt Nuclear assets to current liabilities was 5.9 to 1, com-Corporation was formed as a wholly-owned pared to 5.5 to I at the end of 1957. subsidiary of the Company. On January 2, 1959, the business and facilities of the nuclear Property, Plan and aquipmont fuels division of the Company, including all Expenditures for property, plant and f the facilities located at Hematite, Missouri, equipment during the year amounted to were transferred to this' subsidiary. The $1,596,940, as compared with 51,633,863 in authorized capital of this company consists 1957. In 1958 the expenditures included sub-f 10,000 shares of $10 par value common stantial amounts for facility replacements and stock,all of which are owned by Mallinckrodt capacity increases and for the expansion of Chemical Works. It is expected that this the nuclear fuels facilities at Hematite, arrangement will facilitate the future develop-Missouri. These expenditures included also ment of the business formerly carried on by amounts required in connection with the this division of the Company, as well as silicon program, permit easier solution of other problems, subeldiaries There was no change during 1958 in the Investment in the Company's wholly-status of Mallinckrodt Metals Company, a owned Canadian subsidiary, Mallinckrodt wholly owned subsidiary formed in Febru. Chemical Works Limited, is carried on the ary 1957. Page 5
k v' alinc c' cl{ m C O M P AR ATIVE BALANCE SHEET Assets 1958 1957 CURRENT ASSETS: Cash........ $ 2,804,219 $ 2,764,502 U. S. Government securities, at cost (which approximates market).. 1,500,000 1,300,000 Accounts receivable,less allowance of $100,000 for doubtful accounts, cash discounts, and other allowances...... 3,102,037 2,997,995 Inventories, at the lower of cost (principally on the first.in first.out basis) or market-Raw materials and packaging supplies.... 2,702,168 2,226,658 Work in process. 2,062,440 2,455,919 Finished products...... 6,162,528 6,702,136 Mechanical, laboratory, and other supplies, at cost. 355,270 425,022 Prepaid insurance, taxes, and other expenses........ 240,140 332,405 518,928,802 519,204,637 INVESTMENTS AND ADVANCES, including investment in Canadian subsidiary carried at cost of $387,473....... 5 598,897 $ 662,935 PROPERTIES, at cost: Buildings, machinery, and equipment.. $20,969,905 $19,234,265 Less-Depreciation and amortization......... 9,439,627 8,202,082 511,530,278 $11,032,183 Land......................................................... 675,458 675,458 Construction in progress.... 569,499 780,536 $12,775,235 512,488,177 $32,302,934 $32,355,749 ~ ~ Page 6
o 0 $0$)(((Y[ Ob' $b DECEMBER 31, 1958 AND 1957 Liabilities and Stockholders' Investment 1958 1957 CURRENT LIABILITIES: 5 250,000 5 250,000 Note payable-amount due within one year................... 1,672,345 1,626,617 Accou n ts payable.......................................... 344,324 317,896 S ala ries a n d wa ges............................................ Estimated federal income taxes............................... 579,190 897,867 217,720 217,483 Divid e n d s payable............................................. Other current and accrued liabilities............................. 152,012 186,475 5 3,215,591 5 3,496,338 NOTE PAYABLE TO THE PRUDENTIAL INSURANCE COMPANY of AMERICA,3%%, unsecured, excluding amount due within one year S 3,625,000 5 3,875,000 STOCKIIOLDERS' INVESTMENT: Preferred stock, cumulative $50 par value-Authorized 100,000 shares issued-l1,644 shares of Series B, 6%........................... S $82,200 $ 582,200 40,000 shares of Series C, 4%%......................... 2,000,000 2,000,000 Common stock, $10 par value-Class A, authorized 360,000 shares,isn:cd 255,665 and 255,000 shares 2,556,650 2,550,000 Class B, authorized 240,000 shares, issued 120,000 shares.......... 1,200,000 1,200,000 Amount paid in for capital stock in excess of par value............. 1,098,851 1,083,390 Accumulated locome reinvested in the business (see accompanying sta te men t)................................................... 18,024,642 17,568,821 525,462,343 524,984,411 532,302,934 532,355,749 Page 7
o e Ja//inchon %emica/ bh STATEMENTS OF INCOME AND ACCUMULATED INCOME REINVESTED IN THE BUE,1 NESS FOR THE TWO YEARS ENDED l DECEMBER 31,1958 1958 1957 $32,824.710 $32,613,271 Sales, net...... Cost of good s sold...................... 23,996,972 24,299,496 5 8,827,738 5 8,313,775 Gross profit...... Selling, general and administrative expenses. 5 5,208,487 5 5,073,839 Research and development expenses. 1,809.794_ 1,425,489 $ 7,018,281 5 6,499,328 Income from operations. 5 1,809,457 5 1,814,447 Other income and (deductions): Interest on unsecured note. S (132,890) 5 (141,328) Discount on purchases and miscellaneous, net..... 121,446 142,242 5 (11,444) 914 Income before estimated federal income taxes.......... 5 1,798,013 $ 1,815,361 Estimated federal income taxes......................... 922,000 958,000 Net income for the year............ S 876,013 5 857,361 Accumulated income reinvested in the business: " Balance at beginning of year......................... 17,568,821 17,131,392 518,444,834 517,988,753 Dividends declared-Preferred stock-Seri es B, 6%................................. 5 34,932 5 34,932 Se ries C, 4 % %.................................... 85,000 85,000 Common stock-Cla ss A.......................................... 204,260 204,000 Cla s s B........................................... %,000 96,000 5 420,192 5 419,932 Balt.nce at end of year ($12,927,138 restricted under agreement relating to note payable).. $18.024.642 517,568,821 Page 8
e. e St. Louis, Mo. February 5,1959 To the Board of Directors of Mallinckrodt Chemical Works In our opinion, the accompanying fmancial statements present fairly the fmancial position of Mallinckrodt Chemical Works at December 31, 1958, and the results of its operations for the year, in conformity with AUDiTOMS* generally accepted accounting principles applied on a basis consistent REPORT with that of the preceding year. Our examination of such statements wrz 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. Price Waterhouse & Co.
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