New-York tribune., 1920-02-19
Goodrich Sales
Set New Record:
Profits Larger
Earnings on Common Stock
Equal to $500 a Share,
Against $23.O8 i'm the
Preceding Year

Sales of the b. F. Goodrich Comnany
for the year ended December 81, 1919
were the largest in its history, aggre-
eating s141,s4s,41s, or $17,S7S,2S more
than those for 1918. Manufacturing
expenses, etc. amounted to $12l,579.
26b. an increase of $19,422,935. When
income from other sources had been
added the total was $2O,340,214, a fall
ing off of $1,270.10s from 1918. De-
probation totaled s1,s35,540 and in.
terest on bills payable $1,199,861, leav-
ing net profits after charges, but be.
fore Federal taxes, of $l7,3O4.SlS,
equivalent after the deduction of So
247,ooo in preferred dividends to SEE. .os
share, 500 par, earned on the $780,
100000 common stock, against $15,e37.-
il4' or s2S.O6 share in the preceding
year.
Holders of the common stock re.
ceived $2,4oo,0o0 in dividends durins
the year, the same amount distributed
IN 1918. Surplus of s12,657,s13 and
other income of $387,ooo was added to
the previous balance of $33 1894 923
bringing the total to $46.939,736 From
that amount $177,778 for stock pur-
chases and $5,55S,912 in Federal taxes
were deducted, leaving q profit and
loss surplus of SAL ,O46, an increase
of $40 O,os3,059 over the year before.
The report to stockholders states
that never before have the products of
the company given more uniformly
satisfactory service. During the last
year sales have been limited only by
the company's ability to produce
When the additional manufacturing
faclIltles which are now in the course
OF construction are brought into pro-
ductlon during the coming year the
annual business. according TO the re-
port, should exceed 100000, ,OOO
The consolidated balance sheet as of
December 81, 1919, shows cash in banks
and on hand of $5,491, 500; bills re-
ceivable, $44.6S8; other accounts re-
celvable. $550,208; trade accounts re-
celvabie after reserve for doubtful &C.
counts, ETC., S23 oil ,543; bills payable
general, $22,o68.0O0: bills payable Sc
cured by deposit of portion United
States Liberty bonds, $4,000 900; ac-
counts payable, s5,S64, ,o69; reserves for
contingencies, etc, S3,725 ,063, and to-
tai assets and liabilities Of $175,715.-
9i8.
In the report the company sets forth
the details of its proposed recapital-
ization plan, on which stockholders will
vote March 10. The plan provides for
the issuance of S30,00000 five-year z
per cent gold notes, convertible
into common stock at $50
share. In addition, the authorized COM
mon stock capitalization is to be in
creased from 100000 shares of S100 par
value stock to 100000 shares of no
par value stock. OF such 1900, 900
shares of no par value common, 100000
shares will be exchanged. share for
share. for the present SloO par value
stock. 125,000 shares will be set aside
for sale to Goodrich employees, 375,OO0
shares will be reserved for issue in con.
nection with the conversion of the
notes, and the remaining 100000 shares
will be available for future require
ments of the corporation.
Upon approval of the plan, common
stockholders of record March Is will
have the right to purchase at the rate
of $100 of notes for each two shares
of common stock held at the price OF
s99 for each 500 note, or alternatively
to purchase new common stock at the
/ rate of one and .one-quarter shares foI
each two shares of old stock held, al
so share.