Evening star., 1955-03-13


terday.
Signed by
P r dent
George B. -:
Burrus and
Board Chair
man T. N.
Beavers, the
report said
the expansion
program calls Mr.. Burrus.
for at least 10 new stores and
the enlargement of five existing
stores in 1855 at cost of around
81 million.
During the last year, it said,
six new stores were opened. rails
ing the company total to 1856.
Three stores were enlarged and
three were moved to new and
larger quarters.
Opened ut Four Corners
The company has just COM
pleted a new store at Four Cor
ners in Montgomery County,
Md, has four under construc-
tion and two others almost ready
to start construction, all in this
area. The four include: Riggs
road and South Dakota avenue.
Langley Park, Indian Head road
at the District line, and River
dale and Edmonston roads in
Prince Georges County, Md. The
two other locations are at Seat
Pleasant, Md. and at Lee high
way and U. S. highway so in
Fairfax County, Va.
The area stores, with more
still to come before the end OF
the year, will represent about
half of the program for the en-
tire chain.
Net Income Reduced
The annual report. distributed
with proxy forms for the an
nual stockholders meeting March
| 30, showed that while the new
sales record was $428. 200 ahead
of $54,523,336 in the previous
year, net income for 1854 was
lower.
| The years net was $1,473.974
or $3.44 share before deduc-
ton of a homecoming item Of
$75,855 provided for vacation
expense under the new Internal
Revenue Code. Net for 1858
was $1,502,174 or $3.50 share.
Increased operating costs gen.
orally prevailing throughout the
industry was a major factor re-
ducing net income. Operating
costs, including depreciation and
amortization rose to $52.870,395
from $51, ,984 ,2O6 in 1858.
Federal taxes on income de-
creased to $1,551,244 from ST.
935,118. Earned surplus on De-
cember 81 stood at $11 .587 .582
after $3.50, 900 of common stock
dividends, compared with SILL
047,463 a year earlier.
Current assets on December
81 totaled $14.753,542 VS.. $l4.-
883, ,301 a year earlier, while cur
rent liabilities amounted to S.
337,337 VS.. $5,635 ,003. The ratio
of current assets to current
liabilities was $2.76 to 81 VS..
$2.64 to 81 a year earlier.
Named General Counsel
Emory T. Nunneley, jr., of
Washington has been elected
general counsel of Investors
Diversified Services, Inc, it was
announced by Willis l. Norton,
vice president-law emeritus.
Since 1916 Mr.. Nunneley has
been general counsel for the Civil
Aeronautics Board and prior to
that association starting in 1940
he was with the New York law
firm of Root, Clark, Buckner and
Ballantine.
Mr.. Nunneley will reside in
Minneapolis. He succeeds John
w. McCartin, who has been
named vice president-la
Station Manager Appointed
Theresa Rogers has been ap-
pointed station manager of ra-
dio station WGMS under a new
executive lineup announced yes
terday by M. Roberts Rogers.
president and general manager.
Dan r. Cavalier, vice presi-
dent for sales, has resigned to
found Cavalier Associates, dis
tributors of high fidelity elec-
tronic products. Mr.. Rogers will
resume direct supervision of the
sales staff.
! Mrs. Rogers will administer :
the day-to-day operations of the
station. She Joined the COM
pany in 1850 as secretary to the
general manager.
Manages Ripley Store
Milton j. Barren has been
named manager of the new
Washington store of the Ripley
chain of mems wear stores at
a.sz.. s, 1925 F street
- - NV.
Mr.. Barren
"a has had more
than 20 years
of experience
~ in the mems
= apparel field
and came to
| Wash ngton
~ IL years ago.
" He formerly
M S was wi t h