[D9201AAE], Report from Dick (A.B.) Co, Herman Ernest Dick, May 16th, 1892
https://edisondigital.rutgers.edu/document/D9201AAE
Transcription
<Letterhead of A.B. Dick Company> Chicago, May 16, 1892 To the Stockholders of A. B. Dick Company. At the annual meeting of the Stockholders of this Company held this day, the following Directors were elected for the ensuing year: A. B. Dick, H. E. Dick, E. E. Dick, W. G. Arnold. The enclosed statement of the past years business was read, approved and ordered placed on file. At the annual meeting of the Directors held immediately after the meeting of the Stockholders, the following officers were elected for one year. A. B. Dick, President & Treasurer, H. E. Dick, Vice President, E. E. Dick, Secretary. A dividend of ten per cent (10%) was declared on both Preferred and Common Stock, amounting to $15,000.00 payable June 1st next, and the balance of the NET GAIN for the year, amounting to $47,096.22 was ordered to be placed to the credit of the Surplus account. With a profit during the past year of $62,096.22 we have been enabled to acquire a controlling interest in the Gilliland Electric Company, of Adrian, Mich. (where our goods have been manufactured for the past four years) without calling upon the Stockholders for additional subscriptions, or passing our regular dividend. The Comparative Statement this year shows a large increase in both sales and profits over any previous year, and the prospect for the coming year is encouraging. Yours very truly, H. E. Dick, Vice President. Statement of the business of the A. B. Dick Company for the year ending April 30th, 1898. Sales of Mdse. for the year, $214,455.11 Less Mdse. returned, $2,663.75 Less allowances in settlements, 869.06 3,532.81 Net amount Mdse. sold 210,922.30 CONTRA. Cost of Mdse. sold and on hand including Labor and Material 102,777.27 Less inventory of stock on hand, 23,743.34 Actual SHOP COST of Mdse. sold, 79,033.93 Add Royalties paid on same, 6,091.52 Total cost of Mdse. sold, 85,125.45 Less Cash discount on material purchased, 1,106.50 Net cost of Mdse. sold, 84,018.95 GROSS PROFIT for the year, 126,903.35 GENERAL EXPENSES Salary account, 18,638.23 Expense account proper, 11,584.10 Advertising account 8,422.94 New York Expense account, 10,040.18 Philadelphia Expense account 6,872.78 Collection Expense account 50.84 Interest & Exchange account 69.83 Commission Account, 667.37 Total General Expense, 56,346.27 ACTUAL PROFIT on Mdse. sold, 70,557.08 EXTRAORDINARY EXPENSE. Patent Litigation Expense, 9,292.68 Accounts charged to Profit and Loss for the year, 480.34 9,773.02 60,784.06 Add amount royalties received from Licensees, 1,312.16 ACTUAL NET GAIN for the year, 62,096.22 Add undivided profits in surplus account, 24,867.08 Total undivided profits April 30th, 1892, 86,963.30 Statement of Assets and Liabilities of A. B. Dick Company, April 30th, 1892. ASSETS. Cash on hand, $ 13,630.49 Accounts and Bills Receivable, 45,184.74 Mdse. on hand as per Inventory, 23,743.34. Office Fixtures at Chicago, New York and Philadelphia, 2,596.41 Gilliland Electric Co. Stock, 60,000.00 Pomeroy Duplicator Stock, 500.00 World's Columbian Expo. Stock, 500.00 Patents and Contract account, 106,000.00 Total Assets. $ 252,154.98 LIABILITIES Accounts we owe, 11,191.68 Bills payable, 4,000.00 Capital Stock, 150,000.00 Undivided Profits in Surplus account, 24,867.08 Undivided Profits earned in year ending April 30th, 1892, 62,096.22 Total Liabilities. 252,154.98 Comparative Statement of Sales for the years ending April 30th, 1889, 1890, 1891, 1892. Total net sales for year ending April 30th, 1889, $ 79,422.28 Total net sales for year ending April 30th, 1890, 113,103.45 Total net sales for year ending April 30th, 1891, 152,817.91 Total net sales for year ending April 30th, 1892, 210,922.30 Comparative Statement of Net Profits for the years ending April 30th, 1889, 1890, 1891, 1892. Total net profits for year ending April 30th, 1889, 11,608.12 Total net profits for year ending April 30th, 1890, 23,239.85 Total net profits for year ending April 30th, 1891, 30,212.01 Total net profits for year ending April 30th, 1892, 62,096.22