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1958Bfar Complete.Pdf 60*tuW ---@9. Americon Institute of Monogement 8ffice F@ds Co, THIS CERTIFICATE OF MANAGEMENT EXCELLENCE FOR THE YEAR IE57 DIREtrTtrR5 Brown W. Cannon :::'*."1 Denver, Colorodo Arlington Heights, lllinois I Alvie J. Claxton Robert B. Price I Pinehurst, North Corolino El Poso, Texos I Earl Cline Harold F. Stotzer I Iincoln, Nebrosko o"noo'o'on'o Walter L. Dilger Chicogo, lllinois EXEtrurrv= George A. Gardella I trtrMMrrrEE FINANCIAL \''ORLD Detroit, Michigon trF I BtrARD trF I Bmof Inltrstg Willard V. Haskell Topeko. Konsos John F. Hazelton Chicogo, lllinois frre,snrlrd to :'m::Ji::,,, I Beatrice Foods Co. George W. Holmes Lincoln, Nebrosko .,I/INNER OF THE BRONZE OSCAR.OF-INDI,ISTRY FOR TIITffii:::' THE BEST ANNUAL REPORT OF THE William G. Karnes I Dairy Prodrrcts Industry Chicogo. Illinois Selected by the Independent Board of Judges appointcd John H. Lambrecht tVinners by Financial Vorld for the designation of Award Brookfield, Wisconsin from among the 5000 entries in the Seventeenth Annual Report Survey and Competition conducted during 1957, John T. McGreer :=::_ ! Iincoln, Nebrosko G. Stanley McKenzie los Angeles, Cqlifornio &nk,re C.i{lrr CilMMi Harold F. Nichols PBidrar. N.( Yo* khry d ! S(!ily Afuls, lia, Golesburg, lllinois .). r' tre<Xf€ Louis Nielson H.d, &p' ol DriFi. e *i6l PEn |ilillr. Golesburg, lllinois REP.RT $eutrlcs ffiuds fo. The 6lst Annual Stockholders Meeting will be held in Chicago, Illinois, on lune 2, 1958, at l0:30 A.M. (CDT), in the Grand Ballroom of the Palmer House. trFFIEERS tonients William G. Karnes Presidenl directors and officers inside front cover John F. Hazelton Execulive Vice Presidenl five year comparative summary .................... 2 Louis Nielson Vice Presidenf trAPITAL STtrtrK LIsTINE George A. Gardella highlights of the year Vice Presidenf NEW YORK STOCK EXCHANGE Brown W. Cannon Vice Presidenl to the stockholders of Beatrice Foods Co. .... Edward F. Comegys, Jr. Vice Presidenl REEiISTRARS Carl N. Hansen trF STtrCK 1957 in review Vice President THE CHASE MANHATTAN BANK Everett E. Haskell CITY NATIONAT BANK AND Vice President TRUST COMPANY OF CHICAGO typical outdoor advertising t7 Charles H. McConnell Vice Presidenl financial Robert B. Price STtrtrK TRANSFER statements 18 Vice Presidenl P. Lewis Komminsk AEiENTS Presidenl Vice GUARANTY TRUST COMPANY accountants'report 23 Jay G. Neubauer OF NEW YORK Vice Presidenl CONTINENTAT ITTINOIS Walter L. Dilger NATIONAT BANK AND IRUST ten year comparative review 24 COMPANY OF CHICAGO Vice Presidenl ond Secrefory Robert W. France freosurer DIVIDEND James J. Cullen Assistonl freosurer DISBUREEMENT Herbert L. Severin AEENT Assistonl Secrelory CONTINENTAT II,tINOIS Merritt T. Olney NATIONAI. BANK AND IRUST Assislonl Secretory COMPANY OF CHICAGO TO THE STtrtrKHtrLDERS trF We present herewith the 60th Annual Report to the stockholders of Beatrice Foods Co. Your company was incorporated in February, 1898. In the present fiscal year, we are observing the company's Diamond Jubilee, 60 years of progress and service. During the fiscal year ended February 28, 1958, sales and earn- ings again reached an all-time high. SALES Dollar sales for the year reached a record high of $353,97L,987 compared with $342,086,657 for the preceding fiscal year, a gain of 3.5Yr. For the 21st consecutive year, sales in units in- creased. This increase was due partly to the growing per capita con- sumption of dairy products and to our own aggressive merchandising and advertising program. The increase is reflected particularly in our sales of bottled milk and ice cream. Unit sales of non-dairy foods also continued to increase. EARNINGS Consolidated earnings for the fiscal year, before pro- vision for Federal taxes, amounted to $15,275,678, compared with $15,055.642 for the previous year, an increase of $220,036, or l.4fo. Earnings before Federal taxes were equivalent to 4.3fo of sales, com- pared with 4.4fo of sales for the preceding year. Consolidated net earnings, after provision for Federal income taxes, were $7,60t,678, compared with $7,316,642, or an increase of $285,03 6, or 3.9fo. Such net earnings, after dividends on preferred shares outstanding, were equivalent to $3.52 a share on the 2,049,781 shares of common stock ,it':ii9liffiMi$*g Even though held on Soturdoy, June l, 1957, the 60th Annuol Stockholders Meeting hod the lorgest ottendonce in the history of the Compony. outstanding on February 28, 1958. Net earnings for the preceding year were equivalent to $3.43 a share on 2,010,993 common shares outstanding, after giving consideration to the 50/o common stock distribution on March 5, 1957. trAptTAL STtrtrK As of February 28, 1958, 10,354 shares of 3%Y" Convertible Prior Preferred stock were still outstanding. Pur- chases for retirement in previous years, together with conversions, have anticipated the sinking fund redemption requirements through 1981. As of February 28, 1958, there were 71,4O2 shares ot a/2f, Cumulative Preferred stock outstanding. During the past fiscal year, 2,330 shares of this stock were purchased and retired. There were 2,049,181 shares of common stock outstanding at the end of our fiscal year, Febrtary 28, 1958. DIVIDENDS Dividends totaling $4,057,915 were paid on the out- standing preferred and common stock during the fiscal year, com- pared with $3,667,816 in the previous year. Eighty-eight consecutive quarterly cash dividends have been paid on the common stock. INVENTtrRY The company continues its policy of close inven- tory control. The inventory as of February 28, 7958, amounted to $12,664,691 against $10,646,820 at the end of the previous fiscal year, an increase of.$2,017,871,. The ratio of the company's sales to year-end inventories was 28 to 1, for the fiscal year just ended. WORKING trAPITAL The working capital (current assets less cur- rent liabilities) as of February 28, 1958, amounted to $36,526,028, compared with working capital of $34,182,474 at the close of the previous year, an increase of $2,343,554. This is the 13th consecutive year the company has shown an increase in working capital. The com- pany has $4.80 of current assets for each dollar of current liabilities, compared with $4.53 a year ago. STtrCKHtrLDER EQUITY The stockholders' equity in the com- pany increased to $75,488,432 from $71,383,2L7 a year ago. The book value of each share of common stock outstanding on February 28, 1958, was $32.56 compared with $30.86 ayear ago. trAPlTAL EXPENDITURES Our capital expenditures in the past year amounted to $6,632,856. These were primarily for moderni- zation, replacement and expansion of our plant buildings, processing and refrigerating equipment. The amount of capital expenditures made in the past year was $1,484,436 more than the recorded depreciation for the year. MANAEEMENT During the past fiscal year, we created two impor- tant new regional administrative positions. Mr. Brown W. Cannon, for ten years a Vice President of our company, was appointed West- ern Regional Vice President with headquarters in Denver, Colorado. Bond Pickle Compony, lnc., Oconto, Wisconsin, where o complele line of fresh ond processed pickles ore pocked under the fomous BOND PICKLE lobel. He will supervise five western districts and the Hawaiian Island District. Mr. Jay G. Neubauer, who was elected a Vice President last year, was appointed Central Regional Vice President with headquarters at Waukegan, Illinois. He will supervise four districts in the midwest and the Southern District. Mr. P. Lewis Komminsk, District Manager of the Indiana & Southern District, was elected a Vice President. EMPLDYEES As of February 28, 1958, the company had 12,087 employees. Of this total, 5,952 had more than live years of continuours service with Beatrice Foods Co. or predecessor companies; 2,070 had 15 years or more; atd 929 had 25 or more years of continuous service. Since 1945" Beatrice Foods Co. has sponsored a group life insur- ance plan for which the company pays all premiums. During the thir- teen years the plan has operated, death and disability claims have been paid to 507 beneflciaries for a total of $1,660,350. In the past flscal year, 5,816 eligible employees were insured for a total of over $21,080,000. SAFETY PRtrGRAM During the past year, we have continued to work diligently on our Safety Program. Our accident frequency was again substantially reduced. For the second consecutive year, our Idaho Creameries Division, with headquarters at Boise, was flrst-place winner in the milk and ice cream fleet division of the 1957 National Safety Council Fleet Contest. The Idaho Creameries' fleet traveled Morio's Food Products Com- 1,130,000 miles without an accident for the best safety record of any pony, Deiroit. Michigon, im- porlers ond pockers of Sponish olives ond virgin olive oil from the Seville District of Spoin. r":*xl*lri {.. *t''g* *4ry q* h. t; .iL;- a ry- 'q$ :""..H&l-l Vf. .s$i- industrial category participating in this contest. Many other plants made outstanding improvements in their safety records during the past year. I I FEDERAL TRADE trtrMMl55ltrN During the past year, after numerous hearings, the record was closed in the Federal Trade Com- / mission's complaint issued on February 15, 1.954, alleging unfair meth- ods of competition in the ice cream industry. Similar complaints were BE )Rt / filed against eight major ice cream companies. Proposed findings of fact and law with supporting briefs were filed with the Trial Examiner \ / by the Government and by all of the respondents, including your com- pany. The initial decision of the Trial Examiner is expected to be entered in the near future.
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