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Wang Laboratories, Inc. Annual Report, 1976

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Wang Laboratories, Inc. Annual Report, 1976 Wang Laboratories, Inc. Directors and Management BOARD OF DIRECTORS An Wang, Chairman of the Board and President Peter A. Brooke, Partner, T. A. Associates Ge Yao Chu, Senior Vice President Charles E. Goodhue, 111, Partner, Goodwin, Procter & Hoar James C. Hodge, Director, The Warner & Swasey Company Martin Kirkpatrick, Partner, Fish & Richardson Ernest F. Stockwell, Jr., President, Bay Bank Harvard Trust Company MANAGEMENT Corporate Officers An Wang, President Ge Yao Chu, Senior Vice President Ned Chang, Senior Vice President Harry H. S. Chou, Senior Vice President and Treasurer Chauncey C. Chu, Senior Vice President John F. Cunningham, Senior Vice President Gerald E. Jones, Senior Vice President Edward D. Grayson, Vice President, General Counsel and Secretary Charles E. Goodhue, 111, Clerk North American Sales John F. Cunningham, Senior Vice President Robert L. Doretti, Vice President and Director Eastern Area Joseph P. Grant, Vice President and Director Central Area Eugene L. Shugoll, Vice President and Director Southern Area Charles D. Kempton, Director Western Area European and Middle Eastern Sales Johannes Spanjaard, Vice President Latin American, Pacific and African Sales Theodore J. Goodlander, Vice President Manufacturing Chauncey C. Chu, Senior Vice President Warren J. Hayes, Vice President, Manufacturing Planning Development Center An Wang, President and Director of Development Ge Yao Chu, Senior Vice President Ned Chang, Senior Vice President, Marketing. Richard Hebert, Vice President, Customer Engineering Robert S. Kolk, Vice President Harold S. Koplow, Vice President Norman M. Lourie, Vice President Harry A. Rothmann, Vice President Ralph A. Crusius, Assistant to President Finance and Administration Harry H. S. Chou, Senior Vice President, Treasurer and Controller Theda E. McGrath, Vice President, Personnel Martin A. Miller, Assistant Treasurer Transfer Agent and Registrar The First National Bank of Boston Auditors Ernst & Ernst, Boston, Massachusetts Legal Counsel Goodwin, Procter & Hoar, Boston, Massachusetts Listing American Stock Exchange To Our Stockholders: In Fiscal 1976, the Company com- ment of our business as both ex- over 50% while its total inventory pleted its 25th Anniversary Year. panding and challenging. Within the levels and total borrowings, ex- Orders for our products broke all European area an intermediate cluding real estate mortgages, have previous records and exceeded $100 management support level has been remained nearly constant. Growth million. Financial results were implemented. Until recently, over- has been financed internally, and gratifying. In every sense, the Com- seas sales were concentrated in the Company's banking relation- pany has emerged as a primary multi- Europe, however, we now have more ships have been strenghtened. wholly-owned subsidiaries outside of national manufacturer of computer On October 31,1975, the Company systems. Europe than we do in Europe. As acquired an 80,000 sq. ft. facility Comparing figures of last year, sales with all challenges and opportunities, in Burlington, Massachusetts, pri- of the Company's products were up international sales involve risks, marily for the expanded operations 28% to $96.8 million. Net income paramount of which in recent years of its Data Center. The Center oper- per share increased 89% to $1.21, has been the wildly fluctuating inter- ates the largest computer service and pre-tax income was up 126% national currencies. In 1976, through facility in New England and is well to over $10 million. increased management and controls, advanced in its technical expertise. we were able to maintain stable It is gratifying to report all these currency positions and show a As with any organization, our back- new records which have been modest exchange gain of $72,000. bone remains our people. The Com- achieved by the Company in its pany offers a broad range of incen- 25th year. It is appropriate, however, During 1976, our manufacturing tive-based benefit programs. We to look to groups within our orga- operations produced over $100 pride ourselves in a near perfect nization and recognize their individ- million worth of products, re- record with regard to OSHA stan- ual contributions which made these presenting a 33% increase in pro- dards, and we also maintain a sound results possible. duction, with only a 15% increase affirmative action program. in employees. We were also able to cur267 sales and 659 service sup- improve our high quality standards. In April of 1976, after the Special port personnel in North America Most significantly, increased con- Stockholders Meeting approved a continued the post recessionary trols have reduced manufacturing new class of higher dividend Class growth commenced in the fourth inventories $4.7 million below the B Common Stock, the Company quarter of Fiscal '75 and recorded level of 1974, the year our sales paid a stock dividend of one-fourth strong gains. Demand for the Com- totaled only $64 million. share of Class B Common Stock for pany's primary computer lines, the each share of Common Stock. System 2200 and the WCS, con- Again in Fiscal 1976, our develop- ment group designed significant and Again in 1976, the Company in- tinued to increase as the lines were creased its dividends. broadened. Applications are con- innovative new computer products, tinually expanded both by internal peripherals, and applications soft- As 'the Company enters Fiscal 1977, efforts and through arrangements ware. New products included a we will move our administrative, with outside vendors. Portable Computing System (PCS), research and development, and a medium speed dot matrix printer, corporate staffs to a 273,000 sq. ft. We have directed more attention to an advanced drum plotter, and the facility recently purchased in Lowell, major and multinational companies, new CRT-based Word Processing Massachusetts. This will open up with greater potential for larger Systems (WPS). Development of valuable space in our Tewksbury multisystem installations. Initial both hardware and software is dis- facility to accommodate expanding success was achieved in Fiscal 1976, cussed more fully in the Business manufacturing and field service and we look for strong gains with Section on pages 20 through 24 operations. these companies in Fiscal 1977. of this report. We are optimistic that Fiscal 1977 The price of our most popular sys- Perhaps the most important and will be another successful year for tem now averages $20,000, and the rewarding results were achieved in the Company. number of multiple systems instal- the area of financial controls. In lations is increasing considerably. addition to the 126% increase in ". y ur international sales continued pre-tax profit, the Company has September 8,1976 President and grow, and we see this entire seg- since 1974 increased its business Chairman Ten Years in Review 96.9 SALES EARNINGS (IN MILLIONS) (IN MILLIONS) 75.8 63.9 11)147.7 3.8.I. I I PPPPPPP8PPP8 2 8 8 4O 4% 49 4v 4 4@ 1976 1975 1974 Net sales and service revenues . $96,856,000 $75,828,000 $63,877,000 $47,704,000 Costs and expenses: Cost of products and services sold . 45,849,000 37,404,000 29,115,000 21,947,000 1976 1975 1974 Net sales and service revenues . $96,856,000 $75,828,000 $63,877,000 $47,704,000 Costs and expenses: Cost of products and services sold . 45,849,000 37,404,000 29,115,000 21,947,000 Research and development expenses . 4,263,000 3,348,000 2,092,000 1,781,000 Selling, general and administrative expenses . 34,243,000 27,859,000 21,758,000 17,990,000 Interest . 2,429,000 2,762,000 2,093,000 647,000 86,784,000 71,373,000 55,058,000 42,365,000 Earnings before Federal and foreign income taxes . 10,072,000 4,455,000 8,819,000 5,339,000 Provision for Federal, state and foreign income taxes . 3,900,000 1,200,000 3,950,000 2,046,000 Net earnings . $ 6,172,000 $ 3,255,000 $ 4,869,000 $ 3,293,000 1.21 42.31 8.32 EARNINGS STOCKHOLDERS' BOOK VALUE PER SHARE EQUITY 36.98 PER SHARE 7.26 (IN DOLLARS) (IN MILLIONS) 33.79 (IN DOLLARS) .96 6.68 28.72 5.70 .74 25.14 4.99 4.29 .21 06 1.84 .44 I .97 .23 I ,,.,5 m I 177. m I 66 a 68 69 4O 4% 4* 4b $ 4@ 66 2 .i:i68 69 4O 4- 4% 49 4b k' 4@ 66 a 68 69 4% 4b 4@ PPPPPPPPPPP .i i6 PPPPPPPPPPP PPPPPPPPPPP Prior year amounts have been reclassified for purposes of comparison with 1976 I Wang Laboratories, Inc. and Consolidated Subsidiaries Consolidated Balance Sheets ASSETS 1976 Current Assets Cash ..........................$ 3,062,000 Accounts receivable, less allowances ($1,454,000 in 1976 and $873,000 in 1975) for doubtful accounts ........... 28,415,000 Inventories: Finished products .................... 9,203,000 Field service parts and assemblies .............. 11,055,000 Work in process and subassemblies .............. 2,990,000 Raw materials ...................... 5,879,000 29,127,000 Prepaid expenses ...................... 831,000 TOTAL CURRENT ASSETS 61,435,000 Other Assets Equity in Wang Financial Corporation ............. 1,604,000 Rental equipment, less accumulated depreciation ($3,187,000 in 1976 and $1,793,000 in 1975) .............. 5,382,000 Miscellaneous ....................... 1,328,000 Property, Plant and Equipment Land and buildings ..................... 9,607,000 Plant machinery and equipment ................ 6,682,000 16,289,000 Less accumulated depreciation ................ 4,573,000 11,716,000 Kenta equipment, less accumuratea aepreciation (gd,.~ur ,uuu in 1976 and $1,793,000 in 1975) .............. 5,382,000 Miscellaneous ....................... 1,328,000 Property, Plant and Equipment Land and buildings ..................... 9,607,000 Plant machinery and equipment ................ 6,682,000 16,289,000 Less accumulated depreciation ................ 4,573,000 11,716,000 Demonstration and service equipment, less accumulated depreciation ($5,642,000 in 1976 and $4,267,000 in 1975) ..................
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