Decatur Daily Democrat, Volume 55, Number 251, Decatur, Adams County, 24 October 1957 — Page 8

PAGE EIGHT

Central Soya Sales Establish Record New Record Soles, Rise In Earnings New record sale# and a substantial rise in the earnings of Central Soya Company, Inc., were reported <bday for the fiscal year ended Aug. 31. ' Net sales rose to $196,531,334, an 18 percent increase over the previous record of $166,638,876 set last year. After income tax provisions, net earnings were $4,665,267, up 27 percent over the preceding year’s $2,735,210. The latest year’s earnings were equal to $4.28 a share on 1.090.000 shares of capital stock outstanding, as against $2.51 a share the year before. Earnings before taxes were $9,789,923. as compared with $5,245,342 a year ago, a rise of 87 percent. Income tax provisions were $5,124,656 as against $2,510,132. An expanded grain merchandising program acounted for a substantial part of the sales increase, said Harold W. McMillen, chairman, and Dale W. McMillen, Jr., ' president, in their joint report to shareholders. ’’The dollar sales volume and the tonnage of soybeans processed and commercial feeds shipped were the largest in the company’s history,” they said. The company’s soya division showed a material gain in earnings, partially due tor improved profit margins between soybeans and end products duping the harvest seasotai last fall, the report said. Capital expenditures of $4,200,000 were made with funds derived from net earnings and depreciation. At the same time, work-

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ing capital was increased from $27,468,338 to $28,653,914. Principal capital investments included the acquisition of a grain elevator at Red Wing. Minn., completion of a 1,000,000 bushel expansion in grhin storage facilities at the company’s Chattanooga plant, and starting construction of additional 2,750,000 bushel grain storage facilities at its Marion, 0., plant. Other expenditures were for expansion of processing capacity at the Chattanooga plant and modernization and improvement in other company properties. Capital investments in the coming year will include a new feed manufacturing plant in lowa, the report said. “The development of the grain merchandising department has resulted in somewhat higher inventory levels,” the report pointed out. Inventories were $17,184,-1 573 at the end of the year compared with $14,433,554 a year ago. Central Soya is one of the nation's largest soybean processors and the country’s leading manufacturer of concentrate feeds for livestock and poultry. Its soybean processing capacity exceeds 40,000,000 bushels a year and its feed manufacturing capacity more than 1,000,000 tons annually. Processing plants and feed mills are at Chattanooga. Marion, Decatur, Ind., Gibson City, Hl., Harrisburg, Pa., and Memphis, Tenn. Tuesday, Oct. 22, at a special meeting of the Board of Directors, a regular cash didivend of $.40 per share was declared to stockholders of record at the dose of business Nov. 1 and payable on Nov. 15. , At the same meeting, the hoard also declared a' 2 percent stock dividend also payable on Nov. 15 to stockholders of record at the close of business Nov. 1. In declaring this special stock dividend, the chairman of the board, H. W. McMillen, stated that the directors realized the need of the company to conserve its cash for an expanding business, but felt that the improved earnings for the fiscal year, closed as of Aug. 31, should be recognized in a special stock dividend. HOSPITAL UNIT (Continued from Page One) second floor and the rooms for doctors and nurses. The Decatur Business and Professional Women’s club also donated SSO to the hospital addition. The Gilpin Ornamental Iron Works will provide the railing for the front entrance to the building. If you have something to sell or rooms for rent, try a Democrat Want Ad— they bring results.

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THE DECATUR DAILY DEMOCRAT, DECATUR, INDIANA

THURSDAY. OCTOBER 24. 1957