Convair Supervisory Newsletter, Number 189, March 23, 1955 Page: 1 of 2
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N 189 CONVAIR
FORT WORTH
SUPERVISORY FORT WORTH
ISSUED WEEKLY TO ALL SUPERVISORY PERSONNEL
23 March 1955
The consolidated net earning of General Dynamics Corporation (including Convair) totaled
$20,795,472 in 1954, John Jay Hopkins, Chairman of the Board and President, announced
last Saturday.
The combined 1953 net earnings (exclusive of extraordinary income) of General Dynamics
and former Consolidated Vultee Aircraft Corporation were $13,193,866. Extraordinary in-
come was $2,919,758.
Total net sales of General Dynamics in 1954 were $648,641,241, a 12 per cent increase over
General Dynamics' and Consolidated Vultee's combined sales of $577,347,511 in 1953.
Hopkins pointed out that net earnings of General Dynamics were 3.2 per cent of sales after
taxes. Hopkins stated that in addition to U.S. defense business, the operation of the
Corporation's Canadian subsidiary, Canadair Limited of Montreal, and its Convair Division's
commercial 340-Liner program, contributed to the improvement in net income shown in 1954.
After giving effect to the two-for-one stock split on March 10, 1955, General Dynamics
earned $4.72 per share for 1954. On the same basis, pro forma combined share earnings
of the two Corporations in 1953 were $3.27, not including extraordinary income.
General Dynamics backlog at the end of 1954 was in excess of $1,000,000,000, based on
contracts, firm orders, and letters of intent. In addition, contracts under negotiation
amounted close to $300,000,000.
Hopkins also revealed that the Executive Committee of General Dynamics' Board of Directors
has approved a $13-million expansion program for the development of plant, engineering,
and research facilities. More than $8-million will be spent at Convair-San Diego, and
approximately $lbmillion at Electric Boat, Groton, Conn. In addition, capital expendi-
tures of $2,800,000 at Canadair and over $300,000 at the Electro Dynamic Division are
planned.
Convair produces the most diversified line.of aircraft in the United States.
Also at the recent meeting, the Board of Directors authorized a $40-million issue of con-
vertable debentures, due in 1975.
The main purposes contemplated for the proceeds are for the above mentioned expansion and
improvement of the corporation's manufacturing facilities, the acquisition of other proper-
ties, and the further development and expansion of all spheres of business now carried on.
In addition, new areas are planned for the future with particular emphasis in the field of
nuclear energy, aircraft production, including atomic-powered aircraft, and in the manu-
facture of both conventional and atomic-powered submarines.
General Dynamics plans on growing;
I know that you all will want to hear what Convair's President, General J. T. McNarney hes
to tell us at the Top Management Day meeting of the Convair Management Club to be held at
the Lake Worth Casino, Saturday, March 26 at 12:00 noon. Ticket sales ended Tuesday noon,
- 22 March. A few extra tickets were available by calling Ext. 242~ 2'
Aujust C. Esenwein
-.,,tanager
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Esenwein, August C. Convair Supervisory Newsletter, Number 189, March 23, 1955, periodical, March 23, 1955; Fort Worth, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1149463/m1/1/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Lockheed Martin Aeronautics Company, Fort Worth.