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<br />1960 ANNUAL REPORT - ;.;
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<br />T0 OUR STOGKMOLDERS, EMPLOYEES AND FRIE��DS � ;;�
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<br />It is a pleasure to rer�ort that the company has completed a highly ;,:
<br />successful year. �' `r
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<br />SALES AND EARNINGS
<br />The Company's consolidated net sales for the year ended �Tune 34, 1960;
<br />�.. r�se to a new high of $9,665,000—a 111 �o increase or $5,077,004 over the '''
<br />1959 total of $4,58�,000. ':
<br />Control Data (;orporation's consolidated net income increased $268,600 4
<br />to $551,700 or 95% over 1959 earnings of $283,200. Earnings wexe:$0.55
<br />per share on 968,523 shares outstanding as of June 30, 1960. Earnings for �,;
<br />the period ended June 30,1J59, were $0.34 per share on 784,750 shares out= ,:: �:
<br />standing, far this period however $0.11 per share of this amount originated ;, ;
<br />,, from a reduction of income ta�:es resultirig from carrs� -for Nard of .the I958 ;�
<br />� operating loss. � `
<br />`� The backlog of orders at June 30, 1960, was $11,860,000 compared to
<br />$5,660,000 June 30, 1959.
<br />' FINANCIAL POSITION
<br />VVorking capital of the Company at June 30, 1960, was $2,511,000 :�
<br />compared w�' �� $1,622,000 the previous year. On September 16, 1959, the �; ;
<br />Cor:;�any issued 99,594 shares of common stock through a subscription . �:.
<br />oi�ering to its stockholders. The net proceeds from the issue .were approxi= '�
<br />1 mately $1,124,000. ,' S.
<br />The Company acquired Control Corporation as of April 1, 1960, by an
<br />' exchange of common stock. Upon the effective date of the merger, sub-
<br />� stantially all of the assets of Control Corpoi•ation were transferred to a
<br />`- new Minnesota Corporation, incorporAted under the name "Control Coi•- :
<br />t,. poration", which now operates as a wholly-ownE�� subsidiary of the ''�
<br />; Company. '
<br />,,�: : Capital expenditures including acquisition of the fixed assets of Con- :.
<br />'" trol Corporation and improvements of leaseholcl premises amounted to ``:
<br />F $1,643,000 during our fiscal year ended June 30, ��60. Our provision for ,
<br />' depreciation which included amortizati�un uf leasehold improvements
<br />", amounts to $235,000. -
<br />iY For the previous year capital expeziditures amounted to $2G,000 while
<br />� the provision for depreciation and lc�asehold an;�rti� ation �-�ounted. to
<br />4 , , . $�3,000.
<br />�; � = PERSONNEL
<br />The number of employees increased from 380 0�� June 30, 19�i9, to
<br />�` 690 on June 30, 1964.
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<br />�r FACI LITI ES
<br />r� Expansion of leased plant facilities took place �L!ring tht: year. At
<br />'°�' the end of the last'fiscal year 75,000 square feet oi spac,e was ui,,der lease
<br />�y� �whereas 110,000 square feet oi space was leased as of June 3�, 1960. `,"
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<br />��,' With the acquisition of Control Corporation the Company made a sig- ,
<br />`` nificant increase in its commerciat business, since the �ale�, of Control
<br />�'>>>` Co�•por�tion are xnade almost entirely to industrial concerns. �
<br />�j Control Corporation manufactures electronic supervisory `controls pri- ;
<br />marily .for use by electric utilit�es and by oil and g�4 pipe line companies. �� �;
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