Argus Profits Up, King-Seeley Down For Six-Month Period

Argus Cameras, Inc., has reported an increase in net profits for the six months ending Jan. 1 over a similar period in 1953. In its interim report, the King-Seeley Corp. reported a decline in net profits from the comparable period in 1953.

Although Argus net sales during the period totaled $11,691,987 compared to $11,894,013 during the same period a year ago, net profit was $727,709 compared to $557,863.

The firm showed a profit of $1,712,709 of which $985,000 was paid in federal income taxes.

King-Seeley sales during the period totaled $16,707,668 compared to $21,327,427 during the same period a year ago. Its net profit was $719,939 for the six-month period compared to $850,159 for the similar period last year.

The firm showed a profit of $1,499,939 of which $780,000 was paid in federal income taxes.

Officials of both industries are optimistic about the future. Argus officials reported earnings of $1.74 per share of common stock compared to $1.36 per share at the time of last year’s interim statement.

Although there was a decline in military output, commercial sales increased by 12 per cent. The firm sold more cameras and projectors at Christmas than ever before.

Argus has put aside $500,000 in U.S. government securities to cover the cost of its construction-expansion program.

At King-Seeley, the changeover to new model automobiles was reflected in a substantial output increase in the last quarter of the past six months compared to the first quarter.

Officials said, however, that defense sales continued at a lower rate, totaling $1,880,000 for the six months compared to $4,140,000 for the last six months of last year.