STOCK DATA Capital changes-In May 1936, authorized common stock was increased from 250,000 to 524,080 shares, and outstanding stock was split four-for-one. September 18, 1946, authorized common was increased to 2,000,000 shares and the 393,060 shares outstanding were split two-for-one. Preferred stock redemptions (at $110 a share and dividends) took place as follows: 4,000 shares redeemed January 15, 1939; 4,500 shares October 15, 1939; 4,406 shares October 15, 1940; balance of 3,994 shares April 15, 1941. Stockholders-December 31, 1949, 3,800. Transfer Agent-Guaranty Trust Co., New York. Listed on New York Stock Exchange and traded on Philadelphia-Baltimore Stock Exchange. New York Stock Exchange Symbol.-BYK. Price range (New York Stock Exchange)-Common (no par) Dividends on $7 first preferred regularly paid through date of retirement, April 15, 1941. Dividend restrictions. Under terms of 34-percent note agreement, no cash dividends may be paid after December 31, 1948, in excess of 65 percent of consolidated net profits earned subsequent to that date, plus $1,000,000, or if consolidated net working capital is less than $17,000,000 or consolidated current assets are not at least twice consolidated current liabilities. EARNINGS AND FINANCES Auditors. Price, Waterhouse & Co., long-term digest of consolidated income account. 1 Includes revenue stamp tax-in 1946, $3,587,969; 1947, $5,129,651; 1948, $5,576,630; 1949, $4,441,914. 2 Restated. Includes excess profits of $110,934 in 1940, $109,510 in 1941, $121,113 in 1942, $563,200 in 1943, $370,000 in 1944, and $723,010 in 1945. Includes provision for renegotiation refund. 7 Includes $669,639 reserve for tobacco inventory. Based on following shares: Adjusted earnings per common share (adjusted for 2-for-1 split in 1946) NOTE.-Above statements exclude company's equity in results of controlled company not consolidated. Before provision for inventory price adjustment of $240,000 in 1948 and before transfer from reserve for doubtful accounts of $183,000 in 1949. 3 Deficit. * Shares: 786,120. 1 Depreciation reserve: 1949, $3,198,452; 1948, $3,028,225. * Shares: 786,120. NOTE.-Equity in undistributed earnings of non-consolidated subsidiaries from date of acquisition to Oct. 31, 1949, was $708,622, including increases of $865 and $14,905 in subsidiary's fiscal years 1949 and 1948, ending Oct. 31. Inventories of company include, however, unrealized intercompany profit on purchases from controlled not-consolidated company, amounting to $146,000 at Dec. 31, 1949, and $147,000 at Dec 31, 1948. 1 Excludes $72,000 due within 1 year. Issued ($250,000) in April 1949, as part of a debt refunding program and to increase working capital. 2 Excludes 1,012 shares in treasury. Includes 24,200 shares reserved for conversion of class A common. CORPORATE BACKGROUND Company and subsidiaries operate a chain of lunch counters, restaurants and stand-up bars. At the close of 1949, 51 units were in operation, 14 of which were located in Sears, Roebuck & Co. department stores. Locations were as follows: Chicago.. Los Angeles area. New York___ Pittsburgh. San Francisco.. Cincinnati 1 One operated as Central Cafeteria. 15 Minneapolis. 5 Cleveland.. 4 Louisville. Of the 14 units located in Sears, Roebuck stores, 11 were operated by Dinsmore & Co., Inc., wholly owned subsidiary, and three by the company. In 1949, management decided to abandon all operations in Los Angeles; two units were closed in 1949 and the commissary was sold in January 1950. Remaining units are to be disposed of as soon as possible. Employees.-About 1,500. Subsidiaries (wholly owned).-Dinsmore & Co., Inc., O. B. Sandwich Shops, Inc. Property 3 2 1 1 Company owns a commissary building at 1444 South Michigan Avenue, Chicago, which also houses one of its restaurants. Other restaurant sites are leased, as are the main office building in Chicago and a central kitchen for the entire Los Angeles area. Years ended Dec. 31 1949. 1948 1947. 1946. 1945. 1944. 1943. 1942. 1941. 1940. 1 Not reported. History Incorporated December 26, 1925, in Delaware, as B/G Sandwich Shops, Inc. Present title adopted February 15, 1935. In 1947, company acquired Dinsmore & Co., Inc., operating restaurant concessions in Sears, Robuck department stores; O. B. Sandwich Shops with four units in Los Angeles: and Central Cafeteria, Pittsburgh. In 1949, company sold Alexandra Restaurant, Inc., New York City, a whollyowned subsidiary purchased in 1944. Officers: MANAGEMENT W. L. Nichols, president and general manager. W. C. Hurley, vice president and secretary. Otto Hansen, vice president. K. W. Osborne, treasurer. H. W. Moore, assistant secretary and assistant treasurer. |