Page 22: of Maritime Reporter Magazine (April 1973)

Pott Industries Reports

Record Sales And Revenues

Pott Industries Inc., St. Louis, Mo., has re- ported record sales and revenues, net income, and earnings per share for the third consecu- tive year. Primary earnings in 1972 were $3.73 per common share as compared to a restated $3.09 per share for 1971, an increase of 21 per- cent. Fully diluted earnings were $3.22 per common .share in 1972, against a restated $2.68 per share in 1971.

Pott consolidated sales and revenues were $105,747,000 in 1972, which is the first year they have exceeded $100,000,000. This repre- sents an increase of 25 percent over the $84,- 605,000 for 1971. Net income for 1972 was $7,- 073,000 as compared to $5,773,000 in 1971, an increase of 23 percent.

During the fourth quarter of 1972, the com- pany said it had sales and revenues of $25,- 451,000, net income of $2,085,000, and primary earnings of $1.08 per common share. For the same period in 1971, Pott had sales and rev- enues of $23,808,000, net income of $1,977,000, and primary earnings of $1.05 per common share as restated.

Richard P. Conerly, president, said that the 1972 results were accomplished, although the company was generally not permitted to raise its prices above base price levels during the year because of Phase II price controls. He said that under the recently announced Phase

III regulations, the company's base period profit margin is higher than its present profit margin, which means that where competitive conditions permit, the company can raise its prices to reflect allowable cost increases so long as it does not exceed its base period profit margin.

Mr. Conerly said the company's marine- oriented businesses contributed about 73 per- cent of the company's sales and revenues and more than 90 percent of its net income in 1972.

He said that conditions continue generally favorable in these businesses, and he expected

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INC. get thei best they would experience another good year in 1973. He said that While the company's Metal

Fabrication and Distribution Group showed a substantial increase in sales in 1972, primarily because of the acquisition of Thermal Supply

Inc. in March 1972, the earnings of that group declined for the year. Mr. Conerly attributed this primarily to lack of demand and severe competition that affected some companies within the group, and to the inability under

Phase II controls to raise prices to reflect cost increases. He said that while some uncertain- ties remain, there are indications that condi- tions for this group will improve.

The company said that its board of directors at its meeting on February 28 authorized capital expenditures of $27,000,000, of Which some $20,000,000 is expected to be spent in 1973 and the remainder in 1974. It also said that at a later date the company's directors are expected to approve additional capital ex- penditures for 1974. The company said that in- cluded in the authorized capital expenditures were 50 covered hopper barges for its inland waterways operations, which will be built in the company's own shipyards; more than $10,- 000,000 for additional marine equipment for

Gulf Mississippi Corporation, the company's subsidiary which services the offshore petro- leum industry; and more than $5,000,000 for the expansion and modernization of the com- pany's shipyards.

At its meeting on February 28, the com- pany's board of directors declared a quarterly dividend of 12^ cents per share on the com- pany's common stock, payable March 30, 1973, to stockholders of record on March 16, 1973.

The board also declared the regular quarterly dividends of 30 cents per share on the com- pany's convertible preference stock and 25 cents per share on its preferred stock, payable

March 30, 1973, to shareholders of record on

March 27, 1973.

Delaware Valley Section, ASNE

Hears Technical Paper On 'Interference Control System'

Taking part in the meeting, left to right: J.S. Magrie, mechanical designer, J.K. McNeal, assistant manager

R&D, and R.P. Kokod, systems analyst/programmer, au- thors; J.M. Ballinger, coordinator, and A.C. Brown Sr.,

Section chairman.

A paper titled "Interference Control Sys- tem," by J.K. McNeal, R.P. Kakad, and J.S.

Magrie, all three of 'Sun Shipbuilding & Dry

Dock Co., Chester, Pa., was presented at the

February 22 meeting of the Delaware Valley

Section of the American Society of Naval En- gineers.

Approximately 25 to 30 members heard this excellent paper which describes a computer- aided ship design system for eliminating inter- ferences between machinery components, pip- ing, ventilation, wireway systems, etc. The presentation included a demonstration of the use of the system, as it w.as illustrated in the appendix of the paper. A teletype terminal unit was used to communicate with a computer over the telephone network as a typical user might do.

This computer program was developed through Sun Ship's R&D organization for use by its engineering drafting organization to at- tempt to minimize interference between com- ponents in a particular machinery space design. 24 Maritime Reporter/Engineering News