NEW YORK (Mar. 2)
Record 1963 earnings of $1.44 per common share on 733,912 shares outstanding on December 31, 1963 were reported by PEC Israel Economic Corporation in its 1963 annual report, released today. This compares with $1,26 earned in 1962 on 689,433 shares outstanding on December 31,1962. The 1963 earnings were the highest in the company’s 38-year history.
Another record set by PEC in 1963 was the net income figure which, for the first time, exceeded the one million dollar mark. Net income in 1963 after U.S. and Israel taxes was $1,056, 386, compared with $872,024 in 1962 — an increase of 21 per cent. Total assets stand at an all-time high of $21,000,000, The earnings do not include stock dividends received by PEC during 1962, valued by management at $450, 000.
A 5 per cent stock dividend on the $25-par-common stock was paid today to some 12,000 stockholders of record as of January 2, 1964. New or additional investments and firm commitments made by PEC last year totalled $4, 210, 000, including participations in Israel’s tourist, chemical and petrochemical industries. PEC’s investments now range over 38 different companies in the areas of industry; construction and development; transport and marketing; finance, banking, insurance; citriculture; publishing and printing.