PEC Israel Economic Corporation set record highs in capital, surplus and reserves, along with a substantial gain during 1962 in net income and total assets, Joseph Meyerhoff, president, said today in his annual report to PEC’s 12, 000 stockholders.
He said the PEC’s capital, surplus and reserves rose to $19, 637, 770 at the end of 1962, a gain of more than $2,500, 000 over the 1961 year-end total. He reported net income rose from $799,629 in 1961 to $872, 024 in 1962, with per share income remaining the same because of an increase in the number of shares outstanding, A five percent stock dividend on the $25 par common stock was paid today.
PEC total assets increased to $20,452,250 at the end of 1962 compared with $19,369, 603 at the end of 1961.
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