October 3, 1952: Crosley Motors reports huge loss., 10/3/2012, 12:00 am
Reminder from: Crosley Yahoo! Group Title: October 3, 1952: Crosley Motors reports huge loss. Date: Wednesday October 3, 2012 Time: 12:00 am - 12:00 am Location: Cincinnati, Ohio., CROSLEY CAR OWNERS CLUB (CCOC), 4526 29th Avenue, Kenosha WI 531409-3044 Notes: CINCINNATI (AP) - Crosley Motors, Inc., which has discontinued making automobiles, today reported a net loss of $1,981,486 for the fiscal year ending July 31.
The report to stockholders listed the company's net sales during the year as $5,617,542, compared with $8,795479 for the previous year. Current assets were listed as $1,887,486 with liabilities at $1,872,733. The net working capital was reported at $14,897, compared with $1,071,947 on July 31, 1951.
The manufacture of Crosley automobiles was discontinued in June. The report said that action left the company with a $350,000 inventory for chassis and body parts and commitments for parts, represented by open purchase orders of approximately $1,600,000.
The management, the report said, is negotiating for the sale of the inventory and disposition of outstanding commitments. A $500,000 reserve fund has been set up for possible losses in liquidating the inventory and satisfying order commitments.
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