Word: ling
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Dates: during 1970-1979
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...James J. Ling...
There were eleven money losers among the 500, notably Ling-Temco-Vought, which went $38,294,000 into the red, and Lockheed. The best performance was turned in by a newcomer to the list, Skyline, the Indiana-based maker of mobile homes that is headed by young Millionaire Arthur Decio (TIME, July 4). Its return on invested capital was 40.9%, a rate high enough to top Avon Products, which earned 35.8%. In terms of earnings calculated as a percentage of sales, the leader was Texas Gulf Sulphur, which earned 25.7%, despite a 10% sales decline...
Premium Rate. Ling has been liquidating other LTV holdings in order to meet his interest charges and bank loans. As he explains it, LTV will retire $112 million in loans due next year by selling either Braniff or Okonite, both of which Ling agreed to dispose of within three years in return for Justice Department withdrawal of the J. & L. antitrust suit. In February, LTV got $63 million by selling its holdings in Wilson Sporting Goods, and this too can be applied to the debt. Earlier this month, LTV Altec sold Allied Radio Corp. for $30 million. Meanwhile, Ling...
Though 1969 was a disaster, Ling does not seem to have lost any verve or confidence. He is determined to achieve a positive cash flow by the second quarter of 1971, and Wall Street expects him back on the acquisition trail before long...
Some analysts, however, think that Ling's propensity for ornate financial structures has soured the market for LTV stock. Jim Ling reacts angrily to suggestions that his earnings picture is portrayed more favorably than accurately in LTV's financial statements. "We don't depend on accounting techniques to show earnings," he says. In today's nervous markets, an increasing number of investors might wish to doubt that...