Play Meter
Issue: 1977 August 19 - Vol 3 Num 16 - Page 1
August 19. 1977
Volume 3/ No. 16
Seeburg's earnings are down
Seeburg Industries, Inc. showed
substantial increase in revenues for
the first six months of 1977 over the
comparable period in 1976; but in its
recent earnings statement to its
stockholders, the firm reported a
decrease in the net income figure .
Contributing greatly to the re-
duced earnings for Seeburg for the
first six months was an extraordi-
nary item of $600,000 which was
paid by the company as a settlement
in a class action suit brought by a
stockholder of the company, Jerry
Rosenbaum .
The Rosenbaum suit against
Seeburg was filed May 14, 1975 in a
federal district court in Pennsylvania
a~d ~ought damages for alleged
vrolatrons of federal securities laws
arising out of alleged misstatements
and omissions during the period
July 16, 1973 through May 15, 1974 .
. Seeburg denied the allegations,
and on November 11 , 1975 the
federal district court directed that
the action should proceed as a class
action suit on behalf of all persons
who purchased common stock or
warrants of Seeburg Industries
during that ten-month period . ,
The two sides finally came to
terms May 2, 1977 with the final
settlement calling for Seeburg to
pay $1 ,000,000 in cash and securi-
ties . Of that amount, $400,000 was
paid by the Seeburg 's insurance
company to the law firm of
Peterson, Ross, Rail, Barber &
Seidel of Chicago, Illinois
The remaining $600,000 of the
settlement represented the agreed-
upon value of 88,479 shares of the
company's class A common stock
issued in settlement of the suit.
Seeburg's revenue figures for the
second quarter and first half of the
year increased from 1976's figures
of $32.4 million and $60.4 million to
$38.1 million and $69.1 million in
1977 .
However, largely because of the
extraordinary item of the court
settlement, the company's stock-
holders share of the earnings
dropped from 54 cents for the first
six months of 1976 to 14 cents for
the first six months of 1977.
Seeburg 's common and common
equivalent shares outstanding total
2,878,675 .
Foosball tourney held
Over $3,000 was awarded at the
second annual Joe Snider Foosball
Classic, a three-day foosball tour-
nament that was held recently at the
Wreck of the Hesperus Tavern in
Portland, Oregon .
Shooters from all over the
country, including six national
champions- Rick
Beberg ,
Bev
Froom, Dan Kaiser, Ken Riveria,
Jack Briggs, and Vicki Freeman-
were in attendance .
Beberg. emerged as the leading
money wrnner over the three-day
event, pocketing $300 for winning \
~ne event and placing in the money
rn two other events.
Three
players - Kaiser, Rick Martin , and
Tom Whalen - earned $250 a piece
for their ~fforts . And the leading
money wrnner for the ladies was
Bev Froom who carried home $145.
The premier event of the tourney,
the open doubles, drew 35 teams
and featured a $500 first prize which
was won by Rick Martin and Tom
'-:Vhalen . The open singles competi-
Dan Kaiser
tron had 32 entries.
picked up the top money of $250 for
the event.
The largest drawing tournaments
at the three-day event were the
draw-your-partner doubles (60 en-
tries), the novice singles (52 en-
tries), and the novice doubles (51
teams).
Five other tournaments were also
held.
Those events, and the
number of entries in each are as
follows: open mixed doubles (18
teams), novice mixed doubles (19
teams), women's doubles (12
teams), over 30 (12 teams), Oregon
State four-on-four championships
')12 teams).
Mirco appoints
Tiffany. Hami ll
Mirco, Inc. of Phoenix, Arizona
has made two apporntments.
Robert R. Tiffany has rejoined the
company as the firm's commercial
accounts manager, and John B.
Hamill has been appointed manager
of manufacturing operations.
Tiffany has 27 years experience
which covers all phases of manu-
facturing and general management.
Prior to joining Mirco , he was
manager of manufacturing for Con-
trol Data Corp . with responsibility
for operations at facilities in Tucson
and Minneapolis .
He previously
spent 17 years in various manu-
facturing capacities at several Gen-
eral Electric facilities .
Hamill has 15 years of experience
in purchasing, materials, and opera-
tions management . Most recently
he held positions as corporate
purchasing manager for Memorex
Corp. in Santa Clara, California and
director of material for Sweda
International, a division of Litton
Industries in New Jersey.
Volume 3/ No. 16
Seeburg's earnings are down
Seeburg Industries, Inc. showed
substantial increase in revenues for
the first six months of 1977 over the
comparable period in 1976; but in its
recent earnings statement to its
stockholders, the firm reported a
decrease in the net income figure .
Contributing greatly to the re-
duced earnings for Seeburg for the
first six months was an extraordi-
nary item of $600,000 which was
paid by the company as a settlement
in a class action suit brought by a
stockholder of the company, Jerry
Rosenbaum .
The Rosenbaum suit against
Seeburg was filed May 14, 1975 in a
federal district court in Pennsylvania
a~d ~ought damages for alleged
vrolatrons of federal securities laws
arising out of alleged misstatements
and omissions during the period
July 16, 1973 through May 15, 1974 .
. Seeburg denied the allegations,
and on November 11 , 1975 the
federal district court directed that
the action should proceed as a class
action suit on behalf of all persons
who purchased common stock or
warrants of Seeburg Industries
during that ten-month period . ,
The two sides finally came to
terms May 2, 1977 with the final
settlement calling for Seeburg to
pay $1 ,000,000 in cash and securi-
ties . Of that amount, $400,000 was
paid by the Seeburg 's insurance
company to the law firm of
Peterson, Ross, Rail, Barber &
Seidel of Chicago, Illinois
The remaining $600,000 of the
settlement represented the agreed-
upon value of 88,479 shares of the
company's class A common stock
issued in settlement of the suit.
Seeburg's revenue figures for the
second quarter and first half of the
year increased from 1976's figures
of $32.4 million and $60.4 million to
$38.1 million and $69.1 million in
1977 .
However, largely because of the
extraordinary item of the court
settlement, the company's stock-
holders share of the earnings
dropped from 54 cents for the first
six months of 1976 to 14 cents for
the first six months of 1977.
Seeburg 's common and common
equivalent shares outstanding total
2,878,675 .
Foosball tourney held
Over $3,000 was awarded at the
second annual Joe Snider Foosball
Classic, a three-day foosball tour-
nament that was held recently at the
Wreck of the Hesperus Tavern in
Portland, Oregon .
Shooters from all over the
country, including six national
champions- Rick
Beberg ,
Bev
Froom, Dan Kaiser, Ken Riveria,
Jack Briggs, and Vicki Freeman-
were in attendance .
Beberg. emerged as the leading
money wrnner over the three-day
event, pocketing $300 for winning \
~ne event and placing in the money
rn two other events.
Three
players - Kaiser, Rick Martin , and
Tom Whalen - earned $250 a piece
for their ~fforts . And the leading
money wrnner for the ladies was
Bev Froom who carried home $145.
The premier event of the tourney,
the open doubles, drew 35 teams
and featured a $500 first prize which
was won by Rick Martin and Tom
'-:Vhalen . The open singles competi-
Dan Kaiser
tron had 32 entries.
picked up the top money of $250 for
the event.
The largest drawing tournaments
at the three-day event were the
draw-your-partner doubles (60 en-
tries), the novice singles (52 en-
tries), and the novice doubles (51
teams).
Five other tournaments were also
held.
Those events, and the
number of entries in each are as
follows: open mixed doubles (18
teams), novice mixed doubles (19
teams), women's doubles (12
teams), over 30 (12 teams), Oregon
State four-on-four championships
')12 teams).
Mirco appoints
Tiffany. Hami ll
Mirco, Inc. of Phoenix, Arizona
has made two apporntments.
Robert R. Tiffany has rejoined the
company as the firm's commercial
accounts manager, and John B.
Hamill has been appointed manager
of manufacturing operations.
Tiffany has 27 years experience
which covers all phases of manu-
facturing and general management.
Prior to joining Mirco , he was
manager of manufacturing for Con-
trol Data Corp . with responsibility
for operations at facilities in Tucson
and Minneapolis .
He previously
spent 17 years in various manu-
facturing capacities at several Gen-
eral Electric facilities .
Hamill has 15 years of experience
in purchasing, materials, and opera-
tions management . Most recently
he held positions as corporate
purchasing manager for Memorex
Corp. in Santa Clara, California and
director of material for Sweda
International, a division of Litton
Industries in New Jersey.
Future scanning projects are planned by the International Arcade Museum Library (IAML).