Packard Forum Index » Post-War (1946-54)

Much has been made of Christopher's infamous "that G-D Senior stuff" in reference to the mid-late 30s traditional models. Looking at Dave's profit table the year's 1932-33 suggest a break-even of around 9200 vehicles. Given that the Seniors never reached that after 1933 and fell woefully short by 1938, my only complaint about Christopher's comment is that he didn't affix more expletives.

So the 1946 operating loss continued to bother me... perhaps I am also tired of Coronavirus news. Last night I decided to do a Google search and see if I could find the annual reports to the shareholders and guess what? Found them right here! On page five you can read the financial review, an interesting read. Long and short 1946 saw tremendous issues with supplier shortages and strikes in those plants. The plant output which was only operating at 42% capacity (not how they stated it in the report) meant they had to absorb a lot more fixed cost per unit. In fact the loss from operations was significantly higher at $6.5M. They were able to offset it with revenue from subsidiaries and capitalizing on a NOL carryback (the IRS allows taxpayers to carry loses backwards a period of two years - still done present day). So they were able to carry back to offset 1944 income. There was also an adjustment of $2.9M in reserves set aside for wartime operations no longer needed.

Interesting to see these are here, highly recommended supplementary info to compliment Dave's file. Now back to present day realities...

This will wake you up:

The sheriff is dead. Two police officers are dead. The trains aren't running, the plants are shut down, the hospitals are over flowing. Employees at the SHAP plant have died.

I haven't gone out the front door since Monday, but have some mathematics to keep me occupied. As long as I don't get a fever or a dry cough I will enjoy my practice retirement.