Show 1 I Close Up of of- of I UNITED BISCUIT CO OF 0 I AMERICA I I Analysis by Standard Statistics Stalls Statis I 0 tics tc Co I This company is i the third I largest domestic baker of ot bIscuit bisI biscuits bis bIs- bisI I I and distributes approximately I types of products I throughout the territory from s I Philadelphia to Salt Sal Lake City I II I Fifteen bakeries and ad numerous I I warehouses are ae operated I I While competition with wih local o I I concerns and the te National Biscuit Bis Bis- 0 cui company is severe it so farI far I has not proved destructive toI to I profit margins magin Expansion policy pol pol- I I icy is conservative with wit present present pres pros I ent efforts effort directed toward I lengthening the radii of distribution distri distri- I buton from om existing centers center o I rather than tha to making new ac lC- lC acI I I Net income for the first nine I months of 1931 amounted to 0 a common share against I a share in the corresponding correspond correspond- I tag ing in 1930 period More favorI favorable favorable favor favor- I able comparative results were o oI I obtained in i the second and I third quarters quater than in the initial initial ini ini- Ini- Ini I three months which were I some 22 per cent below belo the I previous year Fair profit prof margins margins mar mar- te gins gis have been maintained deI despie de despite de- de I spite spie slightly higher unit uit distribution distri I buton costs cost arising from lower I dollar dolar sales sale Tonnage volume I however is i. i approximately I equal to that of ot a year ago o oI I Greater operating efficiency I and lower raw material costs I have partially offset the adverse adI adverse ad ad- I verse effects of ot reduced Sales gales Sales I II I prices and increased unit uni distribution dis dis- disI I expenses expense and full ful 0 I year earnings probably 1 will be beI I only moderately below the I a share realized in 1930 o Returns in il 1929 amounted to 0 I a share Financial position I I tion toni is reported as satisfactory I 4 |