Not only was 1955 the tenth anniversary of the company, but more important, it was a year of accomplishments and events which gave promise that the achievements of the company’s first ten years are a forerunner of still greater things to come. Sales for the year topped the $78,000,000 mark and net earnings, after provision for federal income taxes, surged past the $3,000,000 mark for the first time in company history.
On May 2, 1955, the company’s stock was admitted for trading on the New York Stock Exchange. On November 4 the Board of Directors declared a regular dividend of 13 cents a share, the 28th regular quarterly dividend to be paid by the company; and an extra dividend of 15 cents a share, the second year that such an extra dividend has been declared by the company. As of December 31 the company had 6,605 stockholders as compared to 6,247 twelve months earlier.
The company’s 1955 accomplishments ranged all the way from a prime contract for an airborne electronics system of Temco’s own design to vastly increased responsibilities in the subcontracting field.
As part of a long-range development program which should result ultimately in complete aircraft and weapons systems of the company’s own design, A new concept in subcontracting was introduced early in the year. Under this concept, engineering as well as tooling and manufacturing were provided for a major component of the Convair B-58. This proved so successful that the same services were provided on two other military aircraft, and contracts were awarded to tool, engineer and manufacture for major assemblies for the Lockheed Electra turboprop commercial transport. At year end, the company was engineering, tooling or manufacturing major components for fourteen first-line military aircraft and one commercial transport. Engineering likewise boosted overhaul and modification potential by adding electronic modification to the conversation and reconditioning services offered by the Greenville plant. On the product development side the company the company continued with the design of airborne electronics for the Navy and for the Army Signal Corps. A new supercharged armament trainer was completed in November and is capable of use by the Armed Services and friendly foreign governments. Also in December the company began fabrication of its first jet design - a high performance primary trainer, A prototype is expected to fly in 1956. Facilities at all three Temco plants underwent expansion during the year, bringing total space to 1,916,471 square feet. At Greenville a major addition was made to the largest production hangar, and a special test building was provided complete with the latest types of equipment. At Garland a new 75,000 square-foot manufacturing building was near completion at year-end. At Dallas construction was well underway on a paint hangar and a paint stripping building which are being added to the Naval Industrial Reserve Aircraft Plant facilities for future Temco use.
The Board of Directors expresses their thanks to the 7000 employees for their efforts in making year 1955 very successful from a earnings standpoint and their valuable contribution to the defense of the country and for assuring that the maximum is obtained from each defense dollar spent.
During the year Temco placed orders with 3,423 firms in the amount of $28,154,000. Of these companies, 2,362 qualified as Small Business, having less than 500 employees, and 354 of them were located in the Dallas-Ft Worth area. Many of these businesses were in communities. The support and cooperation of the small business organizations with which Temco has become associated has been an important factor in Temco’s ability to produce a quality product, on time and at the lowest possible cost.
Temco employees were hosts in November to more than 30,000 guests who attended the company’s first open house, at the Dallas plant since 1946, The open house commemorating Temco’s tenth anniversary, displayed engineering and manufacturing equipment, production lines for sections of 13 different aircraft, and a number of the complete military aircraft for which Temco produces assemblies. The aircraft were provided through Air Force and Navy cooperation.