Consolidated net income, exclusive of German and Polish subsidiaries, amounted to $3,235,527 for the six months ended June 30, 1939 as compared with $4,423,503 for the six months ended June 30, 1938. The net losses of the German and Polish subsidiaries, which were mainly attributable to the translation of net current assets into U.S. dollars, amounted to $521,152 and $43,836 for the respective periods.
It is impossible to estimate or to Predict at this time the ultimate effect of the conditions created by the war in Europe on the Corpora-Yon cash and earnings due to the uncertainty of the ultimate scope and economic effect of the war operations, the extent to which restrictions may be imposed with respect to the transfer of funds and the extent to which the activities of the manufacturing subsidiaries in the affected countries may be curtailed with respect to exports of materials and equipment to outside customers and to operating subsidiaries.
Text read from the printed page and cleaned; old type leaves the occasional error.