The document includes a report to shareholders and employees about the company's performance over the previous year. The document states that since July 7th, 1948, the company's operations resulted in a loss of $1,628,111.48 "before the tax carry-back credit of $1,280,000.00" of that year. Net sales for the year were at $5,326,689.91, which was a decrease of $1,249,644.49 from 1947. Much of this loss was attributed to the discontinuation in production of home radios. The document is positive about the future of the company, noting contracts with the U.S. military for auto-pilot and other aircraft equipment, as well as new products such as audio recording wire. Also included is a brief note from the auditing company, Arthur Young & Co., and a list of Lear products.
Lear Inc. Lear Inc. was a company in Grand Rapids, Michigan. It mainly produced aircraft components such as radios and electronic control systems, and briefly made radios for the home and audio recording wire. It was also a contractor for the United States Air Force.