PDA

View Full Version : Studebaker Annual Reports



scott.rodgers
04-13-2009, 05:48 PM
I'm doing a term paper for my MBA program on the Studebaker Packard merger. Does anyone have scans of the financial info from years 53 through 57 for either or both companies? Thanks in advance.

Scott Rodgers
Los Angeles
SDC Member since 1989
'60 Lark HT
'63 Wagonaire

jclary
04-13-2009, 06:21 PM
Scott, are you covering the "almost merger" (I could be wrong on this) that had Hudson, and some other independents talking? I remember seeing a film on the Studebaker Packard deal with the back ground music "Why do Fools Fall in Love." I always think of that when I see things like Sears & K-Mart, Chrysler & Daimler, etc. It seems to me that very often in these mergers, one drags the other down rather than getting a lift. Since Sears acquired K=Mart, it looks like Sears has declined to look more like the big K than the other way around. However, that has just been my perception. The actual figures and data could prove me wrong.

John Clary
Greer, SC
http://i518.photobucket.com/albums/u346/jconln/HPIM0390.jpg
I have only two limitations ...BRAINS & ENERGY
SDC member since 1975

scott.rodgers
04-13-2009, 06:26 PM
No the actual "merger" between Studebaker and Packard itself - Packard actual bought Studebaker (Packard had cash, Studebaker had facilities), but it was sold as a merger. Packard execs later complained that they didn't get to see the proper figures in the Studebaker books. I'd like to have these actual figures so I can judge for myself. Several of the books on Studebaker have bits and pieces of the financials, but I'd like to have the actual raw data if possible.

Scott Rodgers
Los Angeles
SDC Member since 1989
'60 Lark HT
'63 Wagonaire

BobPalma
04-13-2009, 06:32 PM
:) Scott: That's an admirable paper you are writing, and one I'd actually like to read when you are done. I'm sorry I don't have Annual Reports for either company (Studebaker or Packard) from the era, or I'd loan them to you. :DBP

BobGlasscock
04-13-2009, 08:41 PM
Mr. Quinn, maybe?

'50 Champion, 1 family owner
http://i251.photobucket.com/albums/gg316/studebakerbob/SDC%20avatar/Studebakerstuff019.jpghttp://i251.photobucket.com/albums/gg316/studebakerbob/SDC%20avatar/Studebakerstuff018.jpg

BobGlasscock
04-13-2009, 08:42 PM
oops, forgot. It's a forum rule that if you write something amazingly interesting you have to give it to everyone who asks. I ask! I ask! Thanks, Scott.

'50 Champion, 1 family owner
http://i251.photobucket.com/albums/gg316/studebakerbob/SDC%20avatar/Studebakerstuff019.jpghttp://i251.photobucket.com/albums/gg316/studebakerbob/SDC%20avatar/Studebakerstuff018.jpg

scott.rodgers
04-14-2009, 09:33 AM
Can Andy Beckman do that for me or do I need to be present?

Scott Rodgers
Los Angeles
SDC Member since 1989
'60 Lark HT
'63 Wagonaire

scott.rodgers
04-14-2009, 11:20 AM
And don't worry - not only will I let forum members read it, I'll post it before it's due so members can correct my mistakes. Hopefully there won't be too many.

Scott Rodgers
Los Angeles
SDC Member since 1989
'60 Lark HT
'63 Wagonaire

JBOYLE
04-14-2009, 11:34 AM
Sounds like you need to contact Patrick Foster.
His new book on Studebaker had lots of details that I believe were from the annual reports.
I'm sure someone here or at the AOAI has a contact for him.

63 Avanti R1 2788
1914 Stutz Bearcat
(George Barris replica)

Washington State

scott.rodgers
04-14-2009, 11:43 AM
I have Patrick's book - he does sound like a great resource. I'll look into it.

Scott Rodgers
Los Angeles
SDC Member since 1989
'60 Lark HT
'63 Wagonaire

Studebaker Wheel
04-14-2009, 01:09 PM
I have all of the Annual Reports back to 1916.

Richard Quinn
editor: Antique Studebaker Review

MyStude_Baker
04-14-2009, 01:45 PM
There you have it. Our Studebaker historian has it all. I would like to point out some facts about that merger. I have a friend at the local parts store who is a Packard man. And I am a Studebaker man. Anyway, he tends to blame Studebaker for killing Packard, but that wasn't the case as far as I know. I good friend of mine who's owned Studebaker's for a number of years said that Studebaker was in better financial shape than had always been rumored. I hope Richard Quinn can clear me up on such myths, but Packard was already on there way out. The luxury market had evaporated, and the Packard had been getting slimmed down to a lower status anyway, so when they attempted to get back to luxury status it was too little, too late. The Packard Caribbean, I believe the 1956 was one the best cars they ever made. Beautiful, with an ultra luxurious softened suspension. Don't get me wrong, I love the Packard, always have, but Packard owners shouldn't be kicking Studebaker around anymore. Both car manufacturers were the end of era, an era perhaps may never be repeated again.

1951 Commander Land cruiser

MyStude_Baker
04-14-2009, 01:51 PM
One more thing. I'd like to read that paper as well. I want the facts and the answer of what really happened.

1951 Commander Land cruiser

scott.rodgers
04-14-2009, 02:06 PM
Part of my take on the merger at this point is that Packard was desperate for a deal. They lost body supplier Briggs to Chrysler in '53 (although they were able to keep the Briggs Conner Plant - which they moved all production into) and they desperately needed additional production capacity. They had cash, but that would do them no good in the future if they couldn't deal with production problems in the present. Also, any deal to make Hudson, Studebaker, Packard, and Nash one big corporation was a long dead dream by this point, especially since Nash and Hudson were already merging. So, even if Studebaker had either cooked the books or were less than forthcoming with them (take your pick), Packard was going to leap regardless because it had no other choice. Studebaker had production facilities that weren't at capacity (plus they had a large dealer network).

Let me know your take on this so far. Please remember, I'm not trying to point fingers or make anybody a bad guy with this paper. I'm just trying to sort out the financial situation at the time, with an emphasis on how mergers can truly be a "marry in haste, repent at leisure" situation for any industry.

Scott Rodgers
Los Angeles
SDC Member since 1989
'60 Lark HT
'63 Wagonaire

scott.rodgers
04-14-2009, 03:57 PM
By some odd coincidence, a number of annual reports just showed up on Ebay. I don't think I want to pay $10 a piece though...

Scott Rodgers
Los Angeles
SDC Member since 1989
'60 Lark HT
'63 Wagonaire

2R2
04-15-2009, 05:05 PM
Scott,

There was a document issued by Studebaker addressing the proposed merger, dated July 9, 1954. It was sent to all shareholders of the company, explaining the rational for he merger. Is is roughly 50 pages long, and contains financial information, on both Studebaker and Packard, looks at assists of the company, and evaluates the potential of the merger.
Mine is a copy of a copy; if I remember correctly, I ordered if from Stelford's many years ago

Eric DeRosa

'49 2R-5 (original Survivor)
'63 R2 Lark (barely surviving)

scott.rodgers
04-15-2009, 06:09 PM
2R2/Eric,

Thanks for the heads up. I found a listing for the document online at the Harry Truman Presidential Library - Paul G. Hoffman worked in the Truman Admin before becoming president of Studebaker. I'm making arrangements with them to get me a copy.

Scott Rodgers
Los Angeles
SDC Member since 1989
'60 Lark HT
'63 Wagonaire

scott.rodgers
04-24-2009, 09:43 AM
I just received my copy of the merger announcement. The strangest part is that Hoffman, Nance, and Vance denied that it WAS a merger. Instead, they claimed it was simply "two companies coming together for mutual benefit." Hmmm... interesting.

Scott Rodgers
Los Angeles
SDC Member since 1989
'60 Lark HT
'63 Wagonaire

MyStude_Baker
04-24-2009, 04:55 PM
That paper is going to be very interesting. I'm always fighting with people about car facts, especially when they are not exactly on board with your car choice. Let us know how the research is coming; I think your going to find out more than anyone knows. You can even write an article for Turning Wheels; I know they'll love to print it.

1951 Commander Land cruiser

stall
04-24-2009, 05:34 PM
Hi Scott, There are a few articles on my website that might help you:

http://sites.google.com/site/intriguingautomotivehistories/

Studebaker's Requiem
--Could Studebaker have survived?1
--The Studebaker V-8, a hale Mary pass
--Time Magazine on Studebaker

I would love to see your paper.

Good Luck on your thesis

http://sites.google.com/site/intriguingautomotivehistories/

http://studebakerspeedster.blogspot.com/2008/12/studebakers-new-v-8.html

http://i167.photobucket.com/albums/u139/awaynow8624/Studebakerbest-2.jpg

stall
04-24-2009, 05:34 PM
Hi Scott, There are a few articles on my website that might help you:

http://sites.google.com/site/intriguingautomotivehistories/

Studebaker's Requiem
--Could Studebaker have survived?1
--The Studebaker V-8, a hale Mary pass
--Time Magazine on Studebaker

I would love to see your paper.

Good Luck on your thesis

http://sites.google.com/site/intriguingautomotivehistories/

http://studebakerspeedster.blogspot.com/2008/12/studebakers-new-v-8.html

http://i167.photobucket.com/albums/u139/awaynow8624/Studebakerbest-2.jpg

scott.rodgers
04-28-2009, 04:51 PM
Stall,

Thanks for the articles. There are some in there I can really use.

I'd also like to acknowledge Richard Quinn's help.


Scott Rodgers
Los Angeles
SDC Member since 1989
'60 Lark HT
'63 Wagonaire