Manville Income Drops Sharply in 4th Quarter
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Manville Corp., in the last stages of Chapter 11 reorganization under the U.S. Bankruptcy Code, reported a 78% drop in fourth-quarter profit due to restructuring charges.
Earnings for the quarter totaled $4.6 million, down from $20.8 million a year earlier.
Revenue for the fourth quarter reached $493.2 million, up 4% from the $474.6 million reported a year earlier.
For all of 1986, the Denver-based maker of building products reported net income of $81.2 million, compared to a $45-million loss reported for 1985.
Manville said adoption of new pension rules during the fourth quarter of 1986 increased net earnings during the period by $4 million and added $16.6 million to earnings for the full year.
But restructuring charges of $27 million were deducted from the fourth-quarter net earnings.
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