Oak Industries Reports Net Loss for 4th Quarter
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SAN DIEGO — Oak Industries, which is in the midst of a restructuring and cost-cutting program, reported a $3.9-million operating loss and a $2.8-million net loss for the fourth quarter ended Dec. 31. The company had reported a $15.9-million operating loss and a $13.4-million net loss during the fourth quarter of 1985.
Oak, which reported $60.2 million in net income for 1986, logged a $37-million net loss for 1985. It reported a $30-million annual operating loss for 1986, contrasted with a $51-million operating loss a year ago.
The dramatic turnaround was generated largely by a $69.2-million after-tax gain in the second quarter that was driven by the sale of Oak’s materials business to Allied-Signal Corp. and the retirement of 85.6% of the company’s long-term debt.
The San Diego-based manufacturer of electronic and communications products reported that its 12-month backlog on Jan. 31 was $63 million, up from $57 million at the end of 1985.
Oak reported net sales from continuing operations of $42.5 million for the fourth quarter and $42.6 million for the year.
The company has yet to complete a previously announced acquisition of a quartz crystal components business owned by Electronic Technologies Inc.
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