Price Pfister Announces 51% Increase in Its Quarterly Profit

Price Pfister said its fourth-quarter profit climbed 51% from a year earlier on a 28% sales gain. The Pacoima-based maker of brass faucets and other plumbing fixtures said net income in the quarter ended Dec. 31 rose to $3.05 million, or 27 cents a share, from $2.02 million, or 20 cents a share, a year earlier. Sales increased to $31.9 million from $25 million.

For the full year, however, Price Pfister reported a $7.96 million loss on sales of $117.2 million; in contrast, in 1986 the company earned $6.69 million, or 67 cents a share, on sales of $98.7 million.

The loss stemmed from a previously announced $15.4-million bonus paid in the third quarter to seven of the company’s top executives. The compensation, which the company recorded as a one-time charge against earnings, was paid out in 1 million shares of Price Pfister common stock.