LTV Corp.: The Dallas-based company reported first-quarter...

LTV Corp.: The Dallas-based company reported first-quarter net income of $76.6 million, contrasted with a restated net loss of $2.13 billion for the year-ago quarter. The 1988 quarter was restated to include a charge of $2.263 billion resulting from a change in accounting for post-employment medical and life insurance benefits. Without the charge, income for the year-ago period was $131.2 million. The diversified manufacturer of steel, aerospace, defense and energy products noted that results “continue to reflect significant Chapter 11-related benefits” such as deferment of certain expenses, including those for pensions, interest and other miscellaneous items.