Reports Qtrly Income from Continuing Operations After Loss Last Year
SANTA MONICA, Calif. (AP) _ Wickes Cos. Inc., a retailer which emerged in January after 22 months in bankruptcy proceedings, said Wednesday it had income from continuing operations of $3.5 million in its latest quarter.
Wickes’ income from continuing operations amounted to 23 cents a share and contrasts with a loss from continuing operations of $741,000 a year earlier.
Wickes posted overall net income for its fourth quarter ended Jan. 26 of $280.2 million, or $18.34 per share, up from $1.5 million, or 10 cents a share, a year earlier. Revenue rose to $739.5 million from $730.1 million in 1983.
For the full year, Wickes’ income from continuing operations rose to $9.7 million, or 67 cents a share, from $9.5 million, or 66 cents a share, the previous year.
Wickes had a profit of $296.5 million, or $20.30 a share, in 1984, compared with $24.8 million, or $1.72 per share, in 1983. The 1983 results included a gain of $271.8 million from the settlement of liabilities under its reorganization plan and other extraordinary items.
Full-year revenue rose to $3.03 billion from $2.87 billion in 1983, Wickes said.
Wickes said shareholder equity at year-end was $340 million, compared to $208 million a year earlier.
Wickes filed in March 1982 for protection from its creditors while it reorganized under Chapter 11 of the federal bankruptcy laws.