Asset Sales Boost TLC Beatrice’s Quarterly Profit; Annual Net Up 13 Percent
NEW YORK (AP) _ TLC Beatrice International Holdings Inc. Thursday said its profit more than doubled in the fourth quarter thanks to asset divestitures while its net income grew a more modest 13 percent for all of last year.
The food and grocery products company attributed the jump in quarterly income to gains on sales of its equity investment in Canada and its subsidiary Maxime Delrue.
In the three months ended December 31, TLC Beatrice earned $10.38 million, or 80 cents a share, up from $4.48 million, or 17 cents a share, in the corresponding 1990 quarter. But fourth-quarter sales sagged 9 percent to $342 million from $376 million a year earlier.
The company reported after-tax earnings of $51.45 million, or $4.03 a share, for 1991, compared to $45.57 million, or $3.62 a share, in the prior year. Sales last year amounted to $1.54 billion, up 3 percent from $1.49 billion in 1990.
The limited partnership TLC Group bought Beatrice International in December 1987 for $985 million.