Morton Thiokol’s Net Rises 7.5% in 4th Quarter
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Morton Thiokol, which produces solid-rocket boosters for the space shuttle program, reported an increase in its fiscal fourth-quarter profit despite the hold put on future shuttle flights.
Net income for the period ended June 30 was up 7.5% to $30.04 million from last year’s $27.95 million.
Revenue totaled $490.54 million, compared to $450.72 million a year ago.
Chairman Charles S. Locke said quarterly earnings were affected by the government’s decision to place on hold all future space shuttle flights after the explosion of the space shuttle Challenger in January. Locke said the improved sales were due to strategic and tactical motor production.
For the fiscal year, Morton Thiokol earned $132.9 million on revenue of $1.94 billion. That compared to fiscal year earnings of $197.9 million on $1.83 billion in revenue in 1985. The 1985 earnings also included a $75.08-million gain for the disposition of discontinued businesses.
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