HCC’s $6.88-Million Loss Linked to Restructuring
- Share via
HCC Industries reported a $6.88-million loss for its fiscal year that ended April 2, mostly because of a special charge related to the restructuring of its Hermetite subsidiary.
The fiscal 1988 loss, which compared with a loss of $2.38 million the previous year, was expected. HCC, an Encino-based maker of hermetic--or airtight--seals used for electronic components, had announced in May that the restructuring would result in a pretax charge against earnings of between $5.5 million and $6 million. The actual charge amounted to $5.47 million.
Operating losses at Hermetite also contributed to the latest loss. Under the restructuring, some of Hermetite’s product lines were moved from the company’s Avon, Mass., site to its Lakewood, N.J., facility, and the remaining product lines were sold to a former Hermetite executive for $500,000 cash and a $500,000 note.
HCC’s annual sales fell 14% to $30.6 million from $35.6 million in fiscal 1987.
For detailed data and results of other companies, please see tables, Page 12.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
