AirCal Records First Yearly Profit Since ’81

AirCal Inc., the once-struggling Newport Beach-based airline, reported that it ended 1984 with an $8.5-million profit, its first annual profit since 1981. The profit represents an $11.4-million turnaround from 1983’s $2.9-million loss.

However, the fourth quarter’s reported net income of $2.4 million was about 27% below the $3.3 million posted in the final period of 1983. The company said the lower earnings resulted from $3.9 million in contributions to a fund to repay employees for the 10% wage cuts that they took in January, 1983, during the worst of the airline’s problems.

The airline said it accumulated a total of $11.6 million in the fund last year--virtually all of the $12.9 million that employees will eventually receive. Company officials said the airline will continue to contribute to the fund this year, with disbursements expected to begin later this year, perhaps by April.

Revenue for the 1984 quarter was $79.9 million, up 28% from the $62.2 million recorded in the 1983 quarter. Revenue for the year was $303.9 million, a 27% increase over the $239 million collected in 1983.

“Our 1984 financial performance reflects a continuation of AirCal’s dramatic turnaround,” William Lyon, chairman, president and chief executive, said in a prepared statement.