Signal Cos. Inc. on Tuesday reported record net income of $285 million for 1984, compared to $103 million in the prior year.
The full-year net included a loss of $16 million from discontinued operations, resulting primarily from the disposal of its industrial heating and refrigeration equipment business. Revenue for 1984 dropped to $5.9 billion from $6 billion a year earlier.
The previous record net income was $238 million reported in 1979.
Fourth-quarter 1984 net income totaled $68 million, compared to $54 million a year ago. Revenue was $1.6 billion, compared to $1.5 billion a year earlier.
Forrest N. Shumway, chairman, said the major restructuring of Signal into a high-technology and engineering company is now basically complete, following its 1983 acquisition of Wheelabrator-Frye Inc. "The company has been streamlined and fundamental financial goals have been met. The balance sheet is unusually strong for a company this size," Shumway said.
At year-end, Signal had cash on hand of $1 billion in addition to lines of credit totaling $1 billion. Shumway said 1985 will be another record year if the world economy continues to improve.
Gains in the aerospace and electronics line of business were offset by a softness in the company's engineering and construction businesses in 1984, said Michael Dingman, president.
The softness is expected to continue in 1985, Dingman said, though it could be offset by opportunities existing in the People's Republic of China. He expects improvements in the aerospace and electronics line of business to continue.