Investment Tax Credits Help Put PSA in Black

Benefiting from investment tax credits, PSA Inc. reported net income of $2.2 million for the year ended Dec. 31, rebounding from a loss of $9.4 million in 1983.

After deducting for dividends on its cumulative preferred stock, however, PSA reported a loss per share of 90 cents for 1984.

Revenue for the year increased 30% to $689.7 million.

The year’s net income was entirely derived from a combination of non-operating income items--the sale of older Boeing 727s and foreign currency transaction gains from the repayment of long-term debt in Japanese yen--and investment tax credits on the purchase of an MD-Super 80 plane, the 26th in the fleet of Pacific Southwest Airlines Inc., PSA’s primary operating subsidiary.

The net gain from these items was $3.3 million last year, compared to $11.4 million in 1983.

Operating income for the year reached $40.9 million, compared to an operating loss of $1.3 million in 1983.

Net income in the fourth quarter totaled $2.9 million, compared to a net loss of $3.9 million in the fourth quarter of the prior year. Fourth-quarter revenue rose 25% to $167.8 million.