Despite rising sales, VLI Corp. of Irvine reported sharply higher losses for the calendar fourth quarter and year due to a costly advertising campaign for its contraceptive sponge.
VLI said it lost $3.1 million in the final three months of 1984, compared to $32,817 in the previous fourth quarter. Sales for the quarter were 28%, to $3.8 million from $2.5 million.
For the year, losses exceeded $6.1 million, more than double the $2.9-million loss for 1983. Revenues more than tripled, to $12.4 million from $3.8 million.
Since last summer, when its campaign to promote the "Today" contraceptive sponge began, VLI has spent about $5 million for radio, cable television, magazine and newspaper advertisements. Although the campaign has been costly, company executives said it is paying off.
"The marketing expenses, although very high, are achieving the company's strategy of improving awareness . . . " of the sponge, said Robert A. Elliott, VLI's president, in a statement.
Pioneer Bancorp Net Climbs 69% in Quarter
Pioneer Bancorp of Fullerton, holding company for Pioneer Bank, cited a sizable increase in commercial loans and improved earnings from loan fees and interest payments in reporting a 69% increase in net income for 1984.
Annual income rose to $480,062 from $283,509 reported for 1983. Pioneer did not report separate earnings for the fourth quarter, but officials said operating profits were up.
Deposits at Pioneer Bank increased 64% to $41.99 million on Dec. 31; loans were up 83% at year's end, to $36.6 million, and the bank's assets increased 57% to $47.6 million.
Pioneer ended 1984 with a primary capital-to-assets ratio of 10%, well above the 6% minimum state and federal regulators require of financially healthy banks.