Laguna Niguel-based Fluorocarbon Co. reported a 26% increase in profits for its fourth-quarter of fiscal 1985, its eighth consecutive quarterly increase. For the year ended Jan. 31, the company said its earnings rose 76%.
For the fourth quarter, the rubber and plastics molding firm reported earnings of $1.5 million, up from $1.2 million in the year-ago period. Sales in the three-month period were $30.3 million, up 28% from $23.7 million in the 1984 fourth quarter.
For the 12 months, profits were $5.7 million, and included a one-time extraordinary gain of $607,746 from insurance payments on casualty losses. In fiscal 1984, the company earned $3.2 million.
Sales for the year were $116 million, a 25% increase from $92 million in 1984. New orders totaled $126 million, up 31% from the $96 million in new orders reported for the prior year.
Fluorocarbon attributed the record earnings to impressive gains in all areas. The company acquired two firms last year, both of which make molded rubber products.
Mike Hagan, Fluorocarbon's president, said the company is working on two new acquisitions "that very much complement our rubber and sealing business." He said an announcement on the acquisitions would be made next month.
Last month, Fluorocarbon announced it had signed a letter of intent to sell its semiconductor group, which had sales last year of about $22 million. The proceeds of that sale are expected to be included in the current quarter's results. In a statement, company Chairman Peter Churm said, "It is a little emotional considering the sale of 19% of your business, especially when business is good . . . but our semiconductor group does not relate to any of our other three groups (fluid sealing, rubber and plastic), so we decided to take our semiconductor assets and put them into the other three."
Fluorocarbon operates 24 plants in 14 states and one plant in Belgium.