Oak Industries’ Loss for Year Grows to $149 Million

After write-downs and adjustments totaling $115 million, troubled Oak Industries reported a net loss for the year ended Dec. 31, 1984, of $149.3 million on sales of $333.2 million. In 1983, Oak reported a revised loss of $65.6 million on sales of $320.2 million.

The write-downs include a loss provision of $44.3 million to cover costs related to the termination of Oak’s ON TV service in Chicago and Los Angeles, as well as $13.25 million for the possible settlement of a class-action shareholders lawsuit.

Officials of the San Diego-based firm said the company’s decision to get out of the subscription-TV business, to restructure its cable-television equipment operations and to sell or liquidate unprofitable operations has “improved the company’s situation.”