PSA Reports Loss of $448,000 in Quarter
Benefiting from employee wage concessions and increased passenger traffic, PSA reported a net loss of $448,000 in the first quarter, a substantial improvement from last year’s $4.4-million first-quarter loss.
Revenue for the first quarter ended March 31 increased 12% to nearly $170 million.
PSA President and Chief Executive Paul C. Barkley called the results “encouraging” and noted that the company showed a net profit from operations in March--the first monthly operating profit in a first quarter since 1981.
PSA has not been profitable since 1979, but, because of a pay-cut and profit-sharing plan approved by employees last December, Barkley predicted improved results for the rest of 1985.
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