National Intergroup Inc. said sales during the first quarter were $171.8 million, down from $774.4 million a year earlier, reflecting a change in accounting methods after NII’s sale of a 50% interest in its National Steel subsidiary. NII posted a net loss $17.9 million for the period. Results were hurt by National Steel’s net loss of $39.8 million on sales of $514 million, compared to a $6.1-million loss on sales of $576.4 million in the first three months of 1984. NII’s share of the subsidiary’s current loss was $19.9 million. Earnings for 1984 were restated to $13.7 million from $52.6 million after company auditors learned of long-term commitments by NII’s National Aluminum subsidiary to buy aluminum ingot at above-market prices. The lowered 1984 earnings contributed to a decision earlier this month by Bergen Brunswig of Los Angeles to cancel its planned merger with NII.
For detailed data and results of other companies, please see accompanying tables.