Restructuring at RCA Brings $93.9-Million Net

RCA Corp., the parent company of NBC, among other operations, said it lost $24 million on its continuing operations but posted a 20% increase in its net earnings to $93.9 million as a result of corporate restructuring. The restructuring included the sale of Hertz Corp. to UAL Inc. in August for $587.5 million in cash.

RCA said its net income for the three months ended Sept. 30 was $93.9 million, up from $78 million in the same period a year earlier. It said revenue increased to $2.2 billion from $2.1 billion a year ago.

RCA’s third-quarter results include a gain of $92.6 million after taxes from the sale of Hertz to UAL, the parent of United Airlines. RCA’s earnings were hurt by a provision of $140 million, or $81 million after taxes, for restructuring of its electronics and communications businesses.

Among other things, RCA is phasing out product lines in its broadcast systems division and closing a semiconductor plant in West Palm Beach, Fla., next year.