ITT Corp. said it registered a $15-million...

ITT Corp. said it registered a $15-million loss in the fourth quarter of 1985, during which it established a $160-million reserve fund. The fund included $105 million to close down ITT’s project to adapt its System 12 digital switch for the United States and $55 million for the disposal of its message terminal rental and facsimile transmission business. In the fourth quarter of 1984, ITT posted a profit of $175 million. The company said its total income for 1985 was 34% below the previous year’s net income.