American Pacesetter reported a 1985 net loss of $393,000 that it attributed to losses from discontinued operations and a downturn in real estate sales.
In 1984, the company reported a net loss of $2.5 million.
The Newport Beach-based company said it had operating income for the year of $436,000 but that was offset by the loss of $829,000 from the sale of its foreign electronics operations.
Also included in the 1985 results is a write down of $681,000 on the value of land held for development; the company had a similar write down in 1984 of $8.2 million. The company said the real estate market has improved in recent months and it expects no further write downs.
Revenue for the year totaled $79.6 million compared with revenue of $92.4 million the prior year. In addition to its discontinued operations, real estate sales were down for 1985.
For the fourth quarter, the company reported a net loss of $592,000 compared with net income of $194,000 for the same period a year earlier. For the most recent quarter, the results include a loss of $183,000 from the sale of an electronics distribution unit.
In addition to its electronics interests, American Pacesetter makes surveillance cameras, operates San Clemente Savings and Loan Assn. and builds houses and commercial and industrial projects.