Sierracin Reports Loss of $1.5 Million for 4th Period
Sierracin Corp. announced that it lost $1.5 million, or 43 cents per share, in the calendar fourth quarter, a reversal from a profit of nearly $1.2 million, or 34 cents per share, during the same quarter in 1984. Revenue for the Sylmar aerospace and electronics company was down 9% for the quarter to $19.4 million.
For the year, Sierracin posted a loss of $2.7 million, or 80 cents per share, on revenue of $74.9 million. In 1984, Sierracin earned $4.5 million, or $1.27 per share, on revenue of nearly $83.5 million.
Gary Patten, Sierracin’s vice president for finance, cited a loss of nearly $1 million the company took during the year as a result of losing a lawsuit against the Boeing Co. A Seattle jury found that a joint venture in which Sierracin was a partner used Boeing designs to make cockpit windows for other aircraft manufacturers.
Patten also said the company’s power systems division, which took a $400,000 write-off in the fourth quarter, was hurt by the downturn in the electronics industry.
Sierracin’s problems also include suits with a former director and a major shareholder over allegations that the company’s chairman, Christoph Tribull, improperly spent company funds for personal use.