Sierracin’s 3rd-Quarter Profits Climb, Reversing Loss in 1985

Sierracin reported third-quarter earnings of $489,000, a reversal from a loss of $707,000 in the same quarter a year ago. Per share, earnings were 14 cents against a year-ago loss of 21 cents.

Revenue was $19.0 million, up from $17.1 million a year earlier. Results for the most recent quarter include a loss of $126,000 from discontinued operations, versus a loss of $416,000 from discontinued operations a year earlier.

Sylmar-based Sierracin makes products for the aerospace, defense and industrial markets. Its products include a variety of transparencies, including aircraft canopies.

President Joseph F. Swyt attributed the improved showing to the sale of money-losing divisions and to improved management at Sierracin’s six remaining operating units. Also, Sierracin’s Thermal Systems division, destroyed by fire in March, 1985, was rebuilt and contributed revenue of $2 million to $3 million in the most recent quarter. Previously in Gardena, the unit was reestablished in the City of Commerce.

Sierracin returned to profitability in the second quarter after losing money for four straight quarters.

Gary N. Patten, the chief financial officer, noted that Sierracin reduced its debt to about $800,000 at the end of October from about $4.8 million at the end of June.

For the first nine months of the year, Sierracin earned $508,000, or 15 cents a share, on sales of $59.1 million. In the same period a year ago, it lost $1.3 million, or 37 cents a share, on sales of $55.6 million.