Wynn’s International Reports 1987 Net Income Was Off 72%

Wynn’s International reported $1.7 million in net income for 1987, a 72% slide from the $6.5 million it earned the previous year.

Sales from continuing operations for the year increased 2.2% to $312.9 million from $306.1 million in 1986.

For the fourth quarter, the Fullerton-based maker of automotive products reported a net loss of $1.3 million, contrasted with net income of $1.7 million for the same period a year earlier.

Fourth-quarter sales climbed 6% to $82.7 million from $78.1 million a year earlier.

Wynn’s said the fourth-quarter results were impacted by a $1.4-million addition to reserves set aside for slow-moving inventory at Wynn’s Climate Systems Inc.

Wynn’s also said that net income for the first quarter of 1988 will be adversely affected by about $1 million in costs associated with recent changes in management and the termination of the company’s supplemental retirement plan.

In January, John F. Lillicrop, president of Wynn’s international, was replaced by James Carroll, formerly president and chief executive of a Wynn’s subsidiary. Carroll and Lillicrop earlier had mounted rival bids to acquire Wynn’s.