Blaming a $3-million loss on its discontinued...

Blaming a $3-million loss on its discontinued core memories operation, Titan Corp. reported a $2.6-million loss for its fourth quarter ended Dec. 31. Revenue for the period was $37.2 million, up from $30.2 million over the same quarter last year.

This year’s loss compared with Titan’s $5-million net loss over the same quarter of the previous year, a result that reflected a $3.7-million loss on discontinued operations and a $1.6-million, non-cash loss on redemption of subordinated notes. Titan is a San Diego-based defense electronics company.

For the full fiscal year ended Dec. 31, Titan reported a profit of $1.5 million on sales of $123.9 million, compared to a profit the previous year of $1.3 million on revenue of $100.8 million. The 1987 profit reflects a $2.6-million loss on discontinued operations, while the 1986 profit reflects a $2.8-million loss on discontinued operations.

“The sale of core memories has been in our plans for some time because it is a very mature business,” Titan President Gene Ray said in a prepared statement.