SCIENCE/TECHNOLOGY : Pacific Scientific Halts Dividend, Says It Will Spend Money on Business
Pacific Scientific Co., a Newport Beach electronic company, has discontinued its 10-cent quarterly dividend.
The diversified manufacturer of electronic instrument and aerospace products said it will put the money to use “in the conduct of business.”
For the record:
12:00 a.m. Dec. 14, 1988 FOR THE RECORD
Los Angeles Times Wednesday December 14, 1988 Orange County Edition Business Part 4 Page 6 Column 3 Financial Desk 2 inches; 46 words Type of Material: Correction
A story in Tuesday’s Business section about a restructuring program undertaken by Pacific Scientific Co. of Newport Beach stated incorrectly that its Kin-Tech Division in Anaheim had been sold. In fact, the division is being consolidated into another Pacific Scientific unit in Duarte, and its Anaheim facilities will be sold.
Pacific Scientific lost $22,000 on revenue of $108.8 million for the 9-month period ended Sept. 23, contrasted with earnings of $3.2 million on revenue of $87.7 million during the year-earlier period.
In August, Pacific Scientific announced a restructuring that included the sale of its Anaheim-based Kin-Tech division, the sale of its analytic instrument unit in Maryland and several changes in management responsibilities.
In November, the Newport Beach firm adopted a shareholder rights plan as a deterrent to a hostile takeover attempt. At the time, the company said that it was not aware of any such endeavor.
