Zenith Electronics Corp., which announced last week that it was adding workers in its troubled television manufacturing division, said today that it earned $20.4 million in the fourth quarter and posted its first annual profit since 1984.
The fourth-quarter profit, equal to 78 cents a share, was sharply higher than the $4.7 million, or 18 cents a share, in the same period in 1987. For the year, Zenith earned $11.7 million, rebounding from a three-year losing streak that included a $19.1-million loss in 1987. "Although our consumer electronics continues to get better, it is still not operating at a satisfactory level," Chairman and President Jerry Pearlman told a news conference. The company is still seeking a buyer for the entire consumer electronics group.