Southland Corp.: The Dallas convenience-store chain lost...

Southland Corp.: The Dallas convenience-store chain lost $37.0 million on revenue of $1.97 billion in its fourth quarter ended Dec. 31 and posted a net loss of $216.2 million on revenue of $7.99 billion for the year. The company cited high interest and various noncash expenses related to its 1987 leveraged buyout. Because of the buyout, the seven months ended July 31, 1987, are reported on a different accounting basis than subsequent periods and thus no full-year comparisons can be made between 1987 and 1988.

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