* Noting costs associated with a recent...

* Noting costs associated with a recent proxy fight and reserves resulting from a reevaluation of its assets, Oak Industries reported a $7.1-million loss on $50.6-million revenue for its second quarter ended June 30.

The loss, which contrasts with a profit of $539,000 on revenue of $48.5 million for the same quarter last year, reflects a $2-million proxy expense, $945,000 in corporate reorganization expense, including employee severance costs, and $2 million for the reevaluation and required reserves.

Oak also booked a $1.5-million expense from the operation and liquidation of the company’s discontinued telephone advertising business. Oak’s current management wrested control of the company in June after a victorious proxy fight.

For the six months ended June 30, Oak’s loss stands at $7.6 million on sales of $101.3 million, contrasted with a profit of $3.9 million on sales of $99.5 million for the same period last year.