Magnetek Inc.: The electrical equipment maker reported...

Magnetek Inc.: The electrical equipment maker reported that operating income before interest, taxes and extraordinary expenses increased 7% to $89.3 million for fiscal 1989, compared to the previous year. The Los Angeles-based firm’s net income declined 6% to $18.3 million. The company attributed the decline to generally higher interest rates and a $2.5-million extraordinary charge related to early retirement of debt.