Pittston Reports $18.8-Million Loss: The Pittston Co.,...
From Times Staff and Wire Reports
Pittston Reports $18.8-Million Loss: The Pittston Co., citing costs of a settlement of a nine-month strike at its coal division by the United Mine Workers, reported a fourth-quarter loss of $18.8 million. The loss compared to net income of $15.2 million a year earlier, Pittston said. Revenue fell to $404 million in the quarter from $413 million a year earlier. The results include $16.2 million worth of special charges, most of which were related to the company’s coal business, Pittston Chairman Paul W. Douglas said.
