PS Group: The San Diego-based firm reported...

PS Group: The San Diego-based firm reported a $4.8-million net loss for the fourth quarter ended Dec. 31, contrasted with a $1.7-million net loss during the same quarter a year earlier. Revenue rose 27% to $64.6 million, up from $50.5 million.

PS Group reported a $2.9-million net profit for the year ended Dec. 31, contrasted with $44.1 million in net income for the previous year. The 1988 net income figure included a gain from the termination of PS Group’s pension plan. Revenue fell to $264 million for the year ended Dec. 31, down from $331 million a year ago.

PS Group’s revenue was hurt during the fourth quarter by lower airline ticket prices that produced lower average commissions. PS Group also reported a pretax charge to earnings of $5 million “for the writedown of the carrying value of certain high-yield securities held in the company’s investment portfolio,” according to a spokesman.

The writedown was linked to a January bankruptcy filing by Allied and Federated department stores, which issued securities held by PS Group. The writedown was required because of the “substantial decline” in the high-yield, or junk bond, securities.