Pennzoil Restating 1989 Results: Pennzoil said it...
From Times Staff and Wire Reports
Pennzoil Restating 1989 Results: Pennzoil said it is restating last year’s results to comply with temporary regulations proposed by the Treasury Department that would disallow, for tax purposes, all losses from the disposition of the stock of a subsidiary. Because it is eliminating a $42.5-million tax benefit from the planned sale or other disposition of its Purolator subsidiary, 1989 net income was restated to $103.5 million from the previously reported $146 million. For the fourth quarter, net income was restated to a $102.5-million loss from the previously reported $60-million loss.
