P.M. BRIEFING : EARNINGS : Interco Drops $1.49 a Share
From Times Wire Services
ST. LOUIS, Mo. —
Interco Inc., a company struggling to overcome the fallout from huge junk-bond borrowing, today reported a third-quarter loss of $33.4 million, or $1.49 a share.
The company, which lost $35.3 million in the second quarter, has posted losses of $110 million so far this fiscal year. The third-quarter loss reported today compares to a $58-million profit for the same period a year ago.
Sales for the quarter were $367 million, down 2.5% from the same period a year earlier.
The St. Louis-based footwear and furniture maker has been trying to battle flat sales while restructuring $1.6 billion in debt taken on to thwart a hostile takeover attempt in 1988.
