Cardis Reports $6-Million Loss for Fiscal 1991 : Finance: The company, which emerged from bankruptcy 19 months ago, also announced preliminary agreement on a reorganization plan.

Cardis Corp., an auto parts wholesaler and retailer, said Thursday that it lost $6.5 million, or 62 cents a share, in its fiscal 1991 year. Revenue fell 5.5% to $80.1 million, down from $84.8 million a year earlier.

Cardis, which emerged from a Chapter 11 bankruptcy 19 months ago, also said it has reached a preliminary agreement on financial reorganization. If approved, the deal would convert $20 million of bank debt to Cardis common stock. That would boost the bank creditors’ stake in Cardis to 63%, the company said.

The remaining $26 million in bank debt is to be restructured into a new loan and revolving credit line, the company said.

The financial restructuring also calls for a group of Cardis’ suppliers to extend special terms on about $8.4 million of indebtedness in return for a still undetermined number of shares of Cardis stock. That would boost the suppliers’ stake in the company to about 14%.

Cardis earned $64.9 million in fiscal 1990, but that figure included a one-time gain of $67.9 million realized when the buyers of Cardis’ TuneUp Masters subsidiary assumed all of that company’s debt.

Cardis said its loss for fiscal 1991, which ended April 30, included $1.3 million in one-time writeoffs related to an upgrading of the company’s computer system and to reserves set aside for future costs of consolidating the company’s retail stores.

In its year-end financial statement, Cardis said its actual loss on operations fell to $376,000 from $1.1 million the year before.