Pico Products Narrows Loss; Revenues Drop

Pico Products Inc., a Lakeview Terrace maker of security devices and other components for the cable television industry, said it narrowed its loss in fiscal 1991 to $1.3 million from $2.7 million during the previous year.

Revenues for the year ended July 31 dropped 19% to $18.2 million from $22.6 million in fiscal 1990, Pico said. The company blamed the decline on a slump in the cable parts business brought on by the recession and tightened credit.

Pico said the loss includes nearly $500,000 in one-time charges, including $200,000 set aside during the fourth quarter for costs associated with a lawsuit against the company by the labor union of Pico Korea Ltd., a former subsidiary in Seoul. The subsidiary has accused the company of abandoning the Korean plant during a wage dispute with the union in 1989. Pico has denied the charges.

But Pico also said it cut expenses by $537,000 during 1991 because it closed a money-losing plant in Upstate New York and also benefited from a restructuring plan completed during the third quarter.