Everest & Jennings Reports Loss of $14.2 Million

Everest & Jennings International Ltd., citing restructuring charges, reported a fourth-quarter loss of $14.2 million compared with a year-earlier loss of $5.75 million.

The latest loss was expected for the struggling Camarillo-based maker of wheelchairs and other medical equipment. The company had said Feb. 28 that it would incur a sizable restructuring charge in the fourth quarter as a result of its plan to move its headquarters to St. Louis this summer.

The actual charge in the quarter that ended Dec. 31 totaled $18.5 million. Everest & Jennings’ fourth-quarter revenue dropped to $30.4 million from $53.4 million. The year-earlier total included $19.4 million in revenue from European units that have since been sold.

For all of 1991, Everest & Jennings posted a $17.1-million loss, compared with a $52.3-million loss in 1990, which included a $34-million charge stemming from the company’s earlier restructuring efforts. The company’s annual revenue fell to $118.9 million from $209.7 million.