Jorgensen Posts Loss After Charges

The Earle M. Jorgensen Co., a metals distributor, reported a net loss of $29.3 million for the fiscal year ended March 31, which included a $12.8-million charge for work-force realignment and asset write-downs and a $26.9-million charge for inventory adjustment. For the preceding fiscal year, the company posted net income of $19.9 million. Revenue was flat at $1 billion. For the fourth quarter, the company lost $20.7 million, contrasted with profit of $6.6 million a year earlier. Revenue declined 6% to $261.6 million from $278.6 million.