Aurora Posts $31.8-Million Loss for Year

Aurora Electronics Inc., the Irvine spare parts distribution and electronics recycling services company, posted a net loss of $31.8 million, or $4.44 a share, for the year ended Sept. 30, compared with a net loss of $15 million, or $1.79 a share, for the previous year. The fiscal 1996 loss included $6.3 million of reduced income from the Asset Recovery Services division, as well as several financial items, including the write-off of goodwill related to the acquisition of Micro-C Corp., which totaled $16.6 million.

The company said it also booked a charge of approximately $6.6 million incurred in its March 1996 recapitalization. Revenue fell 31% to $98 million from $141.9 million for fiscal 1995. The company said the decline in revenue was due primarily to the discontinuation of its unprofitable Premier division, which accounted for approximately $36.3 million in revenue in fiscal 1995.

The fourth quarter net loss was $20.5 million, or $2.87 a share, contrasted with profit of $342,000, or 4 cents a share, for the corresponding period a year ago.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World