PIA Merchandising Has $6.5-Million Loss

PIA Merchandising Services Inc. reported a net loss of $6.5 million, or $1.21 a share for the fourth quarter, which included a charge of $2.3 million related to sales allowances, unprofitable contracts, and other year-end adjustments. For the 1996 fourth quarter, the company posted net income of $1.3 million, or 24 cents a share. Revenue was flat at $33.2 million. For the year, the company said it lost $15.1 million, or $2.72 a share, contrasted with net income of $3.8 million, or 70 cents a share, for 1996.

The results for 1997 included a $5.4-million charge for restructuring and other items recorded in the third quarter and $2.3 million in charges for the fourth quarter. Revenue increased 7% to $128.2 million from $119.9 million.