Golden State’s Profit Nearly Doubles
Golden State Bancorp, the second-largest U.S. savings & loan, on Tuesday said first-quarter profit nearly doubled compared with the previous quarter as revenue from securities and annuities sales increased.
The San Francisco-based parent of California Federal Bank said profit before an extraordinary item rose 86% to $80 million, or 50 cents a share, from $43 million, or 11 cents, in the fourth quarter. The per-share results reflect smaller dividend payments in the first quarter to owners of preferred stock that the thrift redeemed during the quarter.
For the record:
12:00 a.m. April 29, 1999 For the Record
Los Angeles Times Thursday April 29, 1999 Home Edition Business Part C Page 4 Financial Desk 2 inches; 50 words Type of Material: Correction
Avery Dennison--Pasadena-based adhesive label firm Avery Dennison Corp. reported first-quarter net income of $60.9 million, or 60 cents per share, which excluded a one-time restructuring charge of $65 million, compared with net income of $54.2 million, or 52 cents, of a year ago. Including the charge, the company earned $18.4 million, or 18 cents a share.
First-quarter net income was $70.9 million, compared with a loss of $55.2 million, including a $70.3-million charge to retire debt, in the fourth quarter.
Non-interest income rose 31% in the first quarter, to $105.2 million from $80.3 million in the fourth quarter, as mutual fund, annuity and other securities sales through the thrift’s CalFed Investments unit rose almost 50% to $282 million.
Golden State shares rose $1.06 to close at $23.56 on the New York Stock Exchange.
Golden State earlier this month won a near-record $909 million in damages against the U.S. in a suit over a broken 1981 promise of special regulatory treatment. It had sought about $2 billion.
Meanwhile, its CalFed unit is appealing a $23.3-million award in a similar suit.
At a Glance
Other earnings, excluding one-time gains and charges unless noted:
* Pasadena-based adhesive products maker Avery Dennison Corp. reported first-quarter net income of $18.4 million, or 18 cents per share excluding restructuring charges, compared with $54.2 million, or 52 cents, a year ago. Revenue rose 11% to $933.9 million from $843.6 million.
* Dreyer’s Grand Ice Cream Inc., based in Oakland, reported a first-quarter net loss of $4.2 million, or 15 cents per share, compared with a loss of $5.9 million, or 22 cents, a year ago. Sales rose 6% to $228 million from $215 million.
* Ducommon Inc., one of the oldest companies in Los Angeles, reported first-quarter net income of $3.2 million, or 30 cents per share, on sales of $34.5 million, compared with net income of $3.5 million, or 30 cents, on sales of $43.3 million in the year-earlier period.
* First Consulting Group Inc., a Long Beach-based health-care management consulting firm, reported record first-quarter earnings of $3.7 million, or 16 cents per share, compared with $2.8 million, or 13 cents, a year ago. Revenue rose 35% to $58.9 million from $43.6 million.
* Guitar Center Inc. reported first-quarter net income of $2.8 million, or 14 cents per share, on revenue of $109.9 million, compared with $4.2 million, or 20 cents, on revenue of $82.5 million, a year ago. The Agoura Hills-based retail chain opened two stores during the quarter.
* Los Angeles-based sporting-goods maker K2 Inc. reported first-quarter net income of $3.3 million, or 20 cents per share, compared with $3.1 million, or 19 cents, a year ago. Sales rose to $163.1 million from $151 million.
* Pasadena-based Paula Financial reported first-quarter net income of $1.3 million, or 21 cents per diluted share, compared with net income of $1 million, or 15 cents, a year ago.
* Sanwa Bank California, the third-largest bank based in the state, said first-quarter net income rose 20% to $30.9 million compared with $25.8 million a year ago.
MORE EARNINGS: C3
