Oak Industries reported a $3.9-million net profit...
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Oak Industries reported a $3.9-million net profit for the third quarter ended Sept. 30. Oak reported that sales rose 5% to $48.4 million during the third quarter, up from $46.2 million a year ago.
The third-quarter profit included a $3.5-million gain from the favorable resolution of an income tax issue and a $2.2-million gain generated by the exchange of plant facilities with Allied-Signal.
Oak reported a $15.3-million net profit during the third quarter of 1987. That profit included an $18.2-million gain from the settlement of patent litigation.
The company reported a $7.8-million net profit for the nine-month period ended Sept. 30. That profit included the previously mentioned Allied-Signal and income tax benefit gains, along with gains from the sale of Oak’s corporate headquarters building, the settlement of patent litigation and the reduction of certain restructuring reserves.
Oak reported $12.5 million in net income for the like period a year ago. That profit included the patent litigation settlement and other non-recurring items totaling $20.5 million.
Net sales for the nine-month period ended Sept. 30 rose 9% to $147.9 million, up from $125.7 million during the like period a year ago.
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