Fluorocarbon Co. Nets $6.1 Million for Fiscal ’86

The Fluorocarbon Co. said it had net earnings of $6.1 million for its fiscal 1986, including $286,000 in profits from its semiconductor division and a $261,000 gain from the sale of the unit on June 30.

A year earlier, Fluorocarbon, a Laguna Niguel-based manufacturer of industrial plastics, rubber products and seals, posted net income of $5.7 million.

Earnings from continuing operations for the year ended Jan. 31 totaled $5.5 million, up 17% from $4.7 million a year earlier.

The company has eliminated all its bank debt and has almost $13 million in cash remaining from the January sale of $25 million in convertible subordinated debentures, said Ken Holland, the company’s chief financial officer. Fluorocarbon had a year-end net worth of almost $41 million.

“With the proceeds of the offering and our bank line of credit, we are now able to look at several major acquisitions,” Chairman Peter Churm said in a prepared statement. Holland declined to identify companies Fluorocarbon is talking to but said they are large companies within Fluorocarbon’s industry segments.

For the fourth quarter, Fluorocarbon reported net income of $1 million, contrasted with $1.5 million a year earlier.