American Pacesetter’s ’86 Net Is $3.6 Million
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American Pacesetter, a Newport Beach holding company, reported 1986 net income of $3.6 million, contrasted with a 1985 net loss of $393,000. Revenue for the 12 months increased 21.2% to $84.7 million from $69.9 million in 1985.
Net income for the 1986 fourth quarter was $1.8 million, contrasted with a year-earlier net loss of $592,000. The sale of the company’s American Electronics Inc. subsidiary accounted for a $543,000 gain in the 1986 fourth quarter.
American Pacesetter also announced that it will pay a dividend of 50 cents per share at the end of April from proceeds of the sale of American Electronics, which was purchased in late December by the firm’s managers.
The company has not had a cash dividend for at least 10 years, according to Jean Meronk, chief financial officer.
Meronk attributed the company’s earnings improvement to its two profitable operating divisions, Pacesetter Homes Inc., a residential real estate development company, and San Clemente Savings & Loan Assn., which has five branches.
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