American Pacific Corp. of Irvine has given up on a trio of unprofitable financial services operations and said Monday that the resultant losses boosted its red ink for fiscal 1984 to $2.8 million.
The real estate investment and chemical manufacturing company said discontinuing those subsidiaries, which dealt in insurance, profit-sharing program administration and pension plan management, cost the company more than $2 million.
The 1984 loss compares to a $952,000 loss in fiscal 1983 and is its fourth in a row.
The 1984 loss includes $1.1 million in actual losses on the discontinued operations and a $1-million charge for estimated losses related to the sale or disposal of the operations, American Pacific said in a prepared statement Monday.
American Pacific officials could not be reached for comment.
According to the company's statement, however, American Pacific lost $690,000 on continuing operations for fiscal 1984, as opposed to an operating profit of $690,000, in the 1983 fiscal period.