Singer Co. reported that its fourth-quarter net income rose 45% from the same period a year earlier. The firm's full-year profit was more than double what it reported for all of 1983. The Stamford, Conn.-based aerospace and consumer products company said its revenue for the quarter and full year ended last Dec. 31 was slightly above 1983. Joseph B. Flavin, Singer's chairman and chief executive, said all three of the company's business groups contributed to the performance but that its aerospace electronics operations posted record revenue and income.
Hilton Hotels Corp. reported that fourth-quarter earnings rose by 83.3%, but the bulk of the increase came from the sale of $33 million in Avco Corp. stock. The Beverly Hills-based company said results from the latest quarter included an after-tax gain of $17.9 million from the sale of securities and property. For the full year, the company's earnings were up 1.2% from a year earlier.
San Francisco-based Amfac Inc. reported that it narrowed its fourth-quarter loss from the like 1983 quarter. The company reported that an expensive reorganization of its hotels and resort operation and an increase in reserves for slow-moving and obsolete inventories contributed to the 1984 losses. A $40-million pretax charge related to the reorganization was reflected in the loss, the company said. "The write-downs associated with the company's yearlong corporate restructuring are now behind us, along with a difficult transition period," a spokesman for the company said.