Fluorocarbon Co. said Monday that it posted record operating earnings during the fiscal third quarter ended Oct. 31 and expects to report record year-end results.
The Laguna Niguel-based rubber and plastics molder said third-quarter operating earnings increased 26% to $1.5 million, compared with $1.1 million a year earlier. However, the 1984 quarter included $217,142 in earnings from the discontinued semiconductor group and a $607,000 insurance settlement resulting from a fire at one of the company's plants in 1984, which brought final net income to $1.9 million.
Fluorocarbon's third quarter revenues from continuing operations rose slightly to $27.6 million, compared with $25 million a year ago. The discontinued semiconductor operation provided an additional $5.6 millon in sales during the third quarter of 1984.
For the nine months ended Oct. 31, Fluorocarbon recorded earnings from continuing operations of $4.1 million, up 24% from $3.1 million during the same period in 1984. However a net gain on the sale of the discontinued operation, coupled with the $286,000 in income it provided during 1985, brought final net income to $5 million, compared with $4.2 million a year ago.