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EARNINGS

Commodore Suffers Loss During Quarter

February 11, 1986|BILL RITTER

Commodore International said it lost $52.3 million in its second fiscal quarter ended Dec. 31, on revenue of $339.2 million.

The revenue--the company's second highest quarterly--represent a 1% increase from last year's holiday season quarter when revenue were $338.7 million. The loss compares to a profit of $3.2 million in the like period a year ago.

The West Chester, Pa.-based computer maker said its six-month losses total $92.4 million on revenue of $498.4 million.

Contributing to the loss were restructuring charges of $22 million related to the closing of a semiconductor plant in Costa Mesa and assembly operations in Corby, England, and adjustments of $29 million against other assets, the company said.

Commodore is in technical default on its loan agreements, which have been extended through this month for further negotiations.

However, Thomas J. Rattigan, Commodore's president, said in a written statement: "The company's cash flow is positive and there has been a significant reduction in its bank debt in the most recent three months. We are confident that meetings with our lenders . . . will result in a satisfactory long-term restructuring of our debt, which will provide Commodore with a solid base."

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