Belcor Inc. reported a net loss of $1.7 million for its fiscal year ended Oct. 31, a figure that includes a $1.4-million write-down of oil and gas property and equipment.
The results also included a $336,000 gain from the extinguishment of debt.
A year earlier, the Irvine-based company reported a net loss of $4.7 million, which included a $9.2-million gain on the restructuring of debt.
Revenue for the most recent fiscal year totaled $943,149, compared with $2.9 million for the prior year.
Separately, Belcor said it signed a letter of intent to acquire privately held A L Industries Inc. for $2 million in cash, notes and Belcor common stock. Belcor said it expects to complete the acquisition of the Santa Ana-based maker of specialized metal parts by March 15, subject to the completion of a definitive agreement.
Belcor currently has about 17 million common shares outstanding and will issue about 400,000 new shares to complete the acquisition.
In December, Belcor acquired Aargus Polybag Co., a Chicago-based maker of polyethylene bags for $6 million in notes and one million shares of Belcor common stock.