American Pacesetter reported a 1985 net loss of $393,000 that it attributed to losses from discontinued operations and a downturn in real estate sales.
In 1984, the company reported a net loss of $2.5 million.
The Newport Beach-based company said it had operating income for the year of $436,000 but that was offset by the loss of $829,000 from the sale of its foreign electronics operations.
Also included in the 1985 results is a write down of $681,000 on the value of land held for development; the company had a similar write down in 1984 of $8.2 million. The company said the real estate market has improved in recent months and it expects no further write downs.
Revenue for the year totaled $79.6 million compared with revenue of $92.4 million the prior year. In addition to its discontinued operations, real estate sales were down for 1985.