Reeling from declining oil prices, Baker International Corp. said Wednesday that it suffered a third fiscal quarter loss of $11.68 million, despite a one-time gain of $5 million from the canceling of its company pension plan.
By contrast, Orange-based Baker posted a $23-million net profit in the third quarter of 1985.
Revenues for the third quarter, ended June 30, also took a dive, declining 26.2% to $348 million from $471.5 million for the same quarter a year ago.
In the first nine months of Baker's 1986 fiscal year, the company sustained a loss of $250 million, contrasted with net income of $61.7 million a year earlier. Nine-month revenues totaled $1.2 billion, down from $1.4 billion.
The company reported a $254.9 million loss in its second fiscal quarter because of a $340-million writedown of corporate assets.
Ronald Turner, Baker's chief financial officer, said he did not believe that Baker will do "any better" in the current fiscal quarter. The third quarter loss represents the first operating loss in Baker's history.