Reeling from declining oil prices, Baker International said it posted a fiscal third-quarter loss of $11.68 million, despite a one-time gain of $5 million from the cancellation of its company pension plan.
By contrast, Baker reported a $23-million net profit in the third quarter of 1985. Revenue for the third quarter ended June 30 also took a dive, declining 26.2% to $348 million from $471.5 million a year earlier.
Ronald Turner, Baker's chief financial officer, said he believes that Baker, which has weathered the deepening depression in the oil industry far better than most of its peers, registered the first operating loss in its history in the third quarter. He noted that the company's $254.9-million loss in its second fiscal quarter was due primarily to a $340-million writedown of corporate assets.
Turner said he did not believe that Baker's results will improve in the current fiscal quarter but that much would depend on whether the Organization of Petroleum Exporting Countries can unite to firm up oil prices.