Oak Industries reported a $76.6-million net profit in the second quarter, although revenue fell 9% to $36.5 million. Continuing operations generated a $9.8-million loss, but the San Diego-based company benefited from the sale of discontinued operations, the retirement of 85% of its debt load and tax loss carryforwards.
Oak, which reported a $37.6-million net loss last year and last reported an annual profit in 1981, said it now has a positive net worth of about $65 million and has $54 million in cash. During the quarter, Allied-Signal made a $166-million equity investment in Oak that included the purchase of Oak's materials division. The company reported $66.5 million in net income and revenue that fell 8% to $74.4 million for the first half.