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Henley Group Reports Increased Net Loss

May 16, 1987

Henley Group Inc. reported an increased net loss for its first quarter ended March 31 of $83 million, compared with a net loss of $23 million over the same period last year. Revenue for the quarter was $868 million, up from $721 million for the year-ago quarter.

The latest quarterly loss reflects an expense connected to Henley's $65 million payment to Allied-Signal Inc. for certain loan guarantee considerations as well as $24 million in amortization of good will. The increase in first quarter revenue was attributed in part to the inclusion of Fisher Scientific Group's Imed Corp. acquired in the second quarter 1986.

Last year's quarterly net loss included $26 million in charges from amortization of good will, step-up depreciation and other acquisition effects.

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