Gencorp Inc. said Wednesday net income soared in its second quarter of this year, as gains on the sale of its WOR-TV station in Secaucus, N.J., to MCA Inc. offset operating losses and the cost of fending off a hostile takeover attempt.
Gencorp said its profit in the three months ended May 31 totaled $187 million, including $212 million from the sale of the television station, compared to $37 million a year earlier. Revenue rose 27% to $450 million.
The Akron, Ohio-based company also stated it had one-time costs of $57 million from a restructuring program undertaken to fend off a $2.2-billion takeover earlier this year.
Gencorp said it had a loss of $25 million from continuing operations, against a $16-million profit a year earlier, and lost $2 million from discontinued operations, against a $20-million profit last year.