PS Group, the former PSA Inc., reported $1.1 million in net income for the third quarter ended Sept. 30, contrasted with $9.3 million in net income for the third quarter of 1986. Third-quarter revenue from continuing operations increased to $100 million from $66 million.
The drop in third-quarter profit was due in part to a $2.4-million charge taken by PS Group generated by the early retirement of $26.5 million in 14% notes. Last year's results were bolstered by the operations of Pacific Southwest Airlines, which PS Group sold to USAir earlier this year.
The San Diego-based holding company reported $51.8 million in net income from continuing operations for the nine-month period ended Sept. 30, contrasted with a $7.3-million net loss during the first nine months of 1986. The gain from the sale of PSA accounted for most of the increase in net income.
Revenue for the year to date increased to $273 million from $211 million.
Third-quarter income from continuing operations, before the charge due to early retirement of debt, rose to $3.6 million, contrasted with $162,000 during the third quarter of 1986.
During the third quarter, PS Group retired the $26.5 million of senior notes. So far this year, PS Group has used proceeds of the PSA sale to retire a total of $39.2 million in notes.