NEW YORK — RJR Nabisco Inc., continuing to reap the benefits of its financial restructuring, said Wednesday that it earned $79 million in the second quarter.
The food and tobacco conglomerate, which returned to profitability and public ownership this year after its 1989 leveraged buyout, said its earnings translated to 3 cents per share after accounting for preferred stock dividends.
The results contrasted with a loss of $108 million, or 35 cents per share, in the same quarter of 1990 and followed earnings of $5 million in the first quarter, the first time RJR Nabisco reported a quarterly profit since the $24.53-billion leveraged buyout in 1989.
Second-quarter revenue rose to $3.78 billion from $3.46 billion.
The company's earnings before interest, taxes, depreciation and amortization, a key figure for a company with a heavy debt load, was $1.06 billion, up from $1.04 billion a year earlier.