IRVINE — National Education Corp., a company that provides job training, reported a $3.5-million profit for the third quarter, a slight gain over the same period a year earlier.
The company said, however, that it is suffering a "substantial continuing shortfall" in the revenue of its training group, and that could depress earnings for the fiscal year. All other divisions have increased their revenues during the year.
For the three months that ended Sept. 30, the firm's earnings were up 8% from $3.3 million for the third quarter last year. Earnings per share were 12 cents, up from 11 cents. Revenue fell to $94.3 million, off 3% from $97.4 million a year earlier.
For the first three quarters of the year, the company has earned $1.2 million, or 4 cents a share, contrasted with a loss of $3.6 million, or 12 cents a share, for the first nine months of 1991. Nine-month revenue was $273 million, down 0.5% from $274 million.
Video Store Operator: Comet Entertainment Inc., an Anaheim video-store operator that emerged from bankruptcy last year, said Friday that it has agreed to merge with a Houston oil company. Texoil Inc., an oil and gas exploration and production company, said its shareholders will own 95% of Comet's outstanding shares after the merger. Comet's 1,250 shareholders will own the other 5%. Texoil operates mostly in Louisiana but also has business in Argentina.