Republic Industries Inc. said Thursday that its losses widened in the fourth quarter as it took one-time charges related to its $625-million purchase of Alamo Rent-a-Car Inc. and other companies.
The diversified holding company based in Fort Lauderdale, Fla., said its losses grew to $96.6 million, or 38 cents a share, in the fourth quarter from $8.3 million, or 3 cents a share, in the year-ago period. Revenue jumped 51%, to $663 million from $438 million.
Republic, led by billionaire H. Wayne Huizenga, recently bought several car dealerships, including used-car retailer AutoNation USA, to build up its auto finance business. It also operates solid waste, electronic security and out-of-home media subsidiaries.
Analysts expected Republic Industries to earn 6 cents a share.
Excluding the results of Alamo, which Republic bought in November, and other one-time charges announced previously, the company earned $16 million, or 6 cents per share, for the fourth quarter, in line with analysts' expectations, it said.
In December, Republic took a $32-million after-tax charge to refinance debt assumed in connection with the Alamo deal. Another pretax charge of about $88 million was taken mainly to integrate Alamo with Republic and pay expenses related to the acquisitions of Addington Resources Inc. and Continental Waste Industries Inc.
Republic's shares fell 31.25 cents to close at $39.75 in Nasdaq trading.
At a Glance:
Maytag Corp's. fourth-quarter profit rose 14% on strong sales of its Hoover floor-care products and major appliances. The maker of Maytag brand dishwashers and laundry machines said net income rose to $35.4 million, or 36 cents a share, compared with profit from operations of $31 million, or 29 cents, in the year-ago period.
MGM Grand Inc.'s fourth-quarter earnings rose 17% before charges related to pre-opening costs of the New York-New York hotel and casino in Las Vegas. The Las Vegas-based company said profit from operations rose to $24 million, or 50 cents a share, from net income of $20.6 million, or 42 cents, a year earlier.
Dow Chemical Co. said fourth-quarter earnings fell to $409 million, or $1.69 a share, from $415 million, or $1.63, in the year-ago quarter.
Baxter International Inc. reported that fourth-quarter profit fell following the spinoff of its hospital supply business, earning $158 million, or 58 cents a share, from $176 million, or 65 cents, in the year-ago quarter.
Quarterdeck Corp. reported fourth-quarter net income of $20,000, or 0 cents per share, compared with $2.8 million, or 8 cents, in the year-ago quarter.
Revlon reported fourth-quarter net income of $30.9 million, or 60 cents per share, compared with $3.8 million, or 9 cents, a year ago.
Reebok International Ltd. said its fourth-quarter earnings plunged 43% to $20.1 million, or 35 cents a share, from profit from operations of $35 million, or 46 cents, a year earlier.
Manufactured Homes Communities Inc. said fourth-quarter funds from operations rose 18% to $10.9 million, or 40 cents a share, from $9.2 million, or 34 cents, a year ago.
Beverly Enterprises Inc. said its fourth-quarter earnings more than doubled, rising to $21.7 million, or 22 cents a share, from $9.71 million, or 10 cents, in the year-earlier quarter.
K-III Communications Corp. reported fourth-quarter net income of $87.9 million, or 32 cents per share, compared with $38.8 million, or 25 cents, a year ago.
Grubb & Ellis Co. reported fiscal second-quarter net income of $8.7 million, or 62 cents per share, up from $5.3 million, or 42 cents, a year ago.
First Fidelity Thrift & Loan reported fourth-quarter net income of $662,000, contrasted with a loss of $1.3 million in the year-ago quarter.