March 14, 1986
Oak Industries acknowledged that failure to reach a needed 51% quorum would force the adjournment of today's special shareholder meeting to gain stockholder approval of Allied-Signal's proposed purchase of Oak's materials division. The postponed vote will be April 4 at Oak's Rancho Bernardo headquarters building.
March 6, 1987 |
Oak Industries, which is in the midst of a restructuring and cost-cutting program, reported a $3.9-million operating loss and a $2.8-million net loss for the fourth quarter ended Dec. 31. The company had reported a $15.9-million operating loss and a $13.4-million net loss during the fourth quarter of 1985. Oak, which reported $60.2 million in net income for 1986, logged a $37-million net loss for 1985.
November 15, 1985 |
San Diego-based Oak Industries reported a net loss of $11.2 million for the third quarter ended Sept. 30, compared to a loss of $9.6 million in the third quarter last year. Revenues from continuing operations dropped 19% to $62.7 million. For the nine months, Oak reported a net loss of $24.2 million, compared to a loss of $29.5 million last year. Sales dropped 17% to $212.6 million.
August 8, 1987 |
Checks totaling $25 million will be in the mail next month for 19,000 Oak Industries shareholders who lost money after the high-flying media company's stock dropped in value from $35 per share to as low as $1 per share during the early 1980s. The shareholders, plaintiffs in eight separate class-action suits that were later combined, will split $25 million of a $33-million cash settlement that was announced last year.
February 5, 1985 |
After nearly two years of on-again, off-again negotiations, Oak Industries Inc. said Monday that it has sold its ailing ON-TV service in Los Angeles, once the largest over-the-air pay television operation in the country, to rival SelecTV of America Ltd. The deal means that SelecTV, with about 59,000 subscribers in the Los Angeles area, will absorb the much larger ON-TV, with about 156,000 subscribers. SelecTV is a subsidiary of Clarion Co. Ltd.
April 10, 1986 |
Oak Industries, in the midst of a bond conversion effort that could lead to a desperately needed capital infusion and a 32% ownership position by Allied-Signal, on Wednesday reported a $37.6-million net loss for the year ended Dec. 31. The troubled Rancho Bernardo-based company also said that, for the third consecutive year, its auditors have qualified the company's year-end financial statements.
February 21, 1990 |
Oak Industries plans to sell its only remaining business in California and move its headquarters to Boston, William Weaver, Oak's chief financial officer, said Tuesday. Oak's departure, which is planned for this summer, would further deplete the ranks of corporations with headquarters in San Diego. Oak's communications division has about 40 employees in San Diego. Its corporate staff was recently trimmed to 24 from about 35.
April 24, 1986 |
A lackluster response to Oak Industries' proposed debt-for-stock swap on Wednesday appeared to once again have stalled the sale of Oak's materials division to Allied-Signal. Although the Rancho Bernardo-based company took a step toward profitability on Wednesday when shareholders overwhelmingly approved the materials division sale, later in the day Oak appeared ready to extend for the fourth time a debt-for-stock swap offering that was initiated in February.
October 23, 1985 |
In what one analyst described as a rescue effort, Allied-Signal said Tuesday that it has signed a letter of intent to buy a major Oak Industries unit for $160 million and to pump another $15 million in cash into the ailing San Diego-based company in exchange for an ownership stake of nearly 32% and three seats on Oak's board. Oak said it will use the proceeds from the sale of its materials group, combined with up to 11 million existing shares of its common stock, to retire its outstanding debt.