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Resdel Industries

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BUSINESS
April 7, 1987
Charles W. Missler, chairman and chief executive officer of Resdel Industries, a defense contractor based in Newport Beach, said Monday that a holding company he controls will purchase up to 880,000 Resdel shares over the next 42 months. The restricted shares, to be purchased from First Interstate Bancorp, will bring to about 66% the stake in Resdel held by MDC Inc. Currently, Resdel has about 4.4 million shares outstanding, Missler said.
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BUSINESS
September 13, 1987
Resdel Industries, a Newport Beach-based electronics manufacturer, reported net earnings of $1.8 million for its fiscal 1987, up 5% from $1.7 million in the previous year. Sales for the fiscal year, which ended June 30, increased 20% to $17.1 million from $14.2 million last year. Fourth-quarter net income was $406,000, down 12% from $461,000 in the year-earlier period. Sales for the quarter increased 26% to $4.4 million, contrasted with $3.5 million in the same period last year.
BUSINESS
April 18, 1990 | DEAN TAKAHASHI, TIMES STAFF WRITER
Financially besieged Resdel Industries said Monday that it has asked its creditors for a moratorium on debt payments until July, as the telecommunications company tries to reorganize operations. Bruce Rossiter, chairman and chief executive of Resdel, said in a statement that the company has not proposed a specific creditor payment plan but has asked that creditors not press for debt payments for the next three months, when a payment plan will be offered.
BUSINESS
April 14, 1987 | From a Times Staff Writer
In an all-stock deal valued at about $14.8 million, San/Bar Corp. said Monday that it will be acquired by Resdel Industries after spinning off its Break-Free division. The merger would give San/Bar shareholders one share of the new Break-Free Corp. and one share of Resdel for each share of San/Bar common stock. San/Bar closed Monday at $7.75 per share, up 75 cents for the day. The company has 2.1 million common shares outstanding. Resdel common closed at $7, up 25 cents for the day.
BUSINESS
April 22, 1989
Resdel Industries Inc. said its stock will continue to be listed on the computerized quotation system operated by the National Assn. of Securities Dealers even though the Newport Beach firm's capital has fallen below the standard required for listing. The communications equipment maker said NASD has granted the firm an exception that will allow it to remain on the system until July 31, at which point Resdel must comply with the standards. The company said it believes it can meet the conditions, but noted there is no assurance it will do so. Resdel stock closed Friday at 90 5/8 cents per share, up 6 1/4 cents for the day.
BUSINESS
February 18, 1989 | DAVID OLMOS
In another sign of mounting financial problems, Resdel Industries on Friday reported a $5.1-million loss on a 72% decline in revenue for its latest quarter. Newport Beach-based Resdel Industries blamed the drastic sales decline on "contract overruns" at its Resdel Engineering Corp. subsidiary in Arcadia. Resdel Engineering makes electronics equipment for military applications, including systems for electronic and anti-submarine warfare.
BUSINESS
April 17, 1990 | Dean Takahashi and Cristina Lee, Times staff writers
NASDAQ Halts Trading: Trading of Resdel Industries' stock has been halted by NASDAQ because the telecommunications company did not meet the exchange's net worth requirements. Bruce Rossiter, the company's new majority owner, said the stock will be traded on brokers' "pink sheets" while he appeals the decision with NASDAQ officials. The appeal is likely to take months, he said.
BUSINESS
May 23, 1989
Resdel Industries, a Newport Beach defense contractor, reported a loss of $5.6 million for its third quarter ended March 31. It had a loss of $399,000 for the same period in 1988. Revenue was $718,000; it was $7.8 million a year earlier. The company said $4.1 million of this year's loss is attributable to continuing operations, while another $1.5 million reflects losses associated with discontinued operations, including the closing of its Resdel Manufacturing subsidiary in San Antonio.
BUSINESS
April 17, 1990 | Dean Takahashi and Cristina Lee, Times staff writers
NASDAQ Halts Trading: Trading of Resdel Industries' stock has been halted by NASDAQ because the telecommunications company did not meet the exchange's net worth requirements. Bruce Rossiter, the company's new majority owner, said the stock will be traded on brokers' "pink sheets" while he appeals the decision with NASDAQ officials. The appeal is likely to take months, he said.
BUSINESS
January 31, 1990 | From a Times Staff Writer
Phoenix Group International Inc. said Tuesday that it has sold its controlling interest in financially troubled Resdel Industries to a company owned by a Phoenix director. The management buyout will give Bruce G. Rossiter 57% of Resdel, which makes electronics-communications equipment. Terms of the deal call for Rossiter to pay Phoenix $1 million out of future Resdel profits.
BUSINESS
December 23, 1989 | DAVID OLMOS, TIMES STAFF WRITER
A day after Resdel Industries Inc. last month announced a $1-million order from AT&T, the telecommunications giant notified Resdel that it was canceling the order and demanded the immediate return of $238,000 of an advance payment. Resdel officials this week blamed the problem on a misunderstanding and said AT&T has dropped its demand for repayment. An AT&T official said, "We do have some problems" with Resdel, but declined to discuss it in detail.
BUSINESS
October 8, 1989 | DAVID OLMOS, Times Staff Writer
Charles W. Missler savors the panoramic view from his spacious offices on the seventh floor of a futuristic-looking Irvine office tower. From there, Missler can look past the busy San Diego Freeway to the headquarters of Western Digital Corp., the computer manufacturer he nursed back from bankruptcy in the late 1970s. The view serves both as a reminder of the struggling company he saved and of the sizable personal fortune he made.
BUSINESS
May 23, 1989
Resdel Industries, a Newport Beach defense contractor, reported a loss of $5.6 million for its third quarter ended March 31. It had a loss of $399,000 for the same period in 1988. Revenue was $718,000; it was $7.8 million a year earlier. The company said $4.1 million of this year's loss is attributable to continuing operations, while another $1.5 million reflects losses associated with discontinued operations, including the closing of its Resdel Manufacturing subsidiary in San Antonio.
BUSINESS
May 5, 1989 | DAVID OLMOS, Times Staff Writer
Resdel Industries, a financially ailing Newport Beach defense contractor, said Thursday that it has agreed to sell about 90% of the company's operations to an unnamed "major multinational corporation." Resdel, which lost a staggering $6.4 million on sales of just $7 million in the 6 months ended Dec. 31, said the sale involves most of its Resdel Engineering subsidiary in Arcadia in Los Angeles County. The company did not disclose a purchase price. Resdel said it had signed a memorandum of understanding for sale of the defense-related business of Resdel Engineering.
BUSINESS
March 7, 1989 | DAVID OLMOS, Times Staff Writer
Struggling Resdel Industries of Newport Beach has agreed to sell its San Antonio, Tex., manufacturing subsidiary to a private group of Texas and California investors for an undisclosed sum. With the sale of Resdel Manufacturing, the parent company rids itself of a money-losing operation and raises some sorely needed cash, said Jack B. Spencer, Resdel's chief financial officer. Resdel lost $6.4 million on sales of only $7 million in the 6 months ended Dec. 31. The firm lost $8.
BUSINESS
May 5, 1989 | DAVID OLMOS, Times Staff Writer
Resdel Industries, a financially ailing Newport Beach defense contractor, said Thursday that it has agreed to sell about 90% of the company's operations to an unnamed "major multinational corporation." Resdel, which lost a staggering $6.4 million on sales of just $7 million in the 6 months ended Dec. 31, said the sale involves most of its Resdel Engineering subsidiary in Arcadia in Los Angeles County. The company did not disclose a purchase price. Resdel said it had signed a memorandum of understanding for sale of the defense-related business of Resdel Engineering.
BUSINESS
April 22, 1989
Resdel Industries Inc. said its stock will continue to be listed on the computerized quotation system operated by the National Assn. of Securities Dealers even though the Newport Beach firm's capital has fallen below the standard required for listing. The communications equipment maker said NASD has granted the firm an exception that will allow it to remain on the system until July 31, at which point Resdel must comply with the standards. The company said it believes it can meet the conditions, but noted there is no assurance it will do so. Resdel stock closed Friday at 90 5/8 cents per share, up 6 1/4 cents for the day.
BUSINESS
March 7, 1989 | DAVID OLMOS, Times Staff Writer
Struggling Resdel Industries of Newport Beach has agreed to sell its San Antonio, Tex., manufacturing subsidiary to a private group of Texas and California investors for an undisclosed sum. With the sale of Resdel Manufacturing, the parent company rids itself of a money-losing operation and raises some sorely needed cash, said Jack B. Spencer, Resdel's chief financial officer. Resdel lost $6.4 million on sales of only $7 million in the 6 months ended Dec. 31. The firm lost $8.
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