Arco, Unocal report rocky third quarter as Coast Savings, Zenith National do well.The following are third quarter financial results from several Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County-based public companies: * Atlantic Richfield Co. reported last week a third quarter net loss of $156 million, or 99 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , including approximately $340 million in after-tax net charges related primarily to personnel reductions and property sales and write-downs. Without those charges, Arco would have reported earnings of $184 million, or $1.14 per share. "Third quarter results were impacted negatively, as anticipated, by organizational changes and operational restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). ," said Lodwrick M. Cook, Arco chairman and chief executive officer. "Additionally, oil prices declined from last year's levels, which were temporarily inflated by the Mideast crisis." * Unocal Corp. reported earnings of $9 million, or 4 cents per share, for the third quarter, compared with $121 million, or 52 cents per share, for the same year-ago period. For the first nine months of 1991, Unocal's net earnings were $89 million, or 38 cents per share. This compares with nine-month 1990 net earnings of $363 million, or $1.55 per share. The 1990 nine-month results included a $132 million gain from a major asset sale and $60 million in deferred income tax benefits. Richard J. Stegemeier, Unocal chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said the quarter and nine-month results continued to reflect the adverse short-term impacts of lower refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar and marketing margins and depressed natural gas prices. * Coast Savings Financial Inc., the holding company of Coast Federal Bank, reported net earnings of $6.8 million for the quarter ended Sept. 30, compared with a net loss of $24.4 million for the third quarter of 1990. Fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net earnings per share totaled 43 cents for the latest quarter, compared with a fully diluted net loss per share of $1.60 for the year-earlier period. The latest quarter's results include the effect of a non-cash debt conversion charge of $2.2 million, or 14 cents per fully diluted share, an amount offset by a corresponding increase in stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. . Net earnings for the first nine months of 1991 totaled $31.5 million, compared with a net loss of $47.2 million for the first nine months of 1990. * Zenith zenith, in astronomy, the point in the sky directly overhead; more precisely, it is the point at which the celestial sphere is intersected by an upward extension of a plumb line from the observer's location. National Insurance Corp. reported net income for the third quarter of $13.8 million, or 73 cents per share, compared with $7.2 million, or 37 cents per share, for the third quarter of 1990. Net income for the nine months ended Sept. 30 was $37.6 million, or $1.98 per share, compared with $24.4 million, or $1.23 per share, for the same period in 1990. |
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