Commonwealth closes book on bad year. (Nonferrous).Fourth quarter financial results for Commonwealth Industries Inc., Louisville Louisville (l  `ēvĭl), city (1990 pop. 269,063), seat of Jefferson co., NW Ky., at the Falls of the Ohio; inc. 1780. , Ky., showed a $5 million operating loss operating lossThe excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. combined with a $175 write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of "impaired" assets and other nonrecurring charges Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". . Regarding the operating loss, a statement released with the company's financials cited "ongoing weak customer demand and reduced business activity throughout the economy." For 2001 as a whole, Commonwealth saw its sales decline by 18 percent, and its profits drop 43 percent. The company lost more than $17 million on an operating basis but more than $190 million with the special write-offs included. |
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