Fairchild Reports Loss For the Year
Fairchild Corp., the Chantilly-based holding company, reported that it ended its fiscal year June 30 with a loss of $22.8 million. In fiscal 1991, Fairchild reported a profit of $28.3 million.</br></br>The company said the results stemmed largely from declining sales and continuing losses in its California aerospace fastener business, which has been hurt by the recession, and reduced defense spending.</br></br>The company took a $2.5 million restructuring charge during the year after announcing substantial layoffs at its California operations - layoffs that the company predicted would save $9 million a year in operating expenses.</br></br>Aside from the fastener business, the company reported relatively flat revenue of $132 million in its industrial products division, which makes machinery for the plastics industry, and revenue growth for a new subsidiary that provides high-technology telephone services to office buildings. Revenue from communications services rose $10 million, to $58 million for the year.</br></br>For the quarter ended in June, the company lost $5.6 million, compared with a $1 million profit in the same quarter of 1991.