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Article: Manufacturers reports 1987 net income, fourth-quarter loss. (Manufacturers National Corp.)
- Article from:
- PR Newswire
- Article date:
- January 21, 1988
CopyrightCOPYRIGHT 1988 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MANUFACTURERS REPORTS 1987 NET INCOME, FOURTH-QUARTER LOSS
DETROIT, Jan. 21 /PRNewswire/ -- Manufacturers National Corporation (OTC: MNTL) reported 1987 net income of $6.6 million or $.45 per share, compared to $70.3 million or $4.79 per share in 1986. The corporation reported a net loss of $23.9 million or $1.60 per share for the fourth quarter, 1987. Fourth-quarter 1986 net income was $17.1 million, or $1.15 per share.
"As announced two weeks ago, the fourth-quarter 1987 loss resulted from a $60.0 million addition to reserves against loans to Latin American and other less-developed countries experiencing debt repayment problems," said Dean E. ...