Has APC Bottomed Out?
American President Companies Ltd. common stock tumbled to a 52-week low after APC announced Oct. 24 that it had lost $60.6 million, or $3.28 per share, in the third quarter.
The loss reflected a $109.2 million charge for the company's continuing restructuring.
Aside from the restructuring charge and provisions for net interest expense and taxes, APC earned $9.3 million, or $.40 per share, during the third quarter. That was 15 percent ahead of last year's third quarter income of $8.1 million, or $.30 per share. Revenues decreased to $539.2 million in the third quarter from $542.6 million in 1989.
Losses for the first nine months of 1990 amounted to $61.6 million on revenues of $1.6 billion, compared with net income of $19.6 million on revenues of $1.6 billion a year …