Oak Industries’ Loss for Year Grows to $149 Million
- Share via
After write-downs and adjustments totaling $115 million, troubled Oak Industries reported a net loss for the year ended Dec. 31, 1984, of $149.3 million on sales of $333.2 million. In 1983, Oak reported a revised loss of $65.6 million on sales of $320.2 million.
The write-downs include a loss provision of $44.3 million to cover costs related to the termination of Oak’s ON TV service in Chicago and Los Angeles, as well as $13.25 million for the possible settlement of a class-action shareholders lawsuit.
Officials of the San Diego-based firm said the company’s decision to get out of the subscription-TV business, to restructure its cable-television equipment operations and to sell or liquidate unprofitable operations has “improved the company’s situation.”
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
