Westinghouse Electric yesterday reported a net loss for 1992, due to its exit from the financial services business and the adoption of new accounting standards.
For the full year, it reported a net loss of $ 1.291 billion ($ 3.81 per share) compared to a net loss of $ 1.086 billion ($ 3.46 per share) last year.
Revenues remained about flat, at $ 8.447 billion compared to $ 8.49 billion for 1991.
However, the company reported its broadcasting revenues were up slightly for the year, primarily due to continued improvements at Group W Satellite Communications and Westinghouse Communications.
It said operating profit for the quarter and the year was up substantially from 1991 due primarily to cost reductions in TV and radio and volume increases in Group W Satellite Communications and Westinghouse Communications.
For the 1992 fourth quarter, the company reported essentially flat revenues at $ 2.35 billion, compared to $ 2.36 billion for the similar period a year ago. It reported a net loss of $ 1.18 billion ($ 3.44) compared to earnings of $ 171 million (51 cents) a year ago.