Boosted by a $28 million tax benefit, Combined International Corp.`s earnings for the fourth quarter and 1984 were sharply higher. Even without the benefit for the life insurance industry in the 1984 tax act, earnings were higher for both periods.
Net income in the quarter, including the tax benefit, was $60.4 million, or $1.83 a share, up 131 percent from $26.2 million, or 79 cents a share, a year earlier. Operating income before the benefit was $36.1 million, up 17 percent from $31 million.
Revenue in the quarter totaled $334.9 million, up 8 percent from $310.7 million.
For 1984, the Northbrook company reported net income of $162.2 million, or $4.92 a share, up 48 percent from $109.8 million, or $3.33 a share, in 1983.
Operating income before the tax benefit totaled $135.7 million, up 7 percent from $127.2 million. The year`s revenue total was $1.29 billion, up 4 percent from $1.24 billion.
Patrick G. Ryan, president and chief executive officer, said the tax benefit ”represents a reduction of deferred tax liability.”
