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Chicago Pacific Corp. said that, because of improved results at its Hoover unit, it expects that its 1987 first-quarter earnings before extraordinary items will be ”significantly higher” than the $5.2 million, or 65 cents a share, earned a year ago. The firm made the disclosure in a registration statement with the Securities and Exchange Commission for a public offering of $150 million of convertible subordinated debentures due April 1, 2012. It also said it plans to buy back $30 million principal amount of its 14 percent subordinated notes for $35 million, including accrued interest.
