Zenith Electronics Corp. said it narrowed its losses significantly last year because of strong consumer demand and the results of a major restructuring.
The Glenview-based television equipment maker reported a 1994 net loss of $14.2 million, or 34 cents a share, after a loss of $97 million, or $3.01 a share, in 1993. The 1993 results included a $31 million charge in the fourth quarter for restructuring.
Sales rose 20 percent, to $1.47 million from $1.23 million a year earlier.
For the fourth quarter, Zenith reported a net loss of $3.3 million, or 7 cents a share, compared with a loss of $36 million, or $1.04 a share, a year earlier. The latest quarter’s results included a $4 million gain on the sale of vacant land, which was offset by a $4 million loss related to the replacement of defective circuits in some of the company’s cable-TV decoders. Sales rose 26 percent, to $454 million from $363 million.
