Wynn’s Reports $6.4-Million Net, Record Sales for Fiscal ’86

Wynn’s International Inc. reported $6.4 million in net earnings for its fiscal 1986, contrasted with a net loss of $1.9 million a year earlier. Sales for the year climbed 48% to a record $306.1 million from $207.1 million in the Fullerton-based automotive products company’s fiscal 1985.

The acquisition by Wynn’s last year of Lebanon, Tenn.-based Precision Rubber Products Corp. for $31 million cash and up to 70,000 shares of common stock resulted in a substantial write-off in fiscal 1985 for costs related to the purchase. Also contributing to Wynn’s fiscal 1985 loss were write-downs for the retirement of outdated inventory in a number of units.

This year, Precision--a supplier of O-rings, seals and other molded rubber products--accounted for almost half of Wynn’s total sales, the company said.

For its fiscal 1986 fourth quarter ended Dec. 31, Wynn’s posted $1.7 million in earnings, contrasted with a $5.1-million loss for the prior fourth quarter. Revenues in the fourth quarter were up 37.5% to $78.1 million from $56.8 million a year earlier.

The company attributed most of its gains to the 59% sales increase of its Automotive Parts & Accessories division, which includes Precision Rubber Products. The division reported year-end sales of $243 million, contrasted with $152.4 million in revenue for the previous year. The 1986 financial statement is the first to reflect a full year’s revenue from Precision Rubber.

The 1985 sales have been restated by the company to reflect the $17-million sale last September of Wynn’s Automotive Products Inc. to an investor group led by the Colorado-based subsidiary’s president.