Singer Co. said profit for 1987 fell...

Singer Co. said profit for 1987 fell 68% to $26.4 million from 1986. The Montvale, N.J.-based defense firm said sales rose 11.8% to $1.9 billion. Results included a $45-million charge taken in the second quarter for higher-than-expected costs to complete the development of three defense electronics programs and $9.2 million of expenses in the fourth quarter related to investor Paul Bilzerian’s takeover, which Singer initially tried to fight.