Unocal Restates Earnings for ’96

Unocal Corp. restated its per-share earnings for the third quarter and full-year 1996 to reflect a reduction related to an exchange of the company’s convertible securities. The restatement doesn’t change previously reported 1996 net earnings, cash flows or shareholder equity amounts, the oil company said. Earnings from continuing operations for 1996 were restated to $1.54 a share, from the $1.76 it previously reported. After a loss from discontinued operations of $1.69 a share, the company had a restated final loss of 15 cents, compared with net income of 7 cents it originally reported. For the third quarter, earnings were restated at 32 cents a share, instead of the original 54 cents. Profit from discontinued operations of 15 cents a share resulted in net income of 47 cents, compared with the 69 cents it originally reported.