$14.7-Million Net Posted by HomeBase

HomeBase Inc., the Irvine-based operator of 83 home improvement warehouses, posted net income of $14.7 million, or 32 cents a share, for the second quarter ended Aug. 1. A year ago, the company recorded net income of $14.6 million, or 41 cents a share, which included an extraordinary loss of $8.7 million from paying off a debt early. Sales were up 1% to $424.6 million from $420.4 million.

The company said net income for the second quarter and first half is not comparable to net income for corresponding prior-year periods because it shed BJ’s Wholesale Club Inc. on July 28, 1997.

For the first six months, HomeBase earned $14.8 million, or 35 cents a share, compared with net income of $25.4 million, or 74 cents a share, a year ago. Sales declined 1% to $773.5 million from $780.6 million.