Varco Improves Showing; Still Posts $1.2-Million Loss

The persistent worldwide oil glut continued taking a toll on Varco International Inc. of Orange, which Friday announced a first-quarter loss of $1.6 million, its 12th consecutive quarterly loss.

However, the company showed improved performance over both the year-ago period and the preceding quarter. The $1.6-million loss this year compares to a first- quarter 1984 loss of $4.8 million. Sales in the period were $14.9 million, versus $14.1 million last year.

Varco, which makes oil drilling equipment, has been particularly hard hit by the oil industry slump during the last 12 months. Last August, the company was forced to begin negotiating a debt-restructuring package with its lenders. Earlier in 1984, the company slashed its payroll and put its spacious corporate headquarters building up for sale for $15 million.

But company executives say the cost-cutting and money-raising moves are beginning to pay off. “The first-quarter results demonstrate the dramatic progress we have made in the past nine months,” said Chairman Walter B. Reinhold. “As a result of the improvement program we undertook in the second quarter of last year, substantial cost reductions have been realized in every area of the company.”

Growing Pacific Island Reports Good Quarter

Year-old Pacific Inland Bancorp, the holding company for Pacific Inland Bank of Anaheim as well as a New Jersey investment management firm, has posted first-quarter earnings of $64,529 on revenues of $1.3 million.

By contrast, the company earned $4,523 on revenue of $741,277 during the first quarter of 1984, when it was still was organizing its bank.

Most of Pacific’s growth occurred after the company launched its first public stock offering a year ago. The offering raised $12 million, of which $9.3 million was used to finance the startup in Anaheim of Pacific Inland Bank.

A Pacific Inland Bancorp spokesman said that from March 31, 1984 to the same date this year, the bank’s deposits grew to $26.5 million from $3.3 million, its loans expanded to $19.4 million from $3.3 million and its assets increased to $40.8 million from $14.7 million.

Pacific Inland Bancorp also is the holding company for Trident Investment Management, a New Jersey-based investment counseling firm that manages more than $750 million in pension funds.

Profits Jump Fivefold for ICN Pharmaceuticals

Citing sales growth, particularly in its high profit-margin drugs, ICN Pharmaceuticals Inc. Friday said earnings for the first fiscal quarter ended Feb. 28, jumped nearly five times to $1.4 million, from $290,000 a year earlier.

The Costa Mesa-based perscription drug manufacturer, reported sales of $14 million in the quarter, a 56% increase over the $9 million posted in the year-ago period.