Southland Corp. reported a second-quarter net loss...

Southland Corp. reported a second-quarter net loss of $60.9 million on revenue of $2.04 billion despite strong operating results from its 7-Eleven convenience stores. The operating results, however, were more than offset by the interest and various non-cash expenses attributable to the company’s December, 1987, leveraged buyout. Because of the LBO, the second-quarter results are reported on different accounting bases so they are not comparable.