Pacific Enterprises Records Lower Profit

Pacific Enterprises said its fourth-quarter earnings from continuing operations fell 22% to $36 million, down from $46 million for the corresponding quarter a year earlier.

Fourth-quarter revenue was up 10% to $878 million.

For all of 1992, earnings from continuing operations fell 18% to $136 million.

Willis B. Wood, chairman and chief operating officer, attributed the decline to one-time gains the year before as well as an accounting procedure that now gives the troubled company a “clean slate.”

“We have done exactly what we said we would do,” Wood said, “and I’m very pleased with the progress we’ve made to date on our restructuring.”

Pacific Enterprises is the parent company of Southern California Gas Co., the largest U.S. natural gas distributor. Pacific Enterprises has sold its retail sporting goods stores and other assets that were acquired in an ill-conceived diversification move during the 1980s.

Wood said more steps would be taken, including staff reductions, debt refinancing and leasing part or all of its headquarters offices in Los Angeles.

Including losses from discontinued operations, Pacific Enterprises reported a 1992 net loss of $550 million, or $7.57 a share. In 1991, the net loss was $88 million, or $1.45 a share.