Belcor’s First-Quarter Earnings Drop to $72,710

Belcor Inc. posted earnings of $72,710 on revenues of $1.1 million for the first quarter of its 1986 fiscal year, contrasted with earnings of $444,846 for the same period last year.

But the Irvine oil and gas exploration company, which changed its name from Transierra Exploration Corp. in July, 1985, said only $7,453 of its prior first-quarter profit came from operations. The remaining $437,393 was an extraordinary gain resulting from restructuring the debt of one of the company’s subsidiaries. And those earnings were subsequently restated by the company’s auditors to reflect the declining value of Belcor’s oil assets, company officials said Monday. Although the company would not release a restated figure for the first quarter of its fiscal 1985, it said it posted an annual loss of $1.7 million.

Continuing a series of acquisitions designed to diversify from its oil and gas interests, Belcor on March 15 purchased AL Industries Inc. in Santa Ana for $2 million: $400,000 in cash, a note of $1.2 million and $400,000 worth of common stock. AL Industries is a metal-stamping company.

In December, Belcor purchased Aargus Polybag Co., a Chicago-based maker of polyethylene bags, for $6 million in notes and one million shares of Belcor common stock. A company spokesman said that one month of Aargus revenues helped contribute to Belcor’s first-quarter profits. The spokesman also said that Belcor hopes to increase revenues to $2 million for its second quarter, based on the strength of a full quarter of Aargus revenues.