Wynn’s International

Wynn’s International Inc., the Fullerton-based maker of automotive products, announced a 24% drop in fourth-quarter profits from the year-ago period, but net income in fiscal 1984 increased 46% from the previous year.

Net income for the quarter ended Dec. 31 was $1.8 million compared with profits of $2.3 million in fiscal 1983.

However the 1983 fourth-quarter figure includes an extraordinary gain of $727,000 from a land sale. Excluding the ain, fourth quarter net income for 1984 rose 10% from the like quarter in 1983.

For fiscal 1984, Wynn’s reported net income of $10.2 million, compared to the $7.2 million earned in 1983. But, 1984 net income included a tax credit of $2.7 million. If the 1984 tax credit and the 1983 extraordinary gain are excluded, net income during 1984 rose 10% form fiscal 1983.

Revenues during the fourth quarter increased 14% to $48.8 million from $42.9 million in the same period in 1983. Wynn’s posted 1984 revenues of $214.4 million, up 14% from $188 million in 1983.

Wynn’s credits the gains to a strong automobile market that helped its automotive parts and accessories division post a 20% increase in sales for the quarter, while operating profit increased 34%. At its Automotive Products Inc. subsidiary, sales rose 116% from the year-ago quarter, and its Lone Star Manufacturing Co. Inc. subsidiary, which makes of automotive air conditioners, reported a 6% sales increase.