Bausch & Lomb Q4 Income Down 53%

Bausch & Lomb Inc said its fourth-quarter income fell 53 per cent to $7.4 million as a reorganisation charge, a lawsuit and the strong dollar offset a 9 per cent gain in sales. The profit was equal to 13 cents a diluted share, compared with income of $15.9 million, or 29 cents a diluted share, a year earlier. Sales increased to $473 million from $434 million. Its US sunglass sales soared 62 per cent in the quarter from the depressed 1996 levels. In all, the company's eyewear division posted a 24 per cent sales gain in the quarter. Excluding special items, the maker of lenses, sunglasses and other eye care products earned a $30 million profit, or 54 cents a share. Its Q4 net income was reduced by a $9.4 million after-tax restructuring charge and a net $13.2 million charge to settle a shareholders' suit related to a 3-year investigation of its 1993 financial statements.