P.M. BRIEFING : RJR Nabisco Posts Reduced Loss
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NEW YORK — RJR Nabisco Holdings Corp. today reported that it lost $108 million in the second quarter, an improvement from a year earlier when it had a 66% larger deficit.
The shortfall reflected interest payments and other costs related to the record $24.53-billion leveraged buyout of the food and tobacco giant last year.
RJR Nabisco’s red ink in the three months ended June 30 compared to a loss of $319 million in the second 1989 quarter. The latest loss was also narrower than the $222-million shortfall posted in this year’s first quarter.
Second-quarter sales rose 5% to $3.46 billion from $3.30 billion the year before.
Louis V. Gerstner Jr., chairman and chief executive officer, expressed satisfaction with the company’s performance and said both food and tobacco operations and margins continue to improve across the board.
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