American Pacesetter, Newport Beach, reported a 1987...

American Pacesetter, Newport Beach, reported a 1987 profit of $2.6 million, down 27% from the year-earlier profit of $3.6 million. The 1986 results included $752,000 from the sale of the company’s American Electronics subsidiary. Revenue rose 17% in 1987 to $98.9 million from $84.8 million in 1986. Net income for the 1987 fourth quarter dropped 34% to $1.3 million from $1.9 million for the comparable period of the prior year. The most recent fourth-quarter earnings included a gain of $1.7 million from restatement of deferred tax liability. Revenue rose 16% to $26.3 million from $22.7 million. American Pacesetter is a real estate development and financial company.