Wyle Restates Income to Show Loss Because of Sale of Division

IRVINE —  Electronics distributor Wyle Electronics said Wednesday it had to restate its annual profit to show a loss of $381,000, or 3 cents a share, because of the sale of one of its divisions.

The Irvine company said the loss of a major contract at its Scientific Services & Systems unit, sold in December to a buyout group led by William E. Simon & Sons, caused the company to widen by $2.3 million the loss on the sale of discontinued operations. That was the major factor that wiped out its previously reported net income of nearly $2 million.

For the fourth-quarter profit, the company restated its net income to $3.1 million, or 25 cents a share, from $5.4 million, or 44 cents a share, that it had reported previously.

The news didn’t upset Wall Street. Wyle stock closed Wednesday at $23.13 a share, up 50 cents a share in New York Stock Exchange trading.