WSJ891101-0039
WSJ891101-0039
=
891101
=
891101
891101-0039
.
891101-0039
.
Business
Brief
--
Coast
Savings
Financial
Inc.
:
@
Thrift
Company
Posts
Loss
;
@
Restructuring
Program
Cited
Business
Brief
--
Coast
Savings
Financial
Inc.
:
@
Thrift
Company
Posts
Loss
;
@
Restructuring
Program
Cited
11/01/89
11/01/89
11/01/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
CSA
CSA
EARNINGS
(
ERN
)
EARNINGS
(
ERN
)
Coast
Savings
Financial
Inc.
reported
a
third-quarter
loss
,
citing
a
previously
announced
capital
restructuring
program
.
The
Los
Angeles
thrift
holding
company
said
it
had
a
loss
of
$
92.2
million
,
or
$
6.98
a
share
,
for
the
quarter
ended
Sept.
30
.
Coast
earned
$
10.2
million
,
or
67
cents
a
share
,
in
the
year-ago
quarter
.
The
year-ago
results
have
been
restated
to
comply
with
government
regulations
.
The
restructuring
program
is
designed
to
increase
the
company
's
tangible
capital
ratio
.
It
includes
removing
$
242
million
in
good
will
from
the
books
,
issuing
$
150
million
in
preferred
stock
and
commencing
an
exchange
offer
for
$
52
million
in
convertible
bonds
.
During
the
third
quarter
,
the
company
charged
about
$
46
million
against
earnings
in
reducing
goodwill
,
added
$
20
million
to
its
general
loan
loss
reserves
and
established
a
$
30
million
reserve
for
its
high-yield
bond
portfolio
.
The
company
said
its
junk-bond
portfolio
after
these
moves
had
been
reduced
to
less
than
1
%
of
assets
.