By Mike Boyer
and Justin Fenton
Enquirer staff writers

Milacron Inc., the 120-year-old Cincinnati manufacturer that completed a financial restructuring in the spring, reported a narrower loss and wider sales for the second quarter.

For the three months ended June 30, the plastic technology and industrial fluids supplier reported a loss of $27.9 million, or 64 cents a share, on sales of $192 million. The loss included $14.6 million in refinancing costs, $1.7 million in restructuring expenses and a one-time, non-cash writeoff that added $6.4 million to interest expense.

The company said second-quarter results were somewhat distorted by an increase in interest expense to $15 million from the refinancing, about twice the normal amount.

A year ago, the company, which obtained $100 million in new equity from European investors in March, reported a net loss of $91.3 million, or $2.72 a share, on sales of $182 million. That loss included $6.3 million in after-tax restructuring costs, $3 million in after-tax losses from discontinued operations and a $70.8 million write-down of deferred tax assets.

Milacron said earnings from continuing operations, before interest, taxes, restructuring and refinancing costs, rose to $4.8 million in the second quarter, compared with a $4 million loss a year ago.

Ron Brown, chairman and CEO, said the $9 million turnaround is more impressive because it came on a $10 million increase in sales.

Milacron's shares closed Friday at $3.60, up 11 cents.

Milacron's North American machinery technology business reported $3.4 million operating earnings compared with a $1.6 million loss a year ago. Sales rose 11 percent to $83 million.

The company's European machinery business reported operating earnings of $1.3 million compared to a $1.8 million loss a year ago.

Regent Communications

Covington-based Regent Communications Inc. reported Friday that its second-quarter net income jumped 21 percent over the same period in 2003, closing at $2.3 million from $1.9 million.

The increase represented a boost in earnings per share to 5 cents from 4 cents.

For the second quarter, net broadcast revenue increased 3.6 percent to $22.2 million from $21.5 million for the same period last year.

Chairman and CEO Terry Jacobs said local advertising is $1 million ahead of what the company had expected, "more than making up for a national revenue shortfall."

The company's stock dropped 5 percent Friday to $5.78 per share.

E-mail mboyer@enquirer.com or jfenton@enquirer.com