Avery Dennison Corp. Posts $17.7-Million Quarterly Profit

* Pasadena-based Avery Dennison Corp. on Thursday reported fourth-quarter net income of $17.7 million, or 29 cents a share, contrasted with a year-ago loss of $45.6 million, or 73 cents a share, that resulted from a one-time restructuring charge. Sales fell 3%, to $649.4 million.

For all of 1991, Avery Dennison said net income was $63 million, or $1.02 per share, versus $5.9 million, or 10 cents, in 1990. Sales were $2.55 billion, down 2%.

Commenting on the company’s profit, Chairman Charles D. Miller said the performance of the company’s office products businesses was particularly strong. The company also noted that, excluding the effect of divested operations, discontinued product lines and currency fluctuations, sales rose 4% for the quarter and 3% on the year.

Avery Dennison took a one-time restructuring charge of $85.2 million in the fourth quarter of 1990. The charge arose from the merger of Avery International and Dennison Manufacturing Co., which joined to form Avery Dennison.

Besides office products, Avery Dennison makes pressure-sensitive adhesives, product identification and control systems and specialty chemicals.