KAY CORP <KAY> 4TH QTR NET Oper shr 25 cts vs 1.21 dlrs Oper net 1,366,000 vs 6,287,000 Revs 251.3 mln vs 107.1 mln Year Oper shr 1.10 dlrs vs 1.06 dlrs Oper net 5,552,000 vs 4,982,000 Revs 827.5 mln vs 434.4 mln NOTE: Oper net excludes results of Kay Jewelers Inc, a former subsidiary. On Dec 31, 1986 company distributed remaining 80.4 pct interest in subsidiary to Kay Corp holders. 1985 amts restated in connection with company's distribution of investment in Kay Jewelers Inc. 1986 4th qtr and yr oper net excludes 8,308,000 dlrs or 1.52 dlrs per share, and 7,774,000 dlrs or 1.54 dlrs per share, respectively, for equity in net income of spun-off unit. 1985 4th qtr and yr oper net excludes 6,806,000 dlrs or 1.28 dlrs per share and 5,770,000 dlrs or 1.09 dlrs per share, respectively, for equity in net earnings of spun-off unit. 1985 oper net also excludes 2,778,000 or 52 cts per share for adoption of new pension accounting rules and ine cts per share for gain from assets sales.