Johnson & Johnson’s fourth-quarter profit takes 89 percent dive

Johnson & Johnson took a hit in the fourth quarter. The health care company’s profits took an 89 percent hit at the end of the year, Bloomberg reports, with a net income of $218 million.

Shares fell from 70 cents to 8 cents.
What didn’t help the company was a string of recalls and $2.9 billion in legal settlements. But despite the big dip, the company says the recall issues have been addressed and things are looking up. The McNeil plant in Fort Washington, Pa., is set to reopen next year after closing in 2010 for production problems.