Thiokol Corp. Wednesday reported income of $60.3 million or $3.02 per share, after taking into account an accounting change, for its fiscal year ended June 30, down 5 percent from the $63.8 million or $3.13 for the previous year.

Net income for the fourth quarter was $16.1 million or 84 cents per share, down 21 percent from $20.3 million or 98 cents per share for the same period last year.Sales for the fourth quarter were $279.4 million, down from $327.3 million in 1993. The company said the income decline was primarily from the completion of Peacekeeper motors in the first fiscal quarter of 1994.

Thiokol president James R. Wilson said he was pleased with the results, especially in light of continuing cutbacks in defense programs.

"Our space shuttle motor program remained strong, and increased income from fastening systems helped to offset the reductions in defense programs. We expect these trends to continue into the coming year," said Wilson.

Thiokol said net income for the year was favorably affected by $10.5 million of interest from income tax refunds, higher fastening systems income, and lower interest expense.

A one-time after-tax charge of $63.8 million, or $3.20 per share, reflected an after-tax liability taken on July 1, 1993. Net loss for the 12 months ended June 30, after the charge for the accounting changes, was $3.5 million or 18 cents per share.

Sales for the fiscal year of $1.04 billion were down 13 percent from the $1.20 billion in sales in the previous fiscal year.

During the year, Thiokol bought back 2.03 million shares of its common stock which completed the company's 2.5 million share repurchase program announced in April 1993.

Last June, Thiokol directors authorized the repurchase of an additional 1.5 million shares.