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EARNINGS

Write-Offs Spur Loss for Irvine-Based Biflyx

February 05, 1985

Biflyx Inc., an Irvine electronics firm that also operates a number of discount gasoline stations, said this week that it lost $316,000 in its 1984 fiscal year, ended June 30, com pared with a loss of $391,000 for fiscal 1983.

The company, which also announced several management changes, said much of the loss came from writing off obsolete research and development equipment and inventory and from the establishment of a reserve against possible losses from the pending sale of Biflyx's remaining service stations.

Revenues for the 1984 fiscal year totaled $2.04 million, down 80% from the $10.66 million in sales reported the previous year. Biflyx Chairman Charles S. Willey said in a statement issued Thursday that the drop in revenues resulted from the sale in 1983 of most of the company's discount service stations. The company, Willey's statement said, "has decided to divest all remaining fuel distribution operations to concentrate on its electronic photography technology and related software."

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