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Humphrey Reports First Annual Loss Since '74

March 07, 1985|BILL RITTER

SAN DIEGO — Suffering from a 33% drop in revenue, Humphrey Inc. on Wednesday reported a loss of $453,974 for the year ended Dec. 31, 1984, the firm's first annual loss since 1974.

Revenue in 1984 was $8.4 million, compared to the prior year's $12.5 million. Net income in 1983 was $123,604.

Paul E. Humphrey, chairman and president of the gyroscope and precision instruments manufacturer, blamed the slide on increased quality-control demands on government contracts and on new production start-up costs.

Each of the firm's segments--aerospace, oceanographic, oil drilling and mining--were affected, he said.

"We're now over that, and things are moving where they should," Humphrey said.

New orders have averaged more than $1 million per month for the past five months, Humphrey said. He added that, based on the flow of new orders, he expects 1985 to be a profitable year.

In the fourth quarter, Humphrey reported a net loss of about $63,000 on sales of $2.3 million.

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