International Totalizator Systems Inc. reported a net loss for 1984 of $2 million, compared with net earnings of $831,636 the prior year. Revenues were $7.2 million compared with $10.2 million a year earlier.
In the fourth quarter, the maker of computerized betting systems reported net earnings of $57,931, compared with $34,113, a year earlier. Revenues were ahead to $2.6 million from $1.1 million a year earlier. James T. Walters, president, said the year-end loss was due primarily to the repudiation of a service contract by Rockingham Park Raceway in Salem, N.H. International Totalizator has sued Rockingham Venture Inc. The company said its order backlog at year-end was $11.2 million, up from $1.5 million at the end of 1983.
Despite increases in loans, deposits and assets, Frontier National Bank reported a $565,000 loss for 1984, compared with net income of $16,800 a year earlier.
The loss was due primarily to reserves established for possible loan losses, according to Chairman Donavan Puccio. He said $453,000 was placed in the reserve account at year-end "not because of any major loan problems." However, the reserves were recommended by both the bank's auditor and the Comptroller of the Currency.