Still suffering the loss of its major customer a year ago and burdened with the costs of its latest acquisition, Applied Circuit Technology Inc. of Anaheim has reported a first-quarter loss of $498,973 and a 43% decline in sales.
The company blamed a "majority" of the red ink on the money-losing operations of its Certel subsidiary which was acquired in November. However, executives acknowledged that the company is still trying to recover its momentum after losing the primary customer for its disc drive testing equipment in early 1984.
"We're still trying to get into new markets and broaden our customer base," said Sam Auriemma, vice president for finance. "We've made some progress, but we have more to do."
Applied Circuit's problems began in January, 1984, when International Business Machines reduced the number of disc drives it purchased from Seagate Technologies in Scotts Valley, Calif. Because Seagate was Applied Circuit's major customer, Seagate's loss became Applied Circuit's problem, as well.