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EARNINGS

3rd Quarter Earnings $1.3 Million for Gradco

January 21, 1986|JAMES S. GRANELLI

Gradco Systems Inc., a Santa Ana manufacturer of copying machine equipment, said it posted record earnings of $1.3 million for the third quarter ended Dec. 31, compared with a net loss of $1.6 million in the third quarter of its 1985 fiscal year.

Revenues from continuing operations for the fiscal 1986 third quarter totaled $12.5 million, more than three times the $3.7 million posted the previous year.

Gradco also recorded record nine-month net income of $1.7 million, compared with a year-ago loss of $456,000. Revenues for the period totaled $33.3 million, more than twice the $15.8 million reported a year ago.

The figures for earnings in the current fiscal year include tax loss credits of $245,000 for the quarter and $445,000 for the first nine months.

Earnings figures for the previous fiscal year include losses from discontinued operations of $490,000 in the quarter and $371,000 in the first nine months. The losses represent a write-down of the company's Gradco Products division, which sold products to a network of dealers and distributors. Gradco Products is now a separate company.

Gradco Systems has limited itself to supplying its microprocessor-controlled sorters for copiers to original equipment manufacturers. It has sold its Santa Ana plant to one of its subcontractors. The company also has three subcontractors producing equipment in Seoul, Korea.

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