Despite strong fourth-quarter results, Odetics Inc. said Thursday that net earnings for its fiscal year ended March 31 fell 93%, the result of a steep loss during the first quarter.
The Anaheim high-tech company said that net earnings for the year fell to $33,000 from $476,000 a year earlier. Revenues for the year increased 5% to $33.1 million from $31.4 million during 1985.
Company officials blamed the 1985 shortfall on a $510,000-loss during the first quarter of 1986, when Odetics suffered from a combination of lower margins, increased research and administrative costs and higher interest payments.
Although Odetics lost money only during the first quarter, "we spent the remaining three quarters working our way back to profitability," said Bill Prichard, a company spokesman.
Fourth-quarter net earnings rose 106% to $340,000, from $165,000 a year earlier. Revenues during the three-month period were virtually flat, totaling $8.87 million compared to $8.79 million a year earlier.