Scan-Tron Corp. said it posted record earnings for the fiscal year and fourth quarter on strong sales of academic test forms and scoring machines.
Full-year net income hit $2.8 million, up 29% from the $2.2 million posted for fiscal 1985. Revenue for the year ended June 30 was up 32% to $25.7 million from $19.5 million last year.
The Tustin company said its fourth-quarter net income rose to $1.2 million from $903,000. Revenue was $7.8 million, up from $6.6 million.
John T. Saunders, Scan-Tron's president and chief executive, attributed much of the sales growth in scoring equipment to purchases by elementary schools and schools at all levels with smaller student populations. Sales of the company's hospital menu tallying equipment--a small but fast-growing aspect of Scan-Tron's business--also contributed to the record earnings, he said.
Saunders said he foresees more sales and earnings records for the current fiscal year due to continued strength in existing markets and to its joint venture with a Swiss company that is expected to open the European market to Scan-Tron.
In June, Scan-Tron paid $2.1 million for 50% interest in Feller Informatique SA, a Swiss maker of optical-mark reading machines. Scan-Tron, which already distributes Feller equipment in the United States, will be able to take advantage of Feller's European marketing channels, Saunders said. The company plans to launch its European sales effort late next month.