Flush with $2.2 million from its first public stock offering in May, Shelly Associates Inc. eliminated interest payments on its long-term debt, increasing net earnings by 140% for the fiscal year ended June 30. The company posted earnings of $142,156 compared to $59,262 for fiscal 1985.
Sam Cross, president of the Tustin-based electronic display manufacturer, said that the hefty increase in net earnings came from the company's completely retiring its $600,000 in long-term debt. With the addition of a new product line of communications equipment, purchased from another company, Shelly will reach sales of $3 million during the next fiscal year, Cross said. The company had revenues of $2.6 million in its 1986 fiscal year--a 23% increase over the $2.1 million in sales for fiscal 1985.