Cushman Electronics Inc. reported a net loss of $642,000 for its 1986 fiscal year ended Sept. 30, compared to a net loss of $1.7 million for the previous year. The Newport Beach-based concern said that sales for the year fell to $7.7 million from $8.1 million for its fiscal 1985.
For the fourth quarter, the company reported a net loss of $295,000, which included a $105,000 reserve for "any potential adverse tax assessments." The company said it is "talking to" the Internal Revenue Service about prior years' tax payments. For the fourth quarter a year earlier, the company posted a net loss of $386,000.
Sales for the quarter rose to $1.9 million from $1.7 million for the same period a year earlier.
In addition to making telephone test equipment, Cushman makes radio test and maintenance equipment.