Ultrasystems Inc. said it expects to post record revenues for its fiscal year ended Jan. 31, but it said profits will slip because of the third quarter write-off of its investment in the Dawn Enterprises ethanol refinery in North Dakota.
Phillip J. Stevens, president of the Irvine-based engineering and alternate energy systems company, said he expects revenues to total about $154 million, up about 1% from $152.6 million the previous year. Profits should be "in excess" of $1.5 million, he said, a 79% drop from $7.1 million.
Stevens blamed the drop on the $10.1-million write-off of Dawn Enterprises.
The formal report should be issued by mid-March, he said.