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EARNINGS

Odetics Reports Net Earnings of $113,000

June 02, 1987|MARIA L. La GANGA

Odetics Inc., the Anaheim high-tech and robotics company, reported fiscal 1987 net earnings of $113,000, a nearly threefold increase from the $33,000 reported the previous year. Revenues for the 12 months ended March 31 were $39.7 million, up 20% from the $33.1 million reported in the prior year.

For the fourth quarter, net earnings of $278,000 were down 18% from the $340,000 reported a year earlier. Revenues for the quarter were $11.4 million, a 28% increase from the $8.9 million reported for the same period in the previous year.

Joel Slutzky, Odetics' chairman, said in a prepared statement that the company has dedicated most of its earnings over the past five years to the development of its "intelligent machines" technology and that it saw its first return on that investment in the increased sales for the fourth quarter of fiscal 1987.

Odetics markets robots capable of performing specific tasks, such as its Robot Insect, which has been assigned radioactive cleanup chores.

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