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EARNINGS

General Automation Profits From Operations

September 22, 1987|VICKY CLEPPER

For the first time since 1979, General Automation Inc., the Anaheim-based computer manufacturer, on Monday reported a net annual profit that included a profit from operations, rather than from extraordinary items.

Saying that fiscal 1987 was a year of pivotal events, the company reported net income of $1.6 million. Fiscal 1986 net income of $2.1 million for a truncated, 11-month period came from a one-time, $10-million gain from a refinancing and restructuring of the company's financial position.

Sales for the 1987 fiscal year ended June 30 increased more than 45% to $42.8 million from $29.1 a year earlier.

The company's fiscal 1986 was shortened by a month because the fiscal year end was changed to June 30 from July 31.

For the fourth quarter of fiscal 1987, net income, including tax credits for prior losses, totaled $1.3 million. Net income was $6.6 million in the two-month final quarter of 1986. Sales for the fiscal 1987 fourth quarter were $13.1 million, contrasted with $4.3 million a year ago.

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