Dense-Pac Microsystems, a Garden Grove electronics company, said that it has emerged from bankruptcy reorganization eight months after seeking protection from its creditors.
The company also reported a net profit of $128,112 for the second quarter of its fiscal 1988 year, contrasted with a loss of $30,170 in the year-earlier quarter. Dense-Pac recorded second-quarter sales of $1.6 million, up 23% from $1.3 million a year ago.
James Turner, chairman and chief executive, said the company's financial situation "looks remarkably better than it did six months ago."
Dense-Pac, a maker of electronic memory modules for the defense and aerospace industries, said orders are showing "a strong upward trend." Turner predicted that the company's fiscal year, which ends Feb. 27, 1988, "is going to be one of the best in the company's history, despite the diversions caused by the bankruptcy proceedings."
Dense-Pac has been operating under a reorganization plan since February. Under the plan, Electronic Memories Ltd., a British electronics firm, will acquire about 49% of Dense-Pac in exchange for contributing new capital to the company.
Turner said that, under the reorganization, the company's unsecured creditors would receive full repayment plus interest. The company has already paid its secured creditors.