Gradco Systems reported record earnings of $4.6 million for its 1988 fiscal year, more than triple the $1.3 million reported for the previous year. The fiscal 1988 figure includes an extraordinary item of $432,000--a credit for prior operating losses.
Revenues for the 12 months ended March 31 increased 65% to nearly $91 million from $55.2 million a year earlier.
For the fourth quarter, Gradco's net earnings were $1.7 million, almost eight times the $217,000 reported a year earlier. Revenue for the quarter more than doubled to $27.6 million from $12.9 million.
Keith B. Stewart, Gradco chairman and chief executive officer, attributed the improved performance to strong sales of the company's paper sorter products and the overall strength of the office automation market.
He said Gradco hopes to make at least one acquisition during the current fiscal year, but declined to identify possible targets. Last year, Gradco acquired five companies.
Gradco Systems, based in Irvine, designs and manufactures paper sorters and collators for convenience copiers and paper handling enhancements for computer printers.