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PerfectData Reports Lower Sales, Earnings

August 22, 1995|Jack Searles

Both sales and earnings were off in the latest quarter at PerfectData Corp., but the Simi Valley company says it's financially strong and expects to introduce a new line of products later this year.

PerfectData, which makes computer and office maintenance products and accessories, reports sales of $1.5 million in its first fiscal quarter, ended June 30. That compares with $1.7 million in the year-earlier period.

Earnings from continuing operations fell to just $5,000, in contrast with $63,000 a year ago. The company also earned $52,000 from discontinued operations in the year-earlier period.

Joseph Mazin, president and chief executive, said PerfectData has no outstanding bank debt and an unused $1-million line of credit.

Mazin said the firm is working on new products to be introduced later this fiscal year by a newly formed division, PerfectBrands. The products will be related to the company's existing cleaning-product line, he added.

In a separate announcement, Mazin said PerfectData has acquired a majority interest in Starnet Universe in Beverly Hills, which provides services for companies doing business through the Internet.

He said the two companies have formed a joint venture to become an Internet provider and on-line service for manufacturers' sales representatives and others. He did not disclose terms of the deals with Starnet.

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