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Golden Systems Files Reports for 3 Quarters

September 29, 1998|BARBARA MURPHY

Golden Systems in Simi Valley has filed its quarterly reports with the Securities and Exchange Commission for the first three quarters of the fiscal year ended March 31.

Because of the company's difficult financial situation and the delay in completing the previous year's audit, the fiscal 1998 quarterly reports were just completed. The company said it will soon begin the audit of the fiscal year ended March 31 and prepare its annual report.

Sales for the nine months ended Dec. 31 were just over $3 million, compared to $2.2 million for the same period in the prior year. The increase was due mainly to orders from two new customers for power supplies and adapters, officials said.

Despite the increase in sales, the company reported a net loss for the first nine months of $4.4 million or 84 cents per share, compared with a net loss of $3.4 million or 78 cents per share the year before.

Golden Systems has outstanding loans of approximately $8.6 million to Indian lenders, all of which are currently in default. The company continues to incur significant losses, and management has not yet succeeded in its efforts to achieve profitable operations and positive cash flow.

Golden Systems designs and manufactures power supplies for original equipment manufacturers.

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