August 15, 1990
Gradco Systems Inc., a maker of copier machine products, said Tuesday that its fiscal 1991 first-quarter net earnings were $15.5 million, up from $223,000 a year ago. But the company, which has seen operating earning plummet in recent quarters, said the first-quarter profit came from its previously announced $17.8-million after-tax gain on the sale of its Japanese subsidiary. Without that gain, Gradco would have sustained operating losses of $2.
February 6, 1991 |
Dyna Five Corp. of Anaheim said Monday that it has completed a management buyout--led by founder R.J. Thielen--from Gradco Systems Inc. in Irvine. The price was not disclosed. Dyna Five was acquired in 1987 by Gradco, a maker of copier products, as part of a move into the computer-products business. But last year the money-losing parent company decided to move much of its operations overseas.
April 3, 1990 |
When Gradco Systems Inc., the Irvine supplier of paper-handling equipment for office copiers, earlier this month disclosed details of a major restructuring that included closing its Santa Ana factory, it did not mention that it would be taking a major charge against earnings as part of the realignment. As it turns out, the charge will be nearly double the $5.6 million the company earned in its best year ever. One source said the charge will total $10 million.
March 3, 1990 |
Gradco Systems Inc. said Friday it is closing a Santa Ana factory that employs 100 people and moving the operation to Japan and Korea. Irvine-based Gradco said it is cheaper to make equipment for copying machines and fax machines at its Japanese plant. And most of its customers are in Japan, because most copiers and fax machines sold in the United States are Japanese. Gradco said it would immediately begin phasing out manufacturing at the plant, at 3421 W. Segerstrom Ave.
May 19, 1985
High costs involved in moving its manufacturing operations to South Korea will result in an undisclosed operating loss for Gradco Systems Inc. for the fiscal year ended April 7, company officials projected Friday. In a statement, Keith B. Stewart, chairman of the Santa Ana paper feeder manufacturer, said that while he expects record revenues for fiscal 1985, a fiscal 1984 operating loss is anticipated. In fiscal 1984, the company reported net income of $2.7 million.
March 1, 1987
Gradco Systems Inc. said it had a net loss of $894,450 for its fiscal 1987 third quarter ended Dec. 31, contrasted with net income of $1.3 million a year earlier. Revenue for the quarter of $14.2 million was up 13% from $12.6 million in the third quarter of the company's fiscal 1985 third quarter. Gradco, based in Irvine, makes copier equipment. The company reported nine-month net earnings of $1.1 million, down 35% from year-earlier net earnings of $1.7 million.
December 28, 1990 |
Keith B. Stewart, the controversial former chairman of Gradco Systems Inc., has been ousted as chairman of the Irvine firm's Japanese subsidiary, a company official said Thursday. Mark M. Takeuchi, president and chief executive of Gradco Japan, said Stewart was removed from his last position with the company during a special shareholders meeting Wednesday.
August 30, 1985
Gradco Systems Inc., a major manufacturer of paper-handling equipment for printing and copying machines, has named P. Kenneth Ohlson president and chief operating officer. He succeeds Keith B. Stewart, who remains chairman and chief executive officer. Ohlson, who previously served as Gradco's executive vice president, will assume his new position next week.