Keith B Stewart

Gradco Systems Inc. of Santa Ana said it posted record revenues and earnings for its second fiscal quarter ended Sept. 30. The company reported net income of $1.1 million for the quarter, compared with net income of $601,000 a year earlier. The most recent quarter included an extraordinary item gain of $200,000 from utilization of a tax loss carryforward. Revenues for the second quarter totaled $14.7 million, compared with $5.4 million a year ago. Keith B.

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.

Citing a strong market for office copier equipment, particularly products for high-quality laser printers, Gradco Systems reported earnings for its third quarter ended Dec. 31 of $1.3 million on sharply higher revenues, contrasted with a year-ago loss of $894,000. The Irvine-based manufacturer of paper-handling products for copiers and printers said its revenues rose 75% to $24.8 million from $14.2 million in the year-earlier period. Gradco's earnings "are right on target," said Donna M.

Gradco Systems said Thursday that it will consolidate its U.S. operations in a new, $10-million headquarters and assembly facility to be built in Irvine during the next year. Keith B. Stewart, chairman and chief executive officer of the company, a major designer and supplier of paper-handling equipment for computers and office copiers, said two sites are being considered, both in the Irvine Spectrum development.

Gradco Systems Inc.'s stock was sharply lower in heavy trading Thursday, stirring speculation that Chairman Keith B. Stewart's buyout bid for the Irvine maker of office copier parts has run into problems. Gradco's stock, which is traded over the counter, closed at $13.875 per share, down $2.375, or 12%. The stock climbed as high as $19 after the buyout announcement two months ago, but has dropped off as Gradco management has failed to complete the deal.

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.

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.

"I was sure that the system would come through for me," said Connie L. Stewart of Huntington Beach after the verdict. "It's been a long haul. I'm really very grateful." Orange County Superior Court Judge Judith M. Ryan ruled in favor of Stewart against her former husband, finding that he had convinced her through fraudulent means that their $70-million company had little value. Ryan dissolved the couple's 1983 divorce settlement that left the wife with property worth $750,000.

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.