Wespercorp Gets Additional $3.2-Million FAA Contract

Wespercorp, a Tustin computer parts maker struggling to turn itself around, said Wednesday that it received an additional $3.2-million contract from the Federal Aviation Administration for computerized air traffic control devices.

The latest agreement brings the total value of the company’s contract with the FAA to $19.5 million. Wespercorp has been counting on the government contract to help the company weather a sharp downturn in business over the last several quarters.

George Dashiell, who became Wespercorp’s president and chief executive in January, has said that sales of the company’s principal product--devices linking computers to printers and disk drives--slipped dramatically over the last year, leaving the company dependent on its government work.

Transierra Exploration Corp. reported its first profit in more than four years because of special tax credits.

The Irvine oil and gas drilling company reported net income of $444,846 for the first quarter of fiscal 1985, compared to a loss of $416,419 for the same period last year.

First-quarter revenue was down 77% to $276,251, from $1.2 million.

Transierra’s improved financial picture is a result of the favorable tax situation and a recent agreement with its banks to trade long-term debt for shares of Transierra stock and other assets.

The company has also had a positive cash flow from its production operations, according to a spokesman.

Transierra plans to change its name to Belcor Inc. at the June 13 annual stockholders meeting as part of a restructuring of its corporate image, which also includes plans for concentration on production of existing reserves rather than exploration and drilling.

Comarco Inc., an Anaheim defense contractor, should set new sales and profit records during the quarter, Glenn D. Buell Jr., president and chief executive, told shareholders at the company’s annual meeting Wednesday.

Buell said Comarco, which recorded its best-ever performance during the first quarter of 1985, expects to see operating results rise by about 15% to 20% during the calendar second quarter. In last year’s second quarter, Comarco earned $398,000 on revenues of $6.9 million. Profits for the first half of 1984 were $766,000 on sales of $13.8 million.

During the record-breaking first quarter this year, Comarco earned $448,000 on revenues of $8.1 million.

Buell attributed the company’s recent gains in part to the booming market for its Compudoc service, which helps military contractors understand Department of Defense computer programs.

The board of Covington Technologies, a Fullerton builder of lower-priced homes and apartments, has authorized the repurchase of as much as $1.08 million face value of the company’s 12.5% convertible subordinated debentures.

The action is to satisfy Covington’s sinking fund redemption obligations for 1986.

The company has about $10.9 million face value of the debentures outstanding and said it plans to make purchases gradually in order to have a minimal effect on the market.