Gradco Systems Reports $1.1 Million Net Income

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. Stewart, Gradco chairman and chief executive officer, said, “For the balance of fiscal 1986, we expect to continue our record-setting pace.” Gradco is a major supplier of microprocessor-controlled sorters for photocopy machines