Vector Graphic Narrows Loss in Its 3rd Quarter
Vector Graphic reported a narrowed loss of $273,000, or 3 cents a share, for the third quarter ended April 2. It lost $1.5 million, or 19 cents a share, the same quarter a year ago. Third-quarter sales were off 54%, to $418,000.
Vector, based in Westlake Village, was one of the first personal computer companies but eventually fell victim to competition and management mistakes. It filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code on Dec. 23 and suspended microcomputer manufacturing at the end of March.
The company said that, on orders from its secured lenders, it is gradually disposing of assets other than those needed for its business in spare parts and service.