Odetics Reports Profit in Turnaround Quarter

Odetics Inc., an Anaheim defense contractor and robotics firm, said its first-quarter profit hit $32,000, a dramatic improvement over the $510,000 loss of a year ago.

For the period ended June 30, the company had record quarterly revenues of $9 million, 19% over the $7.5 million posted last year.

Last year’s quarterly loss, one of the highest in the company’s history, was blamed on a combination of lower profit margins, increased research and administrative costs and higher interest payments. Since then, the company now has posted four consecutive profitable quarters.