ISSCO 3rd-Quarter Income Plummets 59% to $563,000

Hurt by losses in a 60%-owned company and by “weak” business conditions, San Diego-based ISSCO on Thursday reported net income of $563,000 for the third quarter ended Sept. 30, down 59% from the third quarter last year. Revenues in the quarter increased 5%, to $11.8 million.

For the nine months, net income was $1.1 million, down 54%, while revenues totaled $27.8 million, up 1.2%.

Included in the third quarter results are nearly $2 million in revenue and $170,000 in net losses from Mimer Information Systems AB, a Swedish software company. ISSCO bought 60% of Mimer’s stock in June.

Peter Preuss, chairman of the visual information system software developer, said that although “business conditions continued to be weak in the third quarter,” he was “pleased with the improvement . . . in operating of income” over the second period.