MAI Reports Net Income of $9.1 Million

Despite a $7.8-million charge to retire debt early, MAI Basic Four Inc., a Tustin business computer manufacturer, posted $9.1 million in net income for its first full fiscal year, ended Sept. 30.

In its first eight months of operation last year, the company’s net earnings were $5.5 million.

MAI’s total annual revenues were $281 million, compared to the $168.5 million it rang up in sales in the eight-month period last year.

The early debt retirement wiped out an otherwise profitable fourth quarter and left the company $2.3 million in the red, contrasted with a $3.7-million net income in last year’s final quarter. Quarterly revenues reached $75.7 million, a 6.8% increase over the $70.9 million in sales in last year’s fourth quarter.

“We are extremely pleased with our company’s strong financial performance, especially in view of the relatively weak results reported by a number of other companies in the computer industry,” said William B. Patton Jr., MAI’s president and chief executive officer.