Third-Quarter Net Down for Computer Automation
Computer Automation Inc., an Irvine maker of computer test equipment, reported net earnings of $570,000 for its fiscal 1987 third quarter, down 64% from the $1.6 million recorded a year ago. Sales of $5 million for the period ended March 31 were up 11% from $4.5 million last year.
For the first nine months of the fiscal year, net income was $1.6 million, compared with a year-earlier loss of $4.1 million. Sales of $15.5 million were up 6.7% from $14.5 million posted last year.
For the record:
12:00 a.m. April 25, 1987 FOR THE RECORD
Los Angeles Times Saturday April 25, 1987 Orange County Edition Business Part 4 Page 2 Column 6 Financial Desk 2 inches; 44 words Type of Material: Correction
Order bookings at Computer Automation in Irvine stood at “their highest level in a number of quarters” as the company entered the final quarter of its fiscal year on April 1, according to Douglas L. Cutsforth, president. The Times earlier this week incorrectly reported that orders stood at near-record levels.
Profits for the third quarters of both fiscal years include extraordinary income from the termination of leases on idle or under-used manufacturing plants. However, the amount realized last year, $2.3 million, is 10 times greater than the $223,000 posted in the third quarter of Fiscal 1987.
George Pratt, Computer Automation’s chairman and chief executive, said that with the termination of the lease on a vacant Irvine facility, the company had substantially rid itself of idle properties.
Douglas L. Cutsforth, president and chief operating officer, said the company began the final quarter of the year with orders at near-record levels.
