Commodore Reports Slim Net for the 1st Quarter
Commodore International reported a slim $1-million quarterly profit and decline in revenue, a week after its president resigned and filed a breach-of-contract suit against the computer maker.
Last year the company posted a $129.1-million loss. Revenue for its fiscal third quarter fell 7% from a year earlier.
Commodore’s chairman and biggest shareholder, Irving Gould, who took over as chief executive last week after Thomas Rattigan quit, said the third quarter’s results reflected a slowdown from a strong December quarter. Results especially lagged in the United States, and 70% of revenue came from overseas sales, Gould said.
Commodore, which is based in West Chester, Pa., also announced the completion on Tuesday of arrangements for a new line of credit with its major lending banks. It had reached an agreement in principle with the banks in October.