MAI Basic Four Posts Increase for 3rd Quarter
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MAI Basic Four Inc., a Tustin-based minicomputer manufacturer, reported third-quarter net income of $6.8 million, including a $1-million tax credit resulting from a loss realized on the early retirement of $60 million in subordinated debt.
Excluding the extraordinary tax credit, MAI’s quarterly earnings were $5.8 million, up 45% from $4 million during the same period in 1986. Sales increased 14% to $79.1 million, from $69.5 million a year ago.
For the first nine months of MAI’s 1987 fiscal year, the company reported earnings of $15.8 million excluding the tax credit, up 39% from $11.4 million in 1986. Nine-month sales were $229.2 million, an increase of 12% from $205.4 million a year earlier.
The company attributed its earnings gains to increased sales of its medium-sized business computers, higher profit margins, reduced interest expenses and a lower effective tax rate.
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