Delphi Reports Losses For Quarter, Fiscal Year

Delphi Informations Systems reported a sizable loss for both the fourth quarter and for the fiscal year that ended March 31. The Westlake Village company, which makes computer systems for insurance agents and brokers, reported a $796,000 loss, compared to a $1.5-million profit in the fourth quarter a year earlier, on a 47% drop in sales to $4.4 million.

For the latest fiscal year, the company lost $1.7 million, compared to a profit of $1.1 million, or 36 cents a share the year before. Sales for the year fell 16% to $18.7 million.

Company chairman Walter Bauer attributed the results to poor market conditions in the property and casualty insurance business which in turn has slowed orders by agents and brokers for Delphi’s products.