Kaypro, a Solana Beach-based personal computer manufacturer,...

Kaypro, a Solana Beach-based personal computer manufacturer, reported a first-quarter profit of $2.6 million on reduced sales of $9.3 million, contrasted with a loss of $615,677 on sales of $22.5 million during the comparable quarter for the previous year.

The company attributed the profit to a gain of non-recurring $3.5 million from a “barter transaction” involving the bulk sale of obsolete inventory that had been fully reserved on the company’s books. In exchange, Kaypro will receive discounts on goods and services. Kaypro will also receive a “contingent” amount of cash.

Kaypro said in a release that it has reduced its overhead by cutting payroll to 238 employees from 577 as of October, 1987. Kaypro is also attempting to restructure its debt and to reach an agreement with a major U. S corporation for the distribution of Kaypro products “via a closed distribution channel.”