International Totalizator Systems of Carlsbad reported a...

International Totalizator Systems of Carlsbad reported a $59,000 fourth-quarter profit on sales of $6.8 million, contrasted with a $19,000 profit on sales of $5.5 million over the same three months the previous year.

For the full fiscal year ended Dec. 31, ITS posted a loss of $2.9 million on sales of $21.1 million, slipping from the $1.8-million profit on sales of $24.8 million reported in fiscal 1987.

ITS President James Walters attributed the 1988 losses mainly to expenses related to the the company’s contract to supply a lottery system to New South Wales, Australia.