Delphi Information Posts $994,000 Loss in Quarter

Delphi Information Systems, a Westlake Village company that sells computer systems to insurance brokers, suffered a $994,000 loss in its fourth quarter that ended March 31, compared with a $796,000 loss a year earlier.

The latest loss came despite a 13% increase in Delphi’s revenue, to $5.02 million from $4.44 million. For the full year, Delphi lost $710,000, a narrower deficit than the $1.73 million that it lost in fiscal 1988. Delphi’s annual revenue climbed 9% to $20.5 million from $18.7 million.

Delphi blamed the latest losses on, among other things, less-than-expected sales to insurance agents because of “continued soft market conditions in the insurance industry and the added uncertainty caused by California’s Proposition 103.”

The proposition, approved by voters in November, calls for major rollbacks in customers’ premiums, which could pare revenue collected by insurance carriers and their brokers. However, most carriers are asking the state insurance commissioner to leave their premium levels in place.