Shelly Associates Inc. lost $13,942 for the...

Shelly Associates Inc. lost $13,942 for the year ended June 30, contrasted with net income of $166,108 the previous fiscal year. Sales declined 8.3%, to $4.4 million from $4.8 million. Daniel C. Montano, chairman of Shelly, said the year’s results reflected the effect of the company moving away from dependency on military business. Shelly, a Tustin-based manufacturer and supplier of electronic products, also recently entered the gold mining field through a joint venture which has reopened the North Camarines gold mine in the Philippines.