Bishop Inc.’s Earnings Down 78% in 4th Quarter

Bishop Inc., an Agoura Hills company that markets and distributes engineering, architectural and design products, said it earned $38,000 in the fiscal fourth quarter that ended Sept. 30, down 78% from $176,000 in net earnings a year earlier. Revenue rose 16% to $2.7 million from $2.3 million.

For the year that ended Sept. 30, Bishop reported a loss of $355,000, compared with a year-earlier loss of $2.5 million. Revenue totaled $10.2 million, up 1% from $10.1 million in fiscal 1988.

Bishop, which has struggled in recent years, got into trouble when it reacted slowly to the computerization of its industry. But Kenneth Kay, Bishop’s president, said the company’s restructuring is starting to pay off, and fourth-quarter operating results improved because of cost cutting and increased sales of turn-key engineering workstation systems.

Bishop said it was recently dropped from the National Assn. of Securities Dealers’ National Market System, which, according to new rules, requires that a company have a net worth of at least $4 million. Net worth is usually defined as a company’s total assets minus total liabilities. Bishop, which has a net worth of $2.5 million, now trades on the NASD’s over-the-counter list.