Delphi Reports Earnings of $87,000 in 3rd Quarter

Delphi Information Systems Inc. of Westlake Village reported earnings of $87,000 for the fiscal third quarter that ended Dec. 31, compared to a $125,000 loss a year earlier. Delphi, which sells computer systems used by brokers in the property-casualty insurance business, said revenues fell 5% in the latest quarter to $5.2 million from $5.5 million.

Richard Janssen, Delphi’s president and chief executive, said the company has been affected by a slowdown in the property-casualty business, but the latest quarter’s results were helped by a cost-cutting program started in the first quarter and by the introduction of new products.

For the nine months that ended Dec. 31, Delphi lost $391,000, in contrast to $284,000 in net income for the year-earlier period. Revenues dropped 1% to $15.2 million from $15.5 million.