Incomnet Reports Loss for Quarter, Gain for Year

Incomnet Inc. of Westlake Village, which operates a computerized auto parts trading network, lost $156,688 in the fourth quarter that ended Dec. 31, despite a 137% jump in revenues to $919,528. In the year-earlier quarter, Incomnet had net income of $235,335 on revenues of $388,315.

For the year that ended in December, Incomnet reported net income of $228,766, compared with a $41,687 loss in 1988. Revenues rose 70% to $2.7 million from $1.6 million.

Sam D. Schwartz, Incomnet’s president, said the loss in the fourth quarter reflected a $168,778 charge to write off obsolete plant and equipment. The company, however, still managed to report a profit for the year, Schwartz said, because of an increased emphasis on marketing.