Parker Automotive Reports Profit
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After three years of losses resulting from the development of its CarbonClean products, Parker Automotive Corp. reported a profit of $1.3 million for the first fiscal quarter ended May 31. The Costa Mesa-based company lost $785,300 for the first quarter last year and posted a $2.9-million loss for fiscal 1990 ended Feb. 28, 1990. First quarter revenue figures were not released.
Based on existing contracts, the company said it expects consistent net income for the remaining three quarters of the 1991 fiscal year.
“We have turned the corner,” said Michael E. Parker, chairman and chief executive.
Parker Automotive’s CarbonClean cleans pollutants from the fuel systems of internal combustion engines.
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