New Image Industries Inc., a Canoga Park maker of computer systems for hair stylists and landscape architects, reported a loss of $741,000 in its fiscal fourth quarter, ended June 30, on a 2% decline in revenue to $2.81 million. In the year-earlier quarter, the company earned $362,000 on $2.86 million in revenue.
The company said the loss was due primarily to increases in selling, general and administrative costs related to its expansion, and to higher reserves recorded because of gains in accounts receivable and inventory. It also said revenue fell in the latest quarter because sales shifted to a new, lower-price version of its beauty salon system, and because of a seasonal slowdown in the landscape and architectural industries.
For its full fiscal year, New Image reported net income of $336,000, down 58% from $804,000 the previous year, with annual revenue rising 62%--to $12.3 million from $7.57 million.