Delphi Shows $660,000 Loss for 1st Quarter
Delphi Informations Systems Inc., a Westlake Village provider of computer systems for the insurance brokerage industry, reported a $660,000 loss for the fiscal first quarter ended June 30, despite a 26% gain in revenues to $8.41 million. A year earlier, Delphi earned $1.13 million on $6.67 million in revenues.
Delphi attributed the revenue growth to its recent acquisition of McCracken Computer Inc., a former competitor. The company, however, said it was unprofitable because of the weak economy, a continued soft insurance market and costs associated with the McCracken merger.