Gradco Systems Inc.: The Irvine maker of...

Gradco Systems Inc.: The Irvine maker of copier products reported a first-quarter loss of $158,000, or 2 cents per share, contrasted with net income of $15.5 million, or $2.02 per share, for the year-earlier quarter. The company said the 1990 figure included a gain of $17.8 million from the sale of stock in its Japanese subsidiary. Revenue for the quarter dropped 22% to $15.9 million from $20.3 million. Gradco attributed the decline to the sale and closure of unprofitable subsidiaries and declining copier sales.