Gradco Systems Posts $269,000 2nd-Quarter Loss

Gradco Systems Inc., the Irvine maker of printer and copier sorters, reported a net loss of $269,000, or 3 cents per share, for its second fiscal quarter, contrasted with a net loss of $23.6 million, or $3.11 per share, for the corresponding period in 1990.

Revenue for the quarter ended Sept. 30 fell 37%, to $12.3 million from $19.6 million.

For the first half of the fiscal year, the company recorded a loss of $427,000, or 5 cents per share, compared with $8.1 million, or $1.07 per share, a year earlier. Revenue declined 29%, to $28.2 million from $39.9 million.

Gradco said the 1990 net loss figures included one-time charges totaling $20.8 million for the write-off of assets and proxy contest costs of $716,000.