TouchStone Software Reports 62% Drop in 1991 Net Income

TouchStone Software Corp. said Friday that its 1991 net income dropped 62% to $50,400, equal to 1 cent per share, from $132,600, or 3 cents per share, for the previous year.

Revenue for the year rose 5% to $3.7 million.

Concurrent with its earning report, TouchStone announced that its board of directors has authorized a reverse split of the company’s common stock, subject to shareholder approval.

If approved, 333 old shares of the company’s common stock would become one new share, reducing the shares outstanding from 4.4 million to just 12,000.

For the fourth quarter, TouchStone posted net income of $200,000, or 5 cents a share, more than 18 times the $11,000 gain reported for the fourth quarter of 1990.

Quarterly sales of $942,000 were down 14.3% from $1.1 million.