Delphi Reports Quarterly Loss of $7.9 Million

Delphi Information Systems Inc., a Westlake Village supplier of computer software to insurance brokerages, reported large losses in its fiscal fourth quarter and year ended March 31, due largely to an $8 million charge in the fourth quarter for consolidating its products and services.

The consolidation was begun after the company made two key acquisitions, and included refocusing its product development projects, streamlining operations and reducing its work force by more than 10% to about 350 employees, it said.

Delphi’s $7.91-million fourth-quarter loss compared with a year-earlier loss of $185,000. Revenue totaled $11.9 million, a 35% increase from $8.83 million.

For the year, the company lost $8.65 million, on a 60% gain in revenue to $42.4 million. In the prior year, Delphi lost $1.12 million on $26.6 million in revenue.