Irvine Computer Company Rebounds in Second Quarter

Irvine computer company MAI Systems Corp. reported second-quarter earnings of $2.3 million, contrasted with a loss of $6.2 million for the same period a year earlier. Revenue fell to $20.5 million from $62 million. Elimination of its European subsidiaries represented $35.1 million of its revenue decline, the company said. For the first half, profit was $90.1 million, which included a one-time gain of $83.5 million during the first quarter because of the foreclosure by lenders on the company’s European subsidiaries. For the first six months of 1992, the company posted a loss of $11.1 million. Revenue declined to $79.7 million from $135 million. MAI also said it has filed its reorganization plan with the U.S. Bankruptcy Court. The plan provides for the elimination of the outstanding common and preferred stock equity and the issuance of new common stock in exchange for outstanding trade and funded debt.