Pico Products Reports Gains in 3rd Quarter

Pico Products Inc., a supplier of pay-television security devices, satellite antennas and cable TV components, reported a $218,781 profit in its fiscal third quarter that ended April 30.

A year earlier, the Lake View Terrace company had a $362,223 loss, largely because of legal expenses related to two lawsuits filed by former Pico Products President Bernard K. Hitchcock, who was fired in 1991. Pico Products settled the suits last year, and its total costs of the settlement and other legal expenses during the year were about $850,000.

Pico Products’ revenue in the latest quarter was $7.77 million, a 22% gain from the $6.36 million in revenue a year before.

For the nine months, the company had net income of $683,765, while its revenue rose 33%, to $22.7 million. In the same period a year earlier, it lost $441,128 on $17.1 million.

Pico Products also said it has benefited from growing worldwide demand for cable TV.