State of the Art Inc.: The Irvine...

State of the Art Inc.: The Irvine accounting software developer reported a 44% decline in profit for the second quarter, to $798,000, or 9 cents a share, from $1.4 million, or 16 cents a share, for the second quarter of the previous year. The company said research and development expenses for the second quarter were $914,000 higher than for the like quarter last year. Revenue increased 3%, to $7.2 million from nearly $7 million. For the first half of 1994, profit totaled $1.3 million, or 15 cents a share, down 50% from the $2.6 million, or 29 cents a share, posted for the first six months of 1993. Revenue rose 6%, to $13.6 million.