Golden Systems to Show Net Loss

Golden Systems Inc., the Simi Valley producer of computer power supplies, will delay the filing of its Form 10-K annual report to the Securities and Exchange Commission.

The company concedes, however, that when the report comes out it will show a net loss for the fiscal year ended last March 31.

Golden said it needs more time to compile and analyze its financial results.

The report will be filed sometime this month, the company said.

Golden said Michael Thomas, its new president, chief operating officer and chief financial officer, has been in India evaluating and refining overseas manufacturing and engineering operations.

“He and the other officers of the company could not complete the annual report within the prescribed period without unreasonable effort or expense,” Golden said in a news release.

As a result of costs related to a product rejection by its largest customer, Golden said it expects to report a net loss of about $14 million for the 12 months that ended March 31.

All of Golden’s manufacturing operations and most of its engineering work are based in India and Sri Lanka.