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

State of the Art Inc.: The Irvine accounting software developer reported that net income fell 60% in the first quarter to $525,000, or 5 cents a share, from $1.3 million, or 12 cents a share, for the same period last year. Revenue increased 9% to $11.2 million from $10.3 million. The company said the 1996 first quarter results reflected higher expenditures for research and development, and higher sales and marketing expenses in preparation for the release of new product lines.