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

State of the Art Inc.: The Irvine accounting software developer said net income for the second quarter increased 45% to $1.6 million, or 14 cents a share, from $1.1 million, or 10 cents a share, for the second quarter of the prior year. Revenue was up 43% to a record $14.2 million from $9.9 million.

Net income for the six-month period declined 8% percent to $2.2 million, or 19 cents a share, from $2.4 million, or 21 cents a share, for the same period in 1995. Revenue showed a 26% gain to $25.4 million from $20.2 million. The company said the decline in net income for the first half was due to increased costs associated with new product development and introductions.