Golden Systems Inc. in Simi Valley had another dismal showing in the second quarter that ended Sept. 30, with sales of $444,000 versus $5.2 million for the same period last year.
Company officials said the decrease is a reflection of the continuing adverse impact of product returns in 1995 by the company’s major customer at the time and subsequent notice from its new primary customer in fiscal 1996 that Golden no longer met its vendor criteria.
Golden Systems reported a net loss for the quarter of $1.4 million, or 32 cents per share. For the same quarter last year, the company reported a net loss of $1.3 million, or 29 cents per share.
Sales for the first six months of fiscal year 1997 were just over $1 million, compared to $8.76 million for the first six months of the previous year.
The Tandon family, which founded Golden Systems, and some members of the company’s senior management have proposed a capital infusion of approximately $2.25 million.
Golden Systems designs and manufactures switching-power supplies for electronic equipment makers. The company has manufacturing operations in India and Sri Lanka and engineering staff in Scotland and India.