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

State of the Art Inc.: The Irvine accounting-software company reported net income of $894,000, or 8 cents a share, for the second quarter, down 44% from the $1.6 million, or 14 cents a share, posted a year ago. Revenue declined 2% to $13.9 million from $14.2 million. For the first six months, net income fell 41% to $1.3 million, or 12 cents a share, from $2.2 million, or 19 cents a share, for the 1996 first half. Revenue rose 5% to $26.6 million from $25.4 million. The 1996 results included a one-time $3.5-million revenue contribution from the initial sales of reference library accounting software to resellers.