Research Engineers’ Net Down
Research Engineers Inc., a Yorba Linda engineering software company, reported fourth-quarter net income of $85,000, or 1 cent a share, which included a $270,000 charge to increase the allowance for doubtful accounts. That compared with net income of $302,000, or 5 cents a share, for the fourth quarter of 1997. Revenue for the quarter ended March 31 declined 16% to $3.2 million from $3.8-million.
Net income for fiscal 1988 totaled $88,000, or 2 cents a share, which included a charge of $450,000 for the writing off in-process research. Net income for the prior fiscal year was $222,000, or 4 cents a share, which included a charge of $715,000 for in-process research and development. Revenue increased 12% to $12.3 million from $11 million.
The company attributed the lower net income primarily to declining sales in the Asian market.