Procom Technology Sales, Income Decline

Procom Technology Inc., Irvine maker of network storage software products, reported lower fourth-quarter net income on a 4% decline in sales.

The company also said Wednesday that its board approved the repurchase of up to $2 million in common stock from time to time. Procom has about 11 million shares outstanding.

In the three months ended July 31, Procom earned $121,000, or 1 cent a share, which included a $1.1-million charge related to the purchase of Invincible Technologies Corp. A year ago, the company posted net income of $2.2 million, or 20 cents a share. Sales declined to $28.6 million from $29.7 million.

For the year, net income dropped 36% to $5.4 million, or 48 cents a share, from $8.4 million, or 81 cents a share, for the prior year. Sales rose 2% to $111.9 million from $109.3 million.

The stock closed Wednesday at $5.38 a share, up 38 cents. Procom shares traded as low as $3.56 earlier this month. The stock last October traded as high as $18.63 a share.