Day Runner Profit Drops on Sales Gain

Day Runner Inc., Irvine manufacturer of organizers and related products, said net income for the first quarter dropped to $600,000, or 5 cents a share, from $3.7 million, or 29 cents a share, for the same period a year ago.

Sales for the quarter ended Sept. 30 gained 9% to $51.9 million. Day Runner attributed the increase to its acquisition of British competitor Filofax, which closed in October 1998.

The company said it continues to study a variety of business alternatives, including seeking more financing, joint ventures, selling some assets or selling the company.

Day Runner said previously it had hired an investment banking firm to explore alternatives.