Golden Systems Suffers $3.7 Million Loss in 1998

Golden Systems in Simi Valley has filed its annual report for the fiscal year ended March 31, 1998, with the Securities and Exchange Commission.

Because of the company’s difficult financial situation and a change in auditors, the 1998 audit was delayed and the annual report and audit were just completed. Company officials said the audit of the fiscal year that ended March 31 of this year will begin soon.

Sales for fiscal 1998 were $4.5 million, compared with $2.5 million for the prior year. The increase in sales was due primarily to shipments to Iomega, a new customer in fiscal 1998.

Despite the increase in sales, the company reported a net loss of $3.7 million or 70 cents per share, compared with a loss of $12.6 million or $2.84 per share in the prior year.

The annual report discloses $8.7 million in outstanding debts owed foreign lenders, all of which is currently in default.

Golden Systems designs and manufactures power switching supplies.