Troubled Golden Systems Reports More Sales, Net Loss

Golden Systems Inc. in Simi Valley has filed its quarterly reports for the first three quarters of the fiscal year that ended March 31 with the Securities and Exchange Commission.

Because of the company’s difficult financial situation and the delay in completing the 1999 audit, fiscal 2000 quarterly reports were not completed until recently, officials said. The company is still working on its audit of the fiscal year that just ended.

Sales for the nine months that ended Dec. 31 were $3.6 million, compared with $2.7 million for the same period a year earlier. The 32% increase came primarily from an increase in demand for adapters from the company’s largest customer during the first half of fiscal year 2000.

Despite higher sales, the company reported a net loss of $1.4 million, or 28 cents per share, for the three quarters, the same as it reported a year earlier.

Golden Systems owes lenders in India about $10.7 million, and three banks have demanded immediate repayment of $9.5 million. The company is negotiating a proposed restructuring of the loans.

Golden Systems designs power-switching supplies for electronics manufacturers. It manufactures all of its products in India, where most of its engineering staff also works.