Gradco Systems’ 1st Quarter Net Dips 43% to $445,000

Gradco Systems Inc. of Irvine reported that its profits fell 43% to $445,000 during the first quarter of its 1988 fiscal year from $774,000 a year earlier. Sales for the three months ended June 30 were $16.3 million, up 26% from the previous year’s $12.9 million.

Gradco, a manufacturer of paper feeders and sorters for computer printers and photocopy machines, said this year’s earnings were generated entirely from operations, while profits a year ago resulted primarily from the sale of a manufacturing license.