Control Data Corp. of Minneapolis posted its...

Control Data Corp. of Minneapolis posted its first quarterly profit in more than two years, reporting net income of $7.2 million for the first quarter of 1987, compared to a $21.2-million loss a year earlier. The company, which sells large computers, storage devices and computer services, drastically cut costs and shed businesses in a bid to reverse losses that totaled $264.5 million in 1985 and $567.5 million last year. “We are beginning to see the payoff from operational and financial restructuring, cost-control efforts and, above all, strategic focus,” a spokesman said.