MAI Reports $13.5-Million Loss in ’96
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IRVINE — MAI Systems Corp. said Monday that it lost $13.5 million in 1996 after taking a $17.6-million write-down to account for “intangibles” and the value of developing technologies acquired in several recent purchases.
The company, which makes computer systems for the hospitality, gaming and manufacturing industries, reported a $10.2-million profit for 1995.
MAI said it also experienced a “significant, unanticipated decline” in revenue from its gaming systems unit.
Annual revenue of $64.2 million was down 3.2% from $66.3 million a year earlier. The company said the write-off resulted from changes made to bolster its position in key markets. Among other things, MAI acquired several new product lines, expanded its staff in several areas and contracted with an outside company to provide maintenance for its computer systems.
The company said it ended 1996 with a substantially higher backlog of orders than in 1995. MAI finished the year with a backlog of $15.7 million, compared with a $3-million backlog at the end of 1995.
In releasing its annual results, MAI did not report its fourth-quarter financial performance. Company officials could not be reached for comment.
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