DDL Electronics Posts Net Loss for Fiscal ’97

DDL Electronics in Newbury Park showed a net loss for fiscal 1997, despite a 48% increase in revenues.

For the fiscal year, which ended June 27, revenues were $48.91 million, compared to $33.13 million in 1996.

The company incurred a net loss of $1.67 million or 7 cents per share for the fiscal year, which represents an improvement over the previous year if nonrecurring gains in 1996 are excluded.

The company had operating income of $118,000 in fiscal 1997, compared with an operating loss of $1.16 million in fiscal 1996.

DDL President and CEO Gregory L. Horton said this is the first time since 1988 the company has generated an annual operating profit. The fourth quarter of fiscal 1997 represented the third consecutive quarter of overall revenue growth.

Fourth-quarter revenues were $14.25 million compared with $10.41 million for the fourth quarter of fiscal 1996. Operating income was $223,000 in the fiscal 1997 fourth quarter, compared with an operating loss of $650,000 in the 1996 fourth quarter.

In the quarter, DDL incurred a net loss of $556,000 or 2 cents per share, compared with a net loss of $1.08 million or 5 cents per share in the year-earlier quarter.

DDL provides design and electronic manufacturing services to the instrumentation, communications, computer, medical and aerospace industries. Its subsidiary, SMTEK, built electronics assemblies used in the Jet Propulsion Laboratory’s Pathfinder, which recently landed on Mars.