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Summer 1999
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General Automation Inc. has announced that it earned $377,000 in Operating Income for the second quarter ended March 31, 1999, versus a loss of $1.5 million for the same period in 1998 and Net Income of $172,000, or $0.02 per share, for the second quarter ended March 31, 1999 versus a Net Loss of $1.7 million, or $0.19 per share, for the quarter ended March 31, 1998. Net Revenues totaled $7.6 million for the quarter ended March 31, 1999 compared to $7.8 million in 1998.
For the six months ended March 31, 1999, General Automation reported Net Income of $329,000, or $0.04 per share, on Net Revenues of $15.3 million compared to a loss of $2.8 million, or $0.30 per share, on Net Revenues of $16 million for the six months ended March 31, 1998.
Jane Christie, President and Chief Executive Officer, stated she is "delighted with the progress General Automation is making in improving its operations. Expense reductions and higher gross-margin sales assisted in posting a second profitable quarter in 1999." Christie said that the second quarter also saw progress in the Company's goal to establish and maintain a leadership position in serving the MultiValue computer market. "General Automation is the only company with the ability to provide data access technology to all MultiValue systems, a multi-billion dollar market, allowing these customers to become Web-enabled and to utilize E-commerce."
General Automation also announced that it has filed a complaint in the Orange County Superior Court against PricewaterhouseCoopers, L.L.P., successor to Price Waterhouse, General Automation's auditors from 1991 to 1996. The claim says that Price Waterhouse was negligent in its audit of General Automation's financial statements and procedures, resulting in substantial reporting errors. These errors were uncovered after General Automation replaced Price Waterhouse in 1997. The claim seeks damages including losses resulting from General Automation's reliance on the inaccurate financial statements.
General Automation, IncLast Updated: 30 June 1999