Delphi Shows Profit of $204,000 in 3rd Quarter
Delphi Information Systems Inc., a Westlake Village-based supplier of software for the insurance industry, reported a profit of $204,000 for its fiscal third quarter ended Dec. 31, up from $33,000 a year earlier. The higher earnings came on a 4% decline in revenue, to $11.8 million from $12.3 million.
For the nine months ended Dec. 31, Delphi’s posted earnings of $731,000, in contrast to a loss of $745,000 in the same period a year earlier. The company attributed the turnaround to consolidation efforts. Revenue for the nine months ended Dec. 31, were up 21%, to $36.8 million from $30.5 million, largely because of its acquisition of Redshaw Inc. in December, 1991.
Separately, IAI Venture Partners II, a Minneapolis limited partnership, said in a Securities and Exchange Commission filing that it holds 10.6%, or 689,676 common shares, of Delphi.
The partnership holds the stake as an investment.
No transaction details were provided.
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