State of the Art Inc.
The Irvine accounting software developer reported that net income for 1996 declined 49%, to $2.9 million, or 25 cents a share, from $5.7 million, or 51 cents a share, in the previous year. The company attributed the drop to increased expenditures related to the development and launch of new products during the second half of the year. Revenue rose 13%, to a record $52 million, from $46.1 million.
Net income for the fourth quarter totaled $1.6 million, or 14 cents a share, down 20% from $2 million, or 18 cents a share, for the fourth quarter of the prior year. Revenue increased 14%, to $15.6 million, from $13.7 million.
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