Gradco Posts Increases in Earnings, Revenues

Gradco Systems Inc. said it posted increased earnings and revenues for its second fiscal quarter ended Sept. 30. The Irvine-based maker of paper-sorting devices for copiers reported earnings of $1.2 million, up 14.9% from $1.1 million for the same period last year. Revenues were $15.1 million, up 2% from $14.7 million last year.

For the first half, profits reached $2 million, nearly a sixfold increase from $336,000 last year. Revenues came to $28 million, a 35.1% increase from $20.7 million a year earlier.

Company officials were not available for comment. However, analysts had speculated that Gradco would enjoy a strong fiscal 1987 because earlier in the year the company strengthened its licensing agreement with C. Itoh Co. Ltd., under which Gradco products are made and sold in Japan.