Write-Off Dents Ultrasystems’ Profits

Ultrasystems Inc. said it expects to post record revenues for its fiscal year ended Jan. 31, but it said profits will slip because of the third quarter write-off of its investment in the Dawn Enterprises ethanol refinery in North Dakota.

Phillip J. Stevens, president of the Irvine-based engineering and alternate energy systems company, said he expects revenues to total about $154 million, up about 1% from $152.6 million the previous year. Profits should be “in excess” of $1.5 million, he said, a 79% drop from $7.1 million.

Stevens blamed the drop on the $10.1-million write-off of Dawn Enterprises.

The formal report should be issued by mid-March, he said.