Acquisition Debt Reduces Profits of Archive Corp.
Archive Corp., the Costa Mesa supplier of data-storage products, reported first-quarter earnings of $816,000, contrasted with earnings of $3.5 million for the like period last year. Revenue for the quarter ended Dec. 28 rose 83% to $86.1 million from $47 million.
The company said results reflect the acquisition of Cipher Data Products in April, 1990.
D. Howard Lewis, chairman, president and chief executive, said net income was down primarily because of interest expenses related to the long-term debt associated with the acquisition.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
