PDA Engineering’s Profit Declines 77% for Fiscal Year

PDA Engineering, a Costa Mesa-based software and engineering services company, reported net income of $321,000 for its fiscal year ended June 30, down 77% from $1.4 million last year. Revenues for the 1987 fiscal year were $21.7 million, up 25% from $17.4 million last year.

For its fourth quarter, the company reported a net loss of $489,000, contrasted with net earnings of $265,000 in the year-earlier period. Revenues for the final period were $5.5 million, up 24% from $4.4 million in last year’s fourth quarter.

The fourth-quarter loss was caused by a $1.5-million write-off of PDA’s office lease in Santa Ana, according to Clifford J. Mayotte, chief financial officer. PDA moved its offices to Costa Mesa in December but is still paying for the Santa Ana space. The entire loss on the life of the lease was taken in the fourth quarter and will not affect 1988 earnings, Mayotte said.