Genisco Technology Reports $1.2-Million Loss for Fiscal ’90

Genisco Technology Corp., the Anaheim computer products company, said it lost $1.2 million for its fiscal year ended Sept. 30, 1990.

The company said the loss reflected a writedown of $42 million in stores’ inventories from discounted products and a reduction in revenue caused by a move to a different facility in the fourth quarter.

In the corresponding period a year earlier, Genisco posted net income of $1.7 million, which included a $1.9-million gain from the sale of several product lines as well as $740,000 from an insurance claim for flood damage. Revenue in the fiscal 1990 year declined 17% to $28.7 million from $34.7 million.

For the fourth quarter, the company lost $1.4 million, down from $1.5 million a year earlier. Revenue dropped 27% to $6.4 million from $8.8 million.