Gradco Reports Record First-Quarter Revenues

Gradco Systems Inc., an Irvine maker of copying machine equipment, posted record earnings and revenues for the first fiscal quarter ended June 30.

The company recorded net income of $774,000, up from a $740,000 loss last year. Income in the latest period included an extraordinary gain of $95,000 from utilization of a tax-loss carry-forward. Revenues more than doubled to $12.9 million, from $6 million last year.