Gradco Systems Inc. reported net earnings of...

Gradco Systems Inc. reported net earnings of $960,000 for the quarter ended June 30, an 18% decline from $1.2 million a year ago. Revenue for the first quarter of fiscal 1990 totaled $25.1 million, 6% lower than the $26.8 million recorded for the comparable period last year. Keith B. Stewart, chairman and chief executive, said results from the company’s Japanese subsidiary, reported in Japanese yen, were affected by the strength of the U.S. dollar, contributing to the lower earnings. In addition, revenues were reduced by the elimination of the company’s contract manufacturing unit in the fourth quarter of fiscal 1989. Gradco, based in Irvine, is a supplier of sorters, sheet feeders and other paper-handling devices.