Pico Products Inc. Reports Decline in Profits in Third Quarter
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Pico Products Inc., a Lake View Terrace-based company which manufactures and sells pay-TV security devices, reported a decline in profits for the third quarter ending April 30.
Net income dropped 74% to $56,408 from $218,781.
The company attributed the drop to the loss of royalty income from the expiration of its patent on pay TV encoding and decoding systems, coupled with increased interest expenses.
Sales for the quarter were $7.79 million, up slightly from $7.77 million a year earlier.
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