Geophysical Systems reports first profit since 1981. (company profile)

Los Angeles Business Journal | May 1, 1989| | Copyright

Geophysical Systems reports first profit since 1981

Company claims success in lawsuit against Raytheon

For the first time since filing for protection under Chapter 11 of the U.S. Bankruptcy Code in 1983, Pasadena-based Geophysical Systems Corp. has reported a yearly profit.

The company, which reported an annual net loss of $25 million for the year ended Dec. 31, 1982, has been steadily improving its financial picture since then, company chairman and Chief Executive Officer Samuel J. Allen said.

Unaudited results showed a total net ...

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