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Logic Devices

(LOGC) - Get LogicBio Therapeutics, Inc. Report

on Friday reported fourth-quarter earnings of $194,200, or 3 cents a share, down from $355,000, or 5 cents a share, in the same period a year ago. Revenues for the quarter came in at $3.017, million compared with $3.063 million in the year-ago period.

Earnings for the full fiscal year were $522,400, or 8 cents a share, compared with $600,600, or 9 cents a share, in 1999. Revenues for the year of $11.8 million compared with $12.9 million last year.

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The company, which develops and markets high-performance digital integrated circuits, said its focus for the year was to clean up its balance sheet liquidity. The company reduced its bank borrowing to zero from $3.5 million; accounts payable decreased 94% to $45,300 from $718,200; total liabilities decreased 86% to $743,200 from $5,310,600; and the company's cash increased 217% to $753,300 from $237,700.