Reporting a $7.2m loss for the second quarter, Floating Point Systems Inc, Beaverton, Oregon, says it has cash to last it through only until October – and that it has hired the Volpe, Welty & Co investment bank to try to find new sources of finance. It closed the quarter with $9.2m in cash and near cash having seen the figure fall by $4m during the quarter to meet the costs of launching its new Sparc-based machines, and it also borrowed $3m during the quarter. Fixing snags that showed up in testing delayed shipment of the new machines, aggravating the effect of the economy.
