Solitec Inc, San Jose, California says that in its new fiscal first quarter – it just changed its fiscal year-end to March 31 from December 31, more than 85% of its $5.1m business came from its Service Plus Technology and MacFriends units, which it acquired in late November and December 1992; revenues and product availability were hindered by overdue accounts payable at MacFriends – when the unit was acquired last December those accounts totalled about $1.9m, more than half of which were significantly overdue; the past-due payables have been reduced by more than $1.1m since then; to cut costs, Solitec trimmed its workforce by 12% this month, and the boss is deferring 10% of his pay until the company turns a profit.
