Shelly Associates Inc. Reports $45,570 Deficit

Shelly Associates Inc., a Tustin manufacturer of electronic displays, reported a $45,570 loss in its fiscal 1987 first quarter, ended Sept. 30, compared with net income of $47,276 in the prior year’s first quarter. The company’s sales also declined, dropping 21% to $563,774 from $713,003 a year earlier.

Sam Cross, the company’s president, said that reduced government spending and a sluggish industry cut into sales, while advertising, marketing and recent communications equipment acquisition costs caused the red ink.