Total Assets Protection Inc., rebounding from its earlier loss, expects to report earnings from operations of about $200,000 for the third quarter, J.C. Matlock, chairman, said. 

Net income includes an extraordinary gain of about $100,000 from the reversal of bad debt and interest income.
Revenue was about $4.5 million.
In the 1988 third quarter, the company posted a net loss of $876,706, or 22 cents a share, on revenue of about $5.1 million. 

Total Assets plans and designs computer centers, computer security systems and computer backup systems.