Financially ailing Itel Corp., reporting a net second quarter loss of $60.2 million, says it is reorganizing.

The losses included $9.5 million from discontinued operations, the San Francisco based distributor of computer products reported.

Revenues in the second quarter of this year were $168.3 million, compared to $125.7 million for the similar quarter of 1978. Net income for the second quarter of 1978 was $9.4 million (78 cents a share), including a loss of $500,000 from discontinued operations.

"During the second quarter, Itel experienced a major operating loss," a statement from Itel said. "This loss was accentuated by the establishment of reserves and special charges in two broad areas -- the carrying values of computers and related equipment due to declining market prices, and the estimated costs associated with discontinuing selected operations, selling assets and terminating personnel."

The Itel statement said significant disruptions in the IBM-compatible computer marketplace began earlier this year with a series of major new product announcements by IBM.

"These disruptions accelerated in the second quarter as users anticipated even further new product announcements and price cuts on existing equipment.

"As a result, some customers and prospects became hesitant to make long term commitments, such as purchases or full payout leases, until these uncertainties could be resolved. Thus, we faced a contraction of the marketplace."

Problems occurring in the computer area created difficulties elsewhere in the company "despite the strong earnings base of our transportation activities," the firm said.

Corrective actions have begun, the statement said, including a reorganization of corporate and divisional management structures and a major cost reduction program.

The company said it expects further losses in third quarter earnings, but hopes to be able to make a turnaround with long range strategy.

At Itel's request, Hitachi Ltd., a leading Japanese manufacturer of general electric machinery and electronic equipment, said today it will sharply reduce its supply of large computers to the firm.

A Hitachi spokesman said this year's supply will be cut to a third of the originally planned volume. Although he declined comment, Hitachi is reported to have planned to provide 90 computers this year to Itel, which has been marketing Hitachi's products under its own brand name.

The spokesman attributed the sharp reduction to a business rollback caused when IBM came out with its own series of large computers to counter aggressive sales campaigns in the U.S. by Japanese manufacturers.

Because of the IBM sales offensive, Itel has decided to cut back on the sales of Hitachi computers as part of its effort to tide over the business difficulties.