TransTechnology Reports 22% Gain for 2nd Quarter
TransTechnology reported a 22% increase in net income for its second quarter ended Sept. 30, thanks mostly to a major acquisition in March.
The company’s net income was $2 million, up from $1.7 million in the same quarter last year. Fully diluted, earnings per share were 42 cents, versus 35 cents a year earlier.
Revenue was $49.9 million, up 114%. The results were increased by the company’s acquisition of Lundy Electronics & Systems, based in Glen Head, N.Y., maker of computerized systems used by engineers, bankers and others.
Based in Sherman Oaks, TransTechnology makes computer, aerospace, defense and industrial products.
Earlier this year, its Space Ordnance Systems unit pleaded no contest to illegally moving, storing and disposing of hazardous wastes, and agreed to pay $300,000 in fines and costs. Three SOS executives also pleaded no contest to related charges.
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