Newport Corp.’s Net Income Declines 35%
Newport Corp., a Fountain Valley-based manufacturer of precision laboratory equipment, posted a 35% decline in net income for the second quarter of fiscal 1990 although sales increased 3%.
Net income for the quarter ended Jan. 31 dropped to $1.1 million from $1.8 million. Sales totaled $14.4 million, up from the $14 million for the same period a year earlier.
For the six-month period, net income declined 34%, to $2.3 million from $3.5 million for the first half of fiscal 1989. Revenue rose slightly, to $28.2 million from $28.1 million.
Tom Galantowicz, president of Newport, said income from operations improved over the first quarter because of higher sales volume, but the improvement was offset by losses in the company’s marketable securities portfolio and foreign exchange transactions.
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