Increased Costs Push Nelson Research Into Red
Expenses connected with Nelson Research & Development Co.’s move to the Nelson Research Center at UC Irvine, as well as increased research spending, were responsible for the company’s 1985 first-quarter losses, said Eric L. Nelson, chairman and president of the Irvine firm. Net loss was $428,000 compared with a net profit of $22,000 for the same period in 1984.
Nelson also reported that revenue for the first quarter fell 14% to $833,000 from the $966,000 reported a year earlier. The company posted reductions in revenues from royalties and interest on investments.
Nelson Research & Development designs and develops pharmaceutical products for license.
Liberty National Bank Earnings Increase 59%
Huntington Beach-based Liberty National Bank said its first quarter earnings totaled $163,447, a 59% increase from the $102,806 reported for the same period last year. The bank’s assets were up almost 17% from $68.8 million on March 30, 1984 to $80.3 million for the same period in 1985.
Earnings Drop 47% for Emulex Corp.
Emulex Corp. of Costa Mesa said net earnings for its fiscal 1985 third quarter ended March 31 dropped 47% to $1.7 million from the $3.3 million reported in the same period in 1984.
At the same time, the company’s revenues rose 28% to $27.2 million from the $21.3 million reported a year earlier.
Chairman Fred B. Cox said that earnings were hurt partly because of the company’s decision to scrap more than $1 million worth of outdated inventory and partly by slow sales of some of its equipment lines.
Dana Niguel Bank Turns ‘Profit Corner’ in Quarter
Dana Niguel Bank N.A. reported first-quarter net earnings of $63,000, nearly 7 times higher than the $8,534 profit for the same period last year. Executive Vice President Nelson Murphy said the 2-year-old Dana Point bank now has “turned the profit corner” after posting a 1984 annual loss of $255,000. The bank’s first quarter assets also were up almost 19%, to $21.9 million from the $18.5 million reported a year ago.
