The overall depressed state of the semiconductor...

The overall depressed state of the semiconductor industry was blamed for a 84% decline in earnings and a 23.4% drop in revenues for the first quarter at Wyle Laboratories. The El Segundo-based company’s president and chief executive, Stanley A. Wainer cited “excess inventories at the user level and extreme pricing pressures” affecting the company’s Electronics Marketing Group, where operating profits dropped 96% from the same quarter last year. He said the company had cut inventory and overhead in response but that the semiconductor market would continue to show excess supply until the end of the year.

For detailed data and results of other companies, please see accompanying tables.