Helionetics Inc. Reports Profits Up for Quarter
Helionetics Inc., an Irvine firm, said Friday that its profits were up for the quarter but that an earlier restructuring was primarily responsible for a loss for the first nine months.
The high-tech concern, which makes a variety of military equipment, including power transformers and a communications laser, also said that a lawsuit it filed against its former chairman was “near settlement.”
Helionetics earned $104,000 in the third quarter ended Sept. 30, compared to a loss of $960,000 for the same quarter last year. Revenues for the quarter were down slightly to $5.4 million, compared to $5.5 million for the same quarter last year.
For the nine months ended Sept. 30, the company reported a loss of $4.8 million, compared with profits of $456,200 for the same period last year. About $4.4 million of the loss for the nine-month period was in write-offs of discontinued and unprofitable products and operations.
Revenues for the nine months were $15.5 million, down from $17.4 million for the same period last year.
Details of a possible settlement of the lawsuit against former chairman Charles W. Missler were not released. The suit accuses Missler of conflict of interest in dealings the company had with a small defense electronics maker that Missler controlled.