North American Philips reported a 48% earnings...

North American Philips reported a 48% earnings drop in the first quarter to $14.1 million from $27.7 million a year earlier. First-quarter earnings a year ago were boosted by a one-time gain of $6 million on the sale of the company’s bus transportation and attendant TV businesses. Cees Bruynes, chairman and president of the company, said its latest results reflected continued softness in electronic components shipments, costs associated with the Philips brand-name introduction to the consumer lighting market and the impact of new product program costs on its medical systems business.