Networks Electronic Reports Earnings Loss

Networks Electronic Corp., a Chatsworth maker of bearings and pyrotechnic devices, reported earnings of $188,425 for its third quarter ended March 31, down 14% from the same quarter a year ago. Sales were off 11%, to $1.7 million.

Per share, the earnings were about 9 cents for both quarters.

The company gave no reason for the lower quarterly results. It said it still expects to finish the year with higher operating results. The previous 12 months’ net results, however, might be higher because of a $1.4-million gain from the sale of land that year.

For the first nine months of the current fiscal year, earnings were $539,525, or 24 cents a share. That is up 7% from operating results during the same period last year. Sales were $4.9 million, up 4% from the previous year before taking the land sale into account.