HCC Industries Suffers 68% 4th-Quarter Decline
Continued losses at two divisions slashed earnings 68% at Encino-based HCC Industries during its fourth quarter ended March 29, despite a 18% increase in the company’s sales.
Earnings for the quarter were $172,000, or 10 cents a share, on sales of $11.4 million.
HCC, a maker of hermetic insulating devices and other electronic parts, barely broke even during its fiscal year. It earned $10,000, or 1 cent a share, down from $1 million, or 57 cents a share, the year before. Sales rose 5%, to $39.6 million.
The company blamed its results on persistent losses at its Hermetite and Merrimack Magnetics divisions.