Sierracin Profits Increase Despite Revenue Decline

Tax benefits and other one-time credits helped Sierracin Corp. report sharply higher second-quarter profits despite a 2% revenue decline.

Sierracin, an aerospace and electronics concern based in Sylmar, said net income surged to $1.2 million, or 36 cents a share, from $118,000, or 3 cents a share, a year earlier. Revenue slipped to $18.5 million from $18.9 million.

The results included a one-time tax credit of $400,000, and a $267,000 credit stemming from the company’s settlement of a lawsuit brought by Boeing Co. over Boeing’s rights to certain aircraft cockpit windows.

For the first half of 1987, Sierracin’s net income jumped to $809,000, or 24 cents a share, from $19,000, or 1 cent a share, a year ago. Six-month revenue rose to $36.4 million from $34.8 million.