CMS Enhancements reported that net income dropped...

CMS Enhancements reported that net income dropped 16% for its fiscal 1988 first quarter ended Sept. 30 to $372,000 from $313,000 a year earlier. Sales, however, rose 123% to $33.5 million from the $15 million posted last year. The Costa Mesa manufacturer of data storage products for personal computers blamed the earnings decrease on intense price competition. Jim Farooquee, president, said that the company was forced to lower its profit margins in order to stay competitive and to create a larger customer base.