Earnings

Ultrasystems reported net income of $1.8 million for its third quarter ended Oct. 31, which included an after-tax gain of $1.5 million from the sale of certain operating contracts, contrasted with a net loss of $3.9 million for the same period last year. The third-quarter results for last year included a write-off of $10.1 million, relating to certain costs and investment in an ethanol-refinery project. Revenue for the quarter was $41.2 million, compared to $32.7 million reported for the third quarter of the prior year. For the nine-month period, net income totaled $2.6 million, contrasted with a net loss of $424,000 for the comparable period last year. Total revenue for the nine months was $103 million, 7% less than the $111 million posted last year. Ultrasystems, an engineering and development company, is based in Irvine.