Magma Power reported that net income rose...

Magma Power reported that net income rose to $1.9 million for the first quarter ended March 31, contrasted with $653,000 during the previous first quarter. Revenue rose by 79%, to $6.9 million, up from $3.8 million a year ago.

Magma President and Chief Executive Arnold L. Johnson linked the increased net income and revenue to management service fees that rose to $1.6 million, up from just $168,000 during the first quarter a year ago.