Oak Industries reported $3.4 million in net...

Oak Industries reported $3.4 million in net income for the first quarter ended March 31. The Rancho Bernardo-based company reported $771,000 in income from continuing operations and a $2.6-million profit from the sale of its headquarters and the settlement of a patent lawsuit.

Last year, Oak reported a $248,000 net profit for the first quarter, thanks largely to a $2.1-million extraordinary gain.

Oak reported a $3.4-million operating profit from continuing operations, contrasted with a $1.9-million operating loss from continuing operations during the previous first quarter. In a prepared release, Oak linked the improved operating picture to businesses acquired in 1987 and improved operating income at its already established businesses.

Revenue for the quarter ended March 31 rose to $50.9 million, up 19% from last year’s first quarter. Revenue at Oak’s components segment increased by 29%, to $40.2 million.