EIP Microwave reported a loss of $1.5...

EIP Microwave reported a loss of $1.5 million in the fiscal year ended Sept. 30, contrasted with earnings of $310,000 in fiscal 1987. The Newport Beach electronics company’s revenue fell sharply to $11.3 million, down 40% from year-earlier revenue of $18.8 million. Fourth-quarter earnings improved to $134,000, up from $30,000 in 1987. But the company’s latest quarterly earnings included $119,000 in one-time gains reflecting changes in the company’s tax rates. Without the tax benefit, earnings would have been only $15,000. Revenue declined 8% to $3.4 million during the latest period.