Newport Corp., a Fountain Valley-based manufacturer of...

Newport Corp., a Fountain Valley-based manufacturer of equipment for laser-related systems and research, reported that net income rose 12% for the first quarter of fiscal 1989, to $1.7 million from the $1.5 million reported for the comparable period a year ago. Sales for the quarter ended Oct. 31 totaled $14.1 million, a 9% increase from the $12.9 million posted a year earlier. Thomas Galantowicz, president, said the increased net income was the result of improved gross margins, higher investment income and a lower tax rate.