Pacific Scientific Posts Net Earnings of $4.4 Million

Pacific Scientific Co. of Newport Beach posted net earnings of $4.4 million for fiscal 1989, contrasted with a year-earlier loss of $4.1 million.

Sales for the fiscal year ended Dec. 29 declined 6%, to $169.6 million from $180.9 million. For the fourth quarter, net earnings totaled $1.6 million, contrasted with a loss of $4.1 million in the corresponding year-earlier period. The year-ago loss included $3.5 million of litigation expense and $1.2 million of restructuring expense. Profits reduced the total loss figure to $4.1 million.

Fourth-quarter sales declined 9%, to $44.1 million from $48.5 million. However, the company said, after taking into account all product lines that have been sold or discontinued, the sales of continuing products in the fourth quarter of 1988 and 1989 were approximately equal.