Profit Declines 33% at Newport Corp.
Newport Corp., a Fountain Valley-based manufacturer of instruments and components for laser and electro-optical applications, reported third-quarter net income of $1.2 million, down 33% from the $1.8 million posted for the corresponding 1989 period.
Sales for the quarter ended April 30 dipped slightly to $14.5 million from $14.6 million.
For the nine-month period, net income dropped 36% to $3.4 million from $5.3 million in the corresponding year-earlier period. Sales remained at $42.7 million.
Tom Galantowicz, company president, said sales for the latest quarter were below expectations because of continued weakness in the domestic market.
He said income from operations continues to be negatively affected by underused production capacity, lower margins on sales to Japan and higher operating costs for the company’s international affiliates.