EIP Microwave Inc.: The Newport Beach manufacturer...

EIP Microwave Inc.: The Newport Beach manufacturer of microwave test and measurement instruments said a decline in defense-related business resulted in its fiscal 1990 third-quarter net income dropping to $13,000 from $429,000 a year earlier. Sales for the quarter fell 22%, to $2.9 million from $3.7 million. Net income for the first nine months totaled $234,000, down from $478,000 last year. The fiscal 1989 nine months’ revenue included a pretax charge to operations of $1.1 million from the write-down of assets as well as a gain of $748,000 from an accounting change. Sales for the first three quarters declined 10%, to $9.2 million from $10.2 million.