Newport Corp. Reports 26% Drop in Net Income

Newport Corp., a manufacturer of laboratory equipment, reported that net income for the fiscal year ended July 31 declined 26% from the year before, to $3.5 million, or 50 cents per share, from $4.7 million, or 59 cents per share. Sales were up about 2%, to $59.7 million from $58.8 million.

The company attributed the lower earnings to continued weakness in the company’s domestic market.

Net income for the fourth quarter of fiscal 1991 totaled $967,000, or 14 cents per share, on sales of $15.4 million. For the year-earlier quarter, net income was $1.2 million, or 16 cents per share, on sales of $16.1 million.