Pacific Scientific Profits Down 75%
Pacific Scientific Co., which makes electrical and aircraft safety equipment, reported Monday that its third-quarter earnings fell 75%.
The decrease was because of the sale in the third quarter last year of the company’s Belfab Division, which makes bellows for aerospace use. When the two quarters are compared without the onetime, $8.8-million gain from that sale, earnings would have showed an increase of 575%, Chairman Edgar S. Brower said.
For the latest quarter, the company posted a profit of $1.5 million, or 27 cents a share, down from earnings of $5.8 million, or $1.07 a share, for the same period last year. That came on sales of $42.1 million, down 2.1% from $43 million for the same quarter last year.
Brower said that without the sale of the division last year, sales for the third quarter of 1991 would have been $40.5 million, and net income would have been $291,000, or 4 cents a share.
Brower noted that the company’s backlog of orders at the end of the latest quarter was $84.4 million, up from $79.4 million a year earlier.
For the first nine months of its fiscal year, Pacific Scientific, based in Newport Beach, had sales of $126.4 million, down 4% from $131.6 million. Nine-month profit was $3.8 million, or 70 cents a share, down 46% from $7 million, or $1.26 a share.
Without the sale of Belfab, Brower said, nine-month sales would have been up 2%, and earnings would have been up 204%.
Birtcher Medical Systems: The Irvine manufacturer of surgical equipment said profit for its latest fiscal quarter increased 33% to $2 million, or 22 cents a share, from $1.5 million, or 16 cents a share, for the same period a year earlier. Sales for the company’s first quarter, which ended Sept. 30, declined 12%, to $12.3 million from $14 million. Included in the latest profit is a payment of $2.5 million from Valleylab, a division of Pfizer, as a onetime, non-exclusive license fee.
Hycor Biomedical Inc.: The Garden Grove manufacturer of medical and diagnostic products reported earnings of $833,000, or 9 cents a share, for the third quarter. That contrasted with a loss of $1.5 million, or 19 cents a share, for the same period last year. Sales rose 30% to $6.5 million from $5 million. Year-to-date profit totaled $2.4 million, or 27 cents a share, on sales of $20.3 million. For the corresponding nine months a year earlier, the company lost $1 million, or 15 cents a share, on sales of $10.6 million. Hycor attributed the sales increase to continued growth in its core business and to the acquisition of Ventrex Laboratories Inc. in August 1991.
Liberty National Bank: The Huntington Beach bank reported a profit of $451,389, or 46 cents a share, for the third quarter, up 2% from the $443,109, or 47 cents a share, for the comparable 1992 period. The 1991 earnings per share were adjusted for a reverse stock split in August 1991. Earnings for the latest nine-month period showed a 27% gain to $1.4 million, or $1.39 a share, from $1.1 million, or $1.22 a share. Assets as of Sept. 30 totaled $179.9 million, up 19% from $151.8 million.
Cytocare Inc.: The Irvine pharmaceutical and medical device company reported a profit of $298,258, or 6 cents a share, for the third quarter, contrasted with $73,999, or 2 cents a share, for the same period a year earlier. Revenue rose 25% to $3 million from $2.4 million. For the first nine months of 1992, profit totaled $927,731, or 18 cents a share, on revenue of $9.4 million. For the corresponding 1991 period, earnings were $723,989, or 15 cents a share, on revenue of $7.4 million.
Security Environmental Systems: The Garden Grove biomedical and hazardous waste disposal company posted a profit for fiscal 1992 of $627,368, or 6 cents a share, contrasted with a loss of $1.1 million, or 11 cents a share, for the previous year. In fiscal 1991, the company had a loss of $1.7 million related to writing off a waste incineration project. Revenue for the latest year, which ended June 30, was up 36% to $8 million from $5.9 million.
Imperial Credit Industries Inc.: The Newport Beach mortgage lender said its third-quarter profit increased 42% to $3.7 million from $2.6 million. Earnings per share were unchanged at 42 cents. Revenue showed a 68% gain to $12.9 million from $7.7 million. Included in earnings for the third quarter of 1991 was a $3-million before-tax gain from bulk servicing sales. For the first nine months of 1992, the company’s profit more than doubled to $9.8 million, or $1.31 a share, from $4.1 million, or 66 cents a share, for the same period last year. Revenue rose to $33.3 million from $14.9 million.
