Calnetics Profit Slides Despite Revenue Jump

Calnetics Corp., a Chatsworth plastics manufacturer, said its net income for its fiscal first quarter dropped to $71,000 from $319,000 a year earlier, despite a 21% increase in its revenue, to $3.82 million from $3.16 million.

Calnetics said its profit for the three months ended Sept. 30 would have been flat, had it not been for a onetime gain of $247,000 in July, 1991.

The company attributed its first-quarter revenue improvement to increased shipments because of its June acquisition of Plastic Science Inc.’s injection-molding plant in Corona, as well as sales increases at its two other divisions.