Newport Corp.’s Profit Skyrockets

Newport Corp., an Irvine manufacturer of equipment for developing laser and optics technology, recorded a 78% increase in profit for the third quarter. Earnings came to $743,000, or 11 cents a share, up from a profit of $417,000, or 6 cents a share, for the same period a year earlier. Sales were up almost 10% to $21 million from $19.1 million. Year-to-date profit more than doubled to $2.3 million, or 33 cents a share, from $936,000, or 13 cents a share, for the first three quarters of 1993. The 1994 period included one-time gains totaling $745,000 from investment income in the second quarter and from the favorable settlement of a state tax audit in the first quarter. Nine-month sales were down 2% to $62.9 million from $64.3 million.