Pacific Scientific Earnings for Quarter Hit 12-Year High

Pacific Scientific Co., a Newport Beach electrical equipment manufacturer, reported profit of $2.9 million for the second quarter ended June 30, a 29% increase over the $2.24 million in profit for the same quarter last year. Sales for the quarter were up to $68.9 million, a record level and a 20% increase over the $57.1-million mark set in the first quarter last year. Quarterly earnings per share hit a 12-year high at 25 cents, compared to 20 cents in 1994. It was the 14th consecutive quarter with an increase in profits.

For the six-month period, profits were up 39% to $5.4 million on a sales increase of 23% to $133.7 million, compared to the same period in the prior year. Six-month earnings per share were 47 cents, compared to 35 cents in 1994.