Micom’s Net Income Drops to $1.37 Million in Quarter

Micom Communications Corp., a Simi Valley-based producer of computer network products, reported a nearly 36% drop in net income for the company’s first fiscal quarter, which ended June 30.

Micom reported a profit of $1.37 million for the first quarter, compared to $2.13 million in the same three-month period a year earlier. Revenue declined slightly to $22.8 million, down about 1% from $23 million a year earlier.

The company attributed the fall in net income to lower gross margins, an increase in discounts given by vendors of competitive products, and a modest increase in manufacturing costs.