DDL Electronics Posts Revenues of $13.58 Million

DDL Electronics in Newbury Park announced that revenues for its third quarter ended March 31 were $13.58 million, compared with $10.50 million for the third quarter last year.

Net income for the quarter was $134,000 or 1 cent per share. In last year’s third quarter, DDL had net income of $1.95 million or 10 cents a share, but that was due mainly to the extinguishment of a major debt involving deferred compensation for former company managers and directors.

For the nine months ended March 31, DDL incurred a net loss of $1.12 million, which translates to a loss per share of 5 cents. For the same period last year, DDL had net income of $2.68 million, but without the debt extinguishment and a $1.11 million income tax benefit, the result would have been a net loss of $779,000 or 4 cents per share.

Chief Financial Officer Rick Vitelle said the losses are due to nonoperational charges associated with DDL’s acquisition of Smtek Inc. in Newbury Park in January 1996.

DDL provides design and electronic manufacturing services to original equipment manufacturers in the instrumentation, communications, computer, medical and aerospace industries.