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Woodland Hills-based Litton Industries Inc. reported fiscal third-quarter profit ending April 30 of $42 million, or 89 cents per share, compared with $38.8 million, or 81 cents, in the year-ago period. . . . Sherman Oaks-based House of Fabrics reported a first-quarter loss for the period ending April 30 of $4.4 million, or 81 cents per share, compared with a loss of $5.9 million in the year-ago period before a reorganization under Chapter 11 of the U.S. Bankruptcy Code. . . . Palo Alto-based Hewlett-Packard Co. said it agreed to buy parts of Siltek Ltd.’s subsidiary in South Africa, which HP would use to distribute and sell its own computers and peripherals after an eight-year absence from the country. Terms were not disclosed. . . . Palo Alto-based Corsair Communications Inc., a maker of a system to prevent fraudulent use of cellular phones, plans an initial public offering valuing itself at $166.6 million, according to a filing with the Securities and Exchange Commission.