DDL Electronics Reports Profit Turnaround

DDL Electronics in Newbury Park earned a profit in the first quarter ended Sept. 30, a turnaround from the loss it suffered a year earlier.

Revenues were $12.6 million, an increase of 27% over revenues of $9.9 million for the first quarter of last year. Net income for the quarter was $129,000 or 1 cent per share, compared with a net loss of $725,000, or 3 cents per share, in last year’s first quarter.

“Things are looking up at DDL,” said President and CEO Gregory L. Horton. “The turnaround efforts implemented in the last 18 months have resulted in the first annual operating profit in nearly a decade, net income in the latest quarter and three consecutive quarters of operating profit.”

In another development, DDL and Century Electronics Manufacturing reached an agreement that included the dismissal of all pending litigation between them. DDL had initiated legal action against Century in September.

As part of the settlement, DDL received a small equity interest in Century. Company officials said they look forward to an amicable relationship in the future.

DDL provides integrated design and electronic manufacturing services to original equipment manufacturers in the instrumentation, communications, computer, medical and aerospace industries. The company’s operations are in Southern California and Northern Ireland.