Asia’s Woes Push Revenue of STM Wireless Down 44%

STM Wireless Inc., Irvine-based maker of wireless communications products, reported that second-quarter net income rose to $4.4 million, or 60 cents a share, from $726,000, or 11 cents a share, for the same period last year. But revenue fell nearly 44% to $9.1 million from $16.1 million, largely because of the financial upheaval in Asia, STM said.

For the first half, net income totaled $363,000, or 5 cents a share, down 59% from $877,000, or 14 cents a share, for the same period last year. Revenue fell 34% to $16.1 million from $24.5 million for the corresponding period of 1997.

The 1997 figures have been restated to include the results of Telecom International, which was acquired in December.