DDL Electronics Reverses Last Year’s Quarterly Loss

DDL Electronics in Newbury Park turned a profit in the second quarter ended Dec. 31, a turnaround from the loss recorded a year earlier.

Revenues in the latest quarter were $12.11 million, an increase of 8% over the $11.18 million posted in the second quarter of last year. Net income was $295,000, or 1 cent per share, compared with a net loss of $531,000, or 2 cents per share, in last year’s second quarter.

For the six months ended Dec. 31, DDL earned net income of $424,000, 2 cents per share, an improvement of nearly $1.7 million over the net loss of $1.25 million, 5 cents per share, in the six months ended Dec. 31, 1996.

“I am very encouraged with DDL’s recent performance,” said Gregory L. Horton, president and chief executive officer. “DDL has now posted four consecutive quarters of operating profit, and I fully expect this trend to continue.”

DDL has entered into a definitive agreement to acquire Jolt Technology, an electronic manufacturing services provider in Fort Lauderdale, Fla., for 9 million shares of DDL’s common stock. The acquisition is subject to approval by DDL’s stockholders at the annual meeting in March.

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