ORANGE COUNTY EARNINGS

SRS Labs Inc.: The Santa Ana audio technology company posted record net income and revenue for the fourth quarter and full year. The stock climbed 23% Tuesday after the results were announced, closing at $8.13 a share, up $1.50, in Nasdaq trading.

Net income surged to $1.1 million, or 11 cents a share, for the three months, up 53% from $721,000, or 7 cents a share, a year ago. Revenue climbed 78% to $3.2 million from $1.8 million. For the year, net income more than doubled to $3.8 million, or 35 cents a share, from $1.9 million, or 21 cents a share, in 1996. Revenue rose 87% to $10.1 million from $5.4 million.

The company said its technology was shipped in 23 million products worldwide last year, more than doubling the 10 million products in 1996.