ORANGE COUNTY EARNINGS

Ceradyne Inc.: The Costa Mesa technical ceramics company said fourth-quarter net income totaled $446,000, or 6 cents a share, which included a charge of $357,000 related to start-up costs and the establishment of certain reserves. A year earlier, the company earned $1.2 million, or 16 cents a share, which included $360,000 in part from a favorable litigation settlement. Sales increased 3% to $7.7 million from $7.5 million. The company reported net income of $2 million, or 25 cents a share, for 1997, compared with $4 million, or 51 cents a share, for 1996. Sales were up 2% to $28.7 million from $28.2 million.