Special Devices Inc. Reports 60% Earnings Rise

Special Devices Inc. saw a nearly 60% increase in its second-quarter earnings per share and a 64% hike in the six-month earnings per share figure.

The Newhall-based company, which produces devices that trigger the inflation of automobile air bags, reported diluted net earnings per share of 50 cents for the second quarter 1998, which ended May 3, compared to 32 cents per share in the comparable 1997 quarter.

For the first six months of this fiscal year, the company reported diluted net earnings of 92 cents per share, compared with 56 cents per share for the first half of 1997.

Company sales were $85.8 million for the first six months of this fiscal year, a 42% increase from the 1997 six-month figure of $60.3 million.

Special Devices, which once relied heavily on defense contracts, continues to increase its automotive business. For the first six months of this fiscal year, 84% of sales were attributable to the automotive segment, while 16% came from aerospace. That compares with 80% and 20%, respectively, in the first six months of the 1997 fiscal year.