Taitron Net Income Down Despite Increase in Sales

Taitron Components Inc. saw its net income fall 17% in its first quarter despite a 7% rise in sales.

For the quarter that ended March 31, the company posted net income of $503,000, compared with a profit of $609,000 a year earlier; sales in the latest quarter rose to $8.6 million, up from $8 million last year.

Taitron attributed its weaker showing in part to a 16% drop in the average selling price of its products in the quarter, as well as higher expenses from an expansion of its sales force, and from higher interest expense due to an additional bank loan.

Taitron also said its board of directors has authorized repurchasing up to $1.5 million of its common stock.

Taitron, based in Santa Clarita, sells transistors and semiconductors.