ORANGE COUNTY EARNINGS
Universal Electronics Inc.: The Cypress supplier of universal remote controls for home video and audio equipment posted record fourth-quarter net income of $2.4 million, or 36 cents a share, contrasted with a net loss of $7.7 million, or $1.23 a share, for the corresponding period last year. The 1997 figure included a $14.8-million pretax charge from discontinuing the company’s North American retail business. Sales declined 29% to $24.5 million from $34.5 million. Net income for the year climbed to a record $5.6 million, or 85 cents a share, contrasted with a loss of $6.5 million, or $1.04 a share, for 1997. Sales were down 16% to $96.1 million from $114.3 million.