Variflex Reports Increase in 1st-Quarter Net Income

Variflex Inc., a Moorpark-based maker of recreational products, reported net income of $1 million, or 22 cents per share, on revenue of $19.9 million for the first fiscal quarter that ended Oct. 31.

That compares with net income of $105,000, or 2 cents per share on revenue of $9.5 million in the same quarter the previous year. Operating income for the most recent quarter was $1,271,000, compared with an operating loss of $401,000 in the same period last year.

The 110% sales increase, company officials said, was mainly due to new products introduced in recent years, primarily mini-scooters, portable instant canopies and spring-less trampolines.