Hard hit by an industrywide slump in the sale of computer and telecommunications products, Silicon Systems Inc., Friday posted a 53% drop in net earnings on a 2% rise in revenues during the second quarter ended March 30.
The Tustin-based integrated circuit maker reported net income of $822,000, compared with $1.7 million a year earlier. Revenues were ahead to $12.6 million, from $12.3 million the prior year.
Net income for the six months fell to $2.4 million, from $2.8 million a year ago. Revenues increased 33% to $29 million, from $21.7 million.
"Our order backlog continued to decline throughout the quarter," said Carmelo Santoro, president and chief executive officer. Second-quarter backlog stood at $20 million, compared with a backlog of $35.3 million a year ago. Santoro said even though $12-million worth of orders were booked during the quarter, the cancellation of other, older orders resulted in net bookings of only $3.8 million.