Citing surging sales of its newest product, Newport Electronics Inc. of Santa Ana said Monday that first-quarter earnings nearly tripled to $111,000 from year-ago profits of $39,000.
In the period ended March 30, the digital meter maker said sales increased to $2.9 million, a 14% gain over the $2.5 million recorded in the same period in 1984.
Barret B. Weekes, chairman and chief executive officer, attributed the strong showing to the success of the company's latest product, a multiple-function meter which measures and helps record such items as temperature, pressure, time, frequency, volts and velocity. The meters can be read in person as well as programmed to send signals to a computer which records the information measured by the devices.
Weekes said he expected "additional gains" in earnings throughout the 1985 fiscal year.
Product Costs Consume Profit for Gish Biomedical
Despite rising sales, Gish Biomedical Inc., the Santa Ana maker of disposable medical products, reported that earnings dropped 57% in the third quarter because of increased spending for new products and business expansion.
For the quarter ended March 31, the company earned $22,000 compared to $51,000 a year ago. Revenues for the period were $1.5 million, 32% above the $1.1 million recorded a year earlier.
Jack Brown, Gish's chairman and president, attributed the revenue increase to strong sales of its new products and continued growth of its existing line of products used in open-heart surgeries, intravenous feedings and chemotherapy.
Brown cited the company's continued high spending for new-product development and computer systems for driving down profits. However, Brown said the company expects sales to surge in its 1986 fiscal year as a result of the products developed this year. Furthermore, the company said it is exploring the purchase of new products and businesses that complement its current lines for the hospital critical care market. No additional details were disclosed.
For the first nine months, earnings were $61,000, about 72% below the $218,000 reported a year ago. Revenues for the three quarters were $4 million, a 17% increase over the $3.3 million recorded the year before.
Earnings, Assets Show Rise for Pioneer Bank
Pioneer Bank of Fullerton reported an 18% hike in profits for its first quarter with net earnings of $107,866, up from $91,219 for the same period last year. The bank said the increase came despite the move to larger headquarters in downtown Fullerton last December. From March 1984 to March 1985, the bank reported a 58% increase in assets, from $36 million to $57 million, an 82% increase in loans from $22.8 million to $41.5 million, and a 64% increase in deposits from $31.7 million to $51.9 million. In addition, bank officials reported an 8.6% capital-to-assets ratio.