Helionetics Inc. of Santa Ana Wednesday posted an 88% decrease in net income but a 19% increase in revenues for the first quarter of fiscal 1985, ended March 31.
The defense electronics company reported net income of $103,000 compared with $859,000 reported in the same period a year ago. The year-earlier results included a one-time gain of $1.4 million. The company had converted funds owed to five company officials who invested in research and development, into stock of a Helionetics subsidiary. The five officials included former Treasury Secretary William E. Simon.
Revenues for the quarter increased to $6.3 million, from $5.3 million a year earlier.
Company officials said Helionetics "is continuing the aggressive austerity program initiated earlier this year to reduce costs and curtail marginal operations."
The company's backlog stood at $40 million on May 1, compared with $12 million at the same time last year.
Helionetics designs and manufactures signal-processing and data-acquisition products, lasers and electro-optical systems.