The Fluorocarbon Co., a Laguna Niguel-based rubber and plastics molder, Thursday posted the best second quarter and first half in company history. Second quarter operating earnings rose 10 percent to $1.4 million compared to net income of $1.3 million in the same period a year ago.
The company reported a one time after-tax gain of $625,032, or 15 cents a share, on the sale of the semiconductor business completed in the second quarter of this year bringing net income for the quarter to $2 million.
Second quarter sales rose 6% to $30.3 million from the $28.5 million posted in the first half of 1984.
For the first six months of fiscal 1985, net income rose 54% to $3.4 million compared with $2.2 million a year ago.
Sales for the first six months rose 13 percent to $62 million compared with $55.1 million for the first half of last year. "This was the best second quarter and best first half in our history," said Chairman Peter Churm in a statement. "Our business, especially in rubber, has softened the past several months. We hope for renewed strength in the second half."
At its regular quarterly board meeting on Aug. 27th, Fluorocarbon directors increased the quarterly dividend from 6 to 7 cents per share. This is the second dividend increase in six months. The company recently sold its semiconductor business to a group of managers for about $12 million.