Newport Corp., a Fountain Valley manufacturer of laser parts, reported that profits jumped nearly 8% in its final quarter and 17% for the entire fiscal year ended July 31.
In the final quarter, profits were $2.22 million, up 7.6% from the $2.07 million recorded the previous year. Sales for the period were $10.5 million, 22% above the $8.6 million reported in the prior year.
For the full year, net income rose to $7.9 million from the $6.8 million reported last year. Sales were $37.5 million, up 34% from the prior year.
Walter Ludt, the company's vice president and treasurer, attributed the sales and profit increases to a strong market for the company's products. "Our primary market is the research laboratory and a company not doing any research and development is often in liquidation," he said. Ludt also cited the healthy market for industrial lasers, one of the company's chief products.