Offering further evidence of the slump in semiconductors, Wyle Laboratories reported lower sales and profits for the third quarter and nine months.
The El Segundo-based distributor of semiconductors had net income of $469,000 for the quarter ended Oct. 31, down 76% from $1.98 million in the same period last year. Revenue was $66.7 million, off 27% from $91.2 million in the year-ago quarter.
Stanley A. Wainer, chairman and chief executive, said that "we believe the steep decline in the semiconductor industry has bottomed out. We are now seeing some early signs that an improvement in business is in the offing."
For the first nine months, Wyle's net income dropped 88% to $1.05 million from $8.7 million in the same period last year. Sales were $205.9 million, down 26% from $278.8 million.
For detailed data and results of other companies, please see Page 14.