Blaming a drop in sales to computer makers and a mistaken gearing-up for business that didn't materialize, Pacific Scientific Co. of Anaheim said Monday that full-year income dropped 18.5% to $5.7 million from $7 million. Revenues for the fiscal year ended Dec. 27 were $89.8 million, off 2.6% from $92.2 million in fiscal 1984.
Fourth-quarter profits dropped 20% to $1.6 million from $2 million. The precision instrument maker said that revenue for the period was $22.2 million, down 7.5% from $24 million.
Richard V. Plat, senior vice president for finance and administration, said that Pacific Scientific's profits were hurt by a 16% drop in sales of motors to computer makers, as well as by the company's decision to increase spending on operations on the mistaken assumption that sales would increase during the year.
By June, when it became clear that sales were falling rather than increasing, the company began laying off staff. By August, the workforce had been trimmed from its January high of about 1,100 to 940--its current level--Plat said.