Dense-Pac Microsystems Inc., a Garden Grove supplier of memory modules for military, aerospace and industrial applications, reported net earnings for its fiscal year ended Feb. 28 of $383,000, up 190% from $132,000 a year ago. Sales were $5.1 million, more than double last year's $2.4 million the previous year.
Company Chairman Lawrence E. Taylor said Dense-Pac's balance sheet and working capital were strengthened by an initial public offering of common stock in January.
He said net proceeds from the stock sale, after repayment of certain debt, are being used to acquire additional manufacturing and test equipment and increase marketing. Also, he said the funds may be used for acquisition of aerospace and military manufacturers with related technologies.