EIP Microwave Inc. said Wednesday that net earnings for its third quarter were $30,000, 36% higher than the $22,000 reported for the same period a year ago.
The Newport Beach maker of electronic test equipment said revenue for the quarter ended June 27 fell 7.8% to $4.7 million, compared with $5.1 million for the year-ago quarter.
For the first nine months of the fiscal year, net income fell 68.5% to $234,000, from $743,000 for the first nine months a year ago. Revenue fell 5.2% to $14.6 million, from $15.4 a year earlier.
The company said that the soft market for test equipment and hefty research and development costs should combine to keep the company's performance for the fiscal year below fiscal 1985. The company plans to introduce a new product line during the next fiscal year.