Citing the costs of moving one of its divisions to Maryland from Northern California, Pacific Scientific Co. said its third-quarter net earnings dropped to $39,000--down 96% from $964,000 a year earlier. Revenue for the period, however, was up almost 7% to $22.3 million from $20.9 million.
The Anaheim-based electronic instruments and electric motor maker said net earnings for the first nine months were $2.5 million, down 39% from $4.1 million. Revenue for the period was $67.2 million, down slightly from $67.6 million.
The company said third quarter earnings were affected by the $1.2 million cost of relocating its HIAC/Royco Instrument division to Silver Spring, Md., where it was consolidated with another division to form Pacific Scientific Instrument division.
Company officials said they expect savings from a reduced labor force to combine with other savings from the consolidation to offset the moving costs within the next year.