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EARNINGS

Swedlow Net for Quarter Up Sharply

November 11, 1986|JEFF ROWE

Swedlow Inc. said operating income for its fiscal 1987 second quarter ended Sept. 28 was $375,000 and the company also reported net income for the period of $1.2 million, compared with net income of $287,000 for the second quarter a year ago.

Extra credit of $775,000 from the sale of equipment and technology transfer boosted Swedlow's net income in the second quarter, the Garden Grove-based maker of aircraft windshields said.

Sales for the period totaled $15 million, compared to $12.8 million for the same period a year earlier, the company said.

For the first six months of the fiscal year, the company reported net income of $1.8 million, with extraordinary income boosting the total to nearly triple the $640,000 reported a year earlier. Sales for the six months were $29.5 million, up 12% from sales of $26.3 million.

Net income for the most recent six months includes a credit of $950,000 for the sale of technology and equipment.

As reported, Swedlow is proceeding with a plan to be acquired by Pilkington Brothers PLC for $42.3 million. Proxy forms were mailed to shareholders on Nov. 5, Swedlow said, and a special meeting of shareholders is scheduled for Dec. 18 to vote on the sale to the Merseyside, England-based glassmaker.

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