Fluorocarbon Co. reported third-quarter net income of $1.2 million, down 20% from the $1.5 million reported a year earlier.
The Laguna Niguel-based rubber and plastics products company said sales for the quarter totaled $24.9 million, down 10% from sales of $27.7 million a year earlier. The company attributed the drop in sales and net income to the slump in the oil business. Fluorocarbon supplies seals to makers of oil tools.
For the first nine months, the company reported net income of $2.9 million, down 42% from $5 million for the year-earlier period. Sales of $74.5 million were down 6% from $79.2 million.
Net income for the first nine months of 1985 included $921,000 from the company's semiconductor equipment business, which was sold during the period for a gain of $635,000.
In addition to making high-performance seals, Fluorocarbon makes rubber and plastic components used in the aerospace industry.