Laser Precision Corp. said it earned $1.3 million for 1986 in contrast to a net loss of $340,081 the prior year. Revenue for the year of $15.9 million was 71% higher than the $9.3 million reported for 1985.
For the fourth quarter, the Irvine-based manufacturer of precision measuring equipment reported net earnings of $452,723 compared with $50,581 a year earlier. Revenue for the final period was $5.1 million, up 76% from $2.9 million in the fourth quarter of 1985.
Gregory Miner, the company's vice president for finance, said the turnaround was driven by significant market demand for a new piece of fiber-optic test equipment that Laser Precision introduced in September, 1985. The rest of the company's product line enjoyed a sales increase during the year because of a concerted sales push, he said.
But Miner added that while Laser Precision is anticipating increased sales levels in 1987 with significant new product introductions in two areas, he noted that a general softening in the market for fiber-optic test equipment is likely to reduce the rate of overall sales growth in the first half of 1987.