El Segundo-based Wyle Laboratories posted first-quarter earnings of $1.18 million, 73% higher than the year-ago period (before a gain from the sale of land.) Sales were up 20%. However, the company posted an 11% decline in operating income, which Chairman Stanley A. Wainer attributed to highly competitive pricing and a shift in product mix.
FOR THE RECORD
Los Angeles Times Friday May 29, 1987 Home Edition Business Part 4 Page 2 Column 6 Financial Desk 2 inches; 67 words Type of Material: Correction
The Times incorrectly reported Thursday that El Segundo-based Wyle Laboratories posted an 11% decline in operating income for its first quarter ended April 30. Actually, the company showed an overall increase of 49% in operating income from the year before (excluding a gain on land sale), despite an 11% drop in the operating results of its electronics marketing group. Net income rose 73% (excluding the land sale gain) to $1.18 million, while sales were up 20% to $86.25 million.