Applied Circuit Technology Inc. reported its first quarterly earnings in 21 months, posting net income of $1.65 million for the second quarter of its fiscal 1987.
The earnings, however, did not come from continuing operations. Instead, they include a gain of $1.5 million from the sale of ACT's computer electronics division and leasehold improvements at its former corporate headquarters and electronics manufacturing facility in Anaheim.
Also reflected in the second-quarter earnings, the company said, is a $565,950 tax benefit. In a restatement of its fiscal 1986 second quarter, ACT reported a net loss of $1.4 million.
Revenue from continuing operations for the period ended April 30 was $4 million, compared with $1.7 million a year earlier.
The fiscal 1987 second-quarter figures reflect only the continuing operations of ACT's Gardena-based drug and pharmaceuticals business. Results for the year-ago period were restated to reflect only the operations of those subsidiaries from the date of their acquisition on March 21, 1986.