Blaming a combination of continued losses on two defense projects, unforeseen construction delays and start-up costs of new projects, Ultrasystems Inc. said its fiscal 1988 second-quarter profits plunged to $93,000, a 96% drop from the $2.2 million posted the year before.
The Irvine engineering and construction company said revenues for the period ended July 31 were $33 million, nearly 17% below the $39.6 million recorded the prior year.
For the first six months of the fiscal year, profits were $742,000, 79% below the $3.5 million posted last year. Revenues were $62 million, 21% below the $78.2 million reported last year.
Chairman Philip Stevens said the company believes that profits will increase in the second half of the year and that annual revenues will total about $160 million, a more modest increase over last year's $155 million than previously forecast.