Thanks to a favorable settlement totaling $18.2 million of a patent-infringement lawsuit it filed against M/A-Com Inc., Oak Industries reported net income of $15.3 million for the third quarter ended Sept. 30. The company had a $2.7-million loss on continuing operations for the three-month period.
The profit, on revenue of $46.2 million, contrasts with a loss of $3.3 million on revenue of $34.7 million over the same quarter a year ago.
For the nine months ended Sept. 30, Oak reported a $12.5-million profit on revenue of $135.7 million, compared to net income of $63.1 million on revenue of $109.2 million over the same three quarters last year. The nine-month profit last year included an extraordinary gain on the sale of Oak's materials division.
Excluding the gain from the lawsuit, which centered on Oak's proprietary satellite cable TV reception technology, Oak does not expect to report an operating profit for 1987, the company said.