Although sales increased nearly 10%, Newport Corp....
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Although sales increased nearly 10%, Newport Corp. reported that net income for fiscal 1987 declined to $4.8 million from $6.3 million a year earlier. Revenues increased to $44.6 million for the year ended July 31 from $40.8 million in 1986.
For the fourth quarter, the Fountain Valley manufacturer of laser equipment reported earnings of $1.3 million, compared to $1.7 million a year earlier. Sales increased to $12.7 million from $11.1 for the comparable period in 1986.
Newport Corp. blamed the earnings decline on increased expenses and a higher tax rate for 1987.
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