Newport Corp. Reports Quarter’s Profits Down
Newport Corp. reported decreased profits for the first fiscal quarter ended Oct. 31 despite increased sales.
Net income declined by 22.8% to $1.3 million from $1.6 million.
Net sales for the Fountain Valley-based maker of laser optics instruments, however, jumped 14.5% to $11.1 million from $9.7 million a year ago.
The company blamed the drop in profits on increased selling expenditures. The company also said that the addition of a number of new products, which fill almost 25% of its new general catalogue, drove its manufacturing costs up over last year’s.
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