Pacific Scientific Expects Lower Earnings: The Newport...

Pacific Scientific Expects Lower Earnings: The Newport Beach company said Friday it is lowering its estimate of first-quarter net income because of delays in production of a new lighting system. Per-share net income will be “in the low teens,” compared to earnings of 22 cents per share a year ago, the company said. Pacific Scientific shares fell $2.125 to $21.125, a drop of 7.6%, before trading was halted on the Nasdaq market. The company said delays in the orders of Solium products and problems at its High Yield Technology Division contributed to the lower results. The company had net income of $2.5 million on sales of $64.8 million in the first quarter a year ago.