STM Wireless Inc.: The Irvine maker of...

STM Wireless Inc.: The Irvine maker of satellite and wireless communications products posted a 53.5% gain in net income for the second quarter on a 46% increase in revenue.

The company attributed the revenue gain to product shipments under a $30-million contract for a rural telephone network in Southeast Asia. Shipments should continue in the third and fourth quarters, STM said.

Second-quarter net income climbed to $720,000, or 12 cents a share, from $469,000, or 8 cents a share, a year earlier. Revenue totaled $14.3 million, up from $9.8 million. First-half profit grew 7% to $936,000, or 16 cents a share, from $873,000, or 15 cents a share, for the same period last year. Revenue rose 26% to $21.8 million from $17.3 million.