Newport Corp.’s Profits Meet 2nd-Quarter Estimates

Newport Corp., which makes devices for testing and assembling fiber-optic products and semiconductors, on Wednesday said second-quarter profit rose about 36%, meeting estimates, but added that a steep downturn in orders would force it to reduce costs.

The Irvine company, which said June 9 that it would trim jobs and take charges, posted earnings of $12.1 million, or 32 cents a share, for the three months, up from $8.9 million, or 26 cents a share, a year ago. Analysts expected earnings of 32 cents a share, according to a survey by First Call/Thomson Financial.

Sales rose nearly 62% to $98.9 million.

Newport said it expects to earn $1.10 to $1.15 a share for the year, excluding nonrecurring items. Analysts have projected earnings of $1.12 a share. The company also said it will post charges of $1 million to $1.5 million for severance costs and $6 million to $10 million for third-quarter asset write-downs.

Third-quarter revenue should be slightly less than $73.6 million, and full-year revenue should be about $350 million to $360 million, Newport said.

The results were released after trading hours. Newport’s shares closed at $21.98, off $2.28, on Nasdaq.

Apria Healthcare Group Inc. in Costa Mesa reported a gain of 22% in net income for the second quarter, to $17.2 million, or 31 cents a share, from $14.1 million, or 26 cents a share, for the second quarter last year. Revenue was up 12% to $283.5 million.

Oakley Inc., a Foothill Ranch maker of sunglasses, goggles, watches, footwear and apparel, said second-quarter net income increased 28% to a record $23.6 million, or 34 cents a share, from $18.5 million, or 27 cents a share, a year ago. Sales rose 31% to a record $131.2 million.

Water Pik Technologies Inc. in Newport Beach reported second-quarter net income of $3.3 million, or 28 cents a share, up 6% from $3.1 million, or 31 cents a share, for the year-earlier period. Sales declined 5% to $73.5 million. Water Pik makes personal health care products, pool products and heating systems.

FileNet Corp., a Costa Mesa provider of business process management software and applications, said it lost $10.7 million, or 30 cents a share, for the second quarter, contrasted with net income of $7 million, or 19 cents a share, a year ago. The company said results were affected by one-time charges and a significant slowdown in software sales in Europe. Revenue declined 14% to $82.2 million.