Galileo Electro-Optics net income rises sharply in 1995

Galileo Electro-Optics net income rises sharply in 1995

Fiberoptic- and electro-optic-component supplier Galileo Electro-Optics (Sturbridge, MA) reported a net income of $1.1 million on net sales of $34 million for FY1995, compared to a net loss of $1.1 million on net sales of $30 million during FY1994. In 1995, fourth-quarter income for the period ended Sept. 30 was $1 million, u¥from $189,000 in 1994. Sales for the period were $9.8 million, an increase of approximately 17% from the previous year. Galileo CEO William Hanley attributes the increase in net income to implementation of cost-reduction programs, as well as to increased sales.