Spectra-Physics income drops
Spectra-Physics Lasers (Mountain View, CA) reported a slight increase in sales and a drop in net income for the third quarter of FY1998, ended Sept 30. Sales were $39.7 million, up from $39.6 million in the third quarter of 1997. Net income was $2.3 million, or $0.14 per diluted share, down from $20.7 million, or $1.59 per diluted share, in the same period last year. The company said income from ongoing operations in the third quarter of 1997 was only $2.1 million, or $0.16 per diluted share. That number includes the effects of the reversal of performance-based stock-option plans and interest on loans and advances, which were converted to equity as part of Spectra-Physics`s initial public offering in December 1997. Company president Patrick L. Edsell called the business environment challenging. He said Spectra-Physics is trying to control costs and focus research and development on areas that will bring in money in the short term.