Watkins-Johnson Co. reported first-quarter net income of $9.7 million, or $1.15 per share, compared with net income of $2.5 million, or 30 cents per share, for the first quarter last year.
Sales for the quarter totaled $68.7 million, compared with sales of $67.2 million for the first quarter of 1997.
Watkins-Johnson said orders for semiconductor equipment products were weaker than expected, but it achieved progress with its wireless infrastructure line of products during the quarter. The company initiated operations at its Milpitas, Calif., gallium-arsenide and thin-film fabrication facility and booked two large-volume orders for wireless local loop products.
The company said first-quarter results reflect the sale of about 14 acres of unused property at the company’s San Jose, Calif., site for a pre-tax gain of $14.8 million.
