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INCOME, REVENUE UP FOR CAL. MICROWAVE

SUNNYVALE, Calif.-California Microwave Inc.’s net income for the fiscal 1998 second quarter ended Dec. 31, after giving effect to the cost of about 7 cents per share to settle a shareholder class action lawsuit, was $1.9 million, or 11 cents per share, on sales of $66.6 million.

In comparison, California Microwave recorded a loss of $2.8 million, or 18 cents per share, on sales of $62.8 million for the fiscal 1997 second quarter.

During the quarter, California Microwave said it made significant progress in three key operations areas with the appointment of a new chief financial officer, an agreement to sell the STS division and the settlement of a shareholder class action lawsuit. Donna S. Birks was appointed executive vice president and CFO, succeeding George L. Spillane, who remains vice president and corporate secretary.

The company agreed to sell its STS Division to L-3 Communications Corp. for $27 million cash. California Microwave said it expects no gain or loss will be reported on the divestiture.

Without admitting any wrongdoing, California Microwave settled a shareholder class action lawsuit that was filed against it and some of its officers in November 1995. The net expense of the settlement to the company recorded in this quarter amounted to about $1.9 million, said the company.

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