Losses at HCC Subsidiary Blamed for Poor Showing
HCC Industries reported a net loss of $2.3 million, or $1.34 per share, for its fiscal year ended March 28, contrasted with a profit of $10,000, or 1 cent a share, a year ago.
Sales for the fiscal year were $35.5 million, up from $32.5 million a year earlier.
The Encino manufacturer of precision electronic components attributed the results to continuing losses at its subsidiary, Hermetite, as well as decreased earnings at other hermetic-sealing subsidiaries.
Last spring, HCC announced it planned to dispose of its non-hermetic-sealing operations and concentrate on its hermetic-sealing group. The company is negotiating to sell Merrimack Magnetics Corp., its power-conversion components subsidiary.
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