EIP Microwave Inc.: The Newport Beach manufacturer...

EIP Microwave Inc.: The Newport Beach manufacturer of test and measurement instruments said net income for its fiscal year ended Sept. 30 dropped to $127,000 from $771,000 for the previous year. The year-earlier results included a pretax charge to operations from the write-down of assets as well as a gain of $748,000 from an accounting change. Sales declined 18% to $11.3 million from $13.8 million. In the fourth quarter, EIP lost $107,000, contrasted with net income of $293,000 in the year-earlier period. Fourth-quarter sales decreased 39% to $2.2 million from $3.6 million. The company attributed the drop primarily to a significant decline in defense-related business.