PairGain Technologies Inc.:

The Tustin manufacturer of networking systems reported first-quarter net income of $189.4 million, or $2.46 a share, which included a gain of $328.6 million from the sale of its microelectronics group. Without the gain and certain nonrecurring expenses, the company had an operating loss of $15.9 million.

In last year’s first three months, the company earned $4.2 million, or 6 cents a share. Quarterly revenue slipped slightly to $60.7 million from $60.9 million.

PairGain said the results met threshold conditions set as part of the pending sale of the company to ADC Telecommunications Inc. The transaction is expected to close by July 31.