HCC Industries Blames Quarterly Loss on 2 Units
HCC Industries said it lost $362,000, or 20 cents a share, in its second quarter ended Sept. 27, versus net income of $140,000, or 8 cents a share, in the same period a year earlier. Sales rose 10.7%, to $9.6 million.
The Encino-based electronics concern cited costly production problems at its Hermetite subsidiary. Acquired by HCC in August, 1985, Hermetite makes glass-to-metal seals for the electronics industry. HCC also said its Merrimack Magnetics unit, which makes power conversion components for the computer industry, continued to lose money.
For the six months ended Sept. 27, HCC lost $546,000, or 31 cents a share, versus net income of $498,000, or 28 cents a share, a year earlier. Sales were $20.8 million, up 15.7%.
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