High-tech conglomerate EG&G Inc. (Salem, MA) reported sales of $357.5 million for the first quarter of fiscal year 1999, up 7% from the $333.3 million reported for the first quarter of fiscal year 1998.
Net income for the quarter reached $14.1 million ($0.31 per share, diluted), up 24% from the $11.3 million ($0.25 per share, diluted) reported for the same period in the previous year.
In the Optoelectronics Business Segment, sales reached $100.5 million, up 58% from the $63.7 million reported in the previous year; the company attributed this increase to the acquisition of Lumen Technologies Inc. (Rye, NY) in December 1998 (see EG&G Acquires Lumen). Operating profit was up six fold to $7.8 million, or 7.8% of sales, compared to $1.3 million, or 2.0% of sales, in first quarter, 1998.
Revenue of this segment, excluding the acquisition of Lumen, was down 6% due to management's decision to exit both the automotive sensors business and assembly of printed circuit boards.