Newport Corp. Earnings Drop 70%

Newport Corp., the Fountain Valley manufacturer of laboratory equipment, reported fiscal 1992 first-quarter net income of $161,000, or 2 cents per share, compared to $540,000, or 8 cents per share, a year earlier. Sales for the quarter ended Oct. 31 rose 16% to $17.3 million from $14.9 million. Sales for the period were higher due to inclusion of part of the revenue of an acquisition made in June. Richard E. Schmidt, chairman and chief executive, said weakness in the company’s principal domestic market, along with only a partial consolidation of its major acquisition, were the most significant factors in the 70% drop in first-quarter earnings.