OCLI, Subsidiaries Report Earnings Gains
SANTA ROSA, Calif., Aug. 25 -- Optical Coating Laboratory Inc. announced that revenues for the third quarter of fiscal 1999 totaled $89.9 million, an increase of 33 percent over third quarter 1998 revenues of $67.3 million. Included in results for the third quarter of 1998 are revenues of $3.2 million reported by the company's MMG division, which was sold at the start of fiscal year 1999. MMG's income from operations and net income for the third quarter of 1998 were not material.
OCLI's income from operations for the third quarter of fiscal 1999 totaled $9.5 million, an increase of 48 percent over the $6.4 million reported in the third quarter of the prior year. Net income applicable to common stock totaled $6.2 million, or 41 cents per diluted share, a 52 percent increase in earnings per share compared with the $3.4 million, or 27 cents per diluted share, recorded in the third quarter of 1998.
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