STURBRIDGE, Mass., April 28 -- SpecTran Corporation reported that revenues for the first quarter of fiscal 1999 established a quarterly record of $20,380,000, an increase of 35 percent from revenues of $15,112,000 for the same period last year. Operating income was $1,483,000, up 85 percent from last year's first quarter results. Net income for the first quarter was $232,000 or $.03 per diluted share, compared with net income of $864,000 or $.12 per diluted share for the first quarter of 1998.
Commenting on the company's results, SpecTran's chairman and CEO Charles B. Harrison said, Sales and net income at our Specialty Optics subsidiary were at record levels for the first quarter owing in large part to strong demand and significantly improved margins. At Communication Fiber Technologies, sales volume was up with first quarter production exceeding first quarter 1998 production by 54 percent due to added capacity and continued manufacturing productivity gains.