Electronic Technology Group Inc. Wednesday reported a four-fold increase in its first-quarter profits, as the Jamestown-based company's sales more than tripled.
Much of the increase is due to the August acquisition of Advanced II Printed Circuit Technology Inc., an Arizona printed circuit board manufacturer. Even so, the first-quarter results include only 10 weeks of sales from ACT II.
Electronic Technology said its profits rose to $200,831, or 10 cents a share, compared with after-tax income of $50,463, or 5 cents a share, a year earlier.
Net sales rose to $4.2 million during the quarter ended Oct. 31 from $1.38 million.
The company's earnings per share rose at a slower pace than the overall profit because the number of outstanding shares almost doubled to 2.1 million from 1.1 million a year ago.
Electronic Technology's main business involves the installation of electronic components into electronic circuit boards, which then are installed within a final product. The company does business with firms in the medical, music, computer, climate-control and transportation industries.