Cushman Cites One-Time Gain as It Reports Profit

Cushman Electronics Inc., a Newport Beach maker of radio and telephone test equipment, reported first-quarter profits of $36,000. But the profit came only because of an extraordinary gain of $142,000 from termination of the company’s pension plan.

Without the one-time gain for the period ended Dec. 31, the company said it would have lost $106,000 from its operations. In the year-ago period, the company lost $169,000.

Sales for the period were $1.89 million, 3% below the $1.94 million the year before. Cushman said the decline was caused by a slower-than-anticipated introduction of a new product line. The company said its backlog of orders at the quarter’s end was approximately $1.2 million, about $700,000 more than the year before.

Mark K. Howlett, vice chairman of Cushman Electronics, said the company intends to replace its old pension plan, which was funded entirely by the company, with a plan that includes employee contributions.