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Saturday, Dec 2, 2023

Briefs: Tylt, Northrop, Interlink, Mission Valley, Electro Rent

Mobile device accessory developer Tylt opened its new global headquarters in Simi Valley on Tuesday. The company occupies 60,000 square feet at 685 Cochran St. for its marketing, product development and sales teams. Tylt shares the building with Technocel, its parent, a developer and distributor of mobile device accessories. The new headquarters has about five times the space of Tylt’s previous Simi Valley offices. The company plans to hire about 40 additional workers in the coming months. Technocel also has offices in Chicago, London and Hong Kong. The Navigation Systems division of Northrop Grumman Corp. received a $3 million contract to supply navigation components for the NASA Solar Probe Plus program. Navigation Systems, headquartered in Woodland Hills, will deliver in May 2016 an inertial reference unit that will stabilize and coordinate attitude control of the craft, which will launch in 2018. The Solar Probe Plus will fly through and examine the sun’s outer atmosphere. The program is managed for NASA by the Johns Hopkins University Applied Physics Laboratory. “Our (component) was competitively selected for the Solar Probe Plus mission because of its unparalleled performance, accuracy and reliability,” said Bob Mehltretter, vice president, Navigation and Positioning Systems, Northrop Grumman Electronic Systems, in a prepared statement. Interlink Electronics Inc. swung to a profit in the second quarter as the company sharply increased revenue amid a global expansion. The Camarillo sensor technology company reported on Tuesday net income of $423,000 (14 cents a share), compared with a net loss of $1,000 (0 cents a share) in the same period a year earlier. Revenue rose 40 percent to $2.7 million. The company, which makes mouses, touch pads and other human-machine interfaces, opened Asian subsidiary Interlink Electronics Singapore Private Ltd., and European subsidiary Interlink Electronics Europe Ltd. in London in the past 12 months. Chief Executive Steven Bronson said the second quarter was the company’s most profitable since 2003. “This validates our belief that the need for Interlink’s human-machine interface solutions continues to grow as the world becomes more touch-centric and more internet connected,” Bronson said in a prepared statement. Shares were unchanged at $7.75 in over-the-counter trading. Mission Valley Bancorp reported on Tuesday sliding earnings for the second quarter due to a drop in interest income. The Sun Valley holding company, which operates Mission Valley Bank, posted net income of $610,000 in the quarter ended June 30, compared with $947,000 in the same period a year earlier. Assets were largely flat at $254 million and deposits fell about 1 percent to $213 million. Net interest income fell nearly 9 percent to $5.2 million. “Earnings continue to be impacted by the extended period of low interest rates,” said Chief Executive Tamara Gurney in a statement. “Mission Valley has weathered the Great Recession, addressing its credit challenges while also maintaining a strong foundation with a solid balance sheet and steady earnings.” Shares closed down 35 cents, or 5.5 percent, to $6.05 in over-the-counter trading. Electro Rent Corp. reported weaker fiscal fourth quarter earnings, as softness in the aerospace and defense markets offset growth in its telecommunications business. The Van Nuys supplier of computer and electronic test equipment reported net income of $4.6 million (19 cents a share) for the quarter ended May 31, compared with $6.4 million (26 cents) in the same period a year earlier. Revenue fell 4 percent to $34 million. Chief Executive Daniel Greenberg said federal budget cuts led to slower aerospace and defense sales, but he was hopeful that pressures by the Pentagon to get its contractors to cut costs will bring in more domestic equipment rentals. “In our judgment, rentals will become a more critical focus in the decision-making process, as the best, strongest and most productive companies will need to turn to rentals as one of their equipment procurement choices to avoid large upfront capital costs,” Greenberg said in a prepared statement. Shares closed down 48 cents, or 3 percent, to $15.05 on the Nasdaq.

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