TransTechnology Corp. Earnings Drop 36%

TransTechnology Corp., citing increased spending on engineering and research and development, said earnings from its operations dropped 36% to $1.1 million, or 21 cents a share, from $1.7 million, or 31 cents a share, a year earlier.

Overall net income for the Sherman Oaks aerospace company fell 60% to $1.1 million from $2.7 million, or 50 cents a share, in the year-earlier period, when the company had a one-time gain of $1 million caused by a change in accounting regulations.

TransTechnology’s revenue in the period rose 13% to $49.9 million from $44.0 million a year earlier.