Valpey-Fisher Corp. of Hopkinton reported first quarter net earnings of $280,000, a nearly eightfold increase over the $33,000 in earnings the company reported for the same period a year ago.
According to Michael J. Ferrantino, the company’s president and CEO, the improved performance is due to “our strategy to move our company away from commodity products.”
Valpey-Fisher makes precision timing devices.
The company also reported gross profit for the quarter of $1.3 million, an operating income of $276,000, and net sales of $370,000, an increase of 13 percent over the first quarter of 2006.
