Humphrey Inc. reported that net income rose...

Humphrey Inc. reported that net income rose by 35% to $313,346 for the year ended Dec. 31, 1989, up from $226,113 during 1988. Revenue rose by 64% to $18.4 million, up from $11.2 million a year ago.

P.E. Humphrey, chairman and president, said net income was “diminished by one program’s problems in passing lot tests and another large contract which was for a new IMU (inertial measurement unit). The IMU is a new item for which we have received a $3-million production contract. Pre-production engineering and qualification were partially written off in the fourth quarter.”

Humphrey, which has had “some growing pains” because of the dramatic increase in revenue, has “added and will continue to add personnel and facilities to accommodate new businesses.”