Networks Electronic’s Quarter Profit Down 70%

Networks Electronic Corp., a Chatsworth maker of bearings and other components for the aerospace industry, said its third-quarter profit tumbled 70% from a year earlier on a 7% decline in revenue.

In the quarter ended Sept. 30, Networks Electronic’s net income fell to $17,350 from $57,734 a year earlier, while its revenue dropped to $1.77 million from $1.9 million.