Safety Components International Inc.: The Costa Mesa...

Safety Components International Inc.: The Costa Mesa manufacturer of automotive airbags reported net income of $2.2 million, or 44 cents a share, for the fiscal year ended March 31, which included a charge of $1.3 million from an accounting change. That compares with net income of $4.9 million, or 99 cents a share, for the previous year. Sales were down 11% to $84 million from $94.9 million. Net income for the fourth quarter fell to $425,000, or 9 cents a share, from $1.2 million, or 24 cents a share. Sales increased 13% to $24.2 million from $21.5 million.

The company also said its North American Automotive unit received a $5-million airbag contract for the 1999 model year.