Newtown-based medical test manufacturer Meridian Bioscience Inc. Tuesday reported a 114 percent increase in net profit for the last quarter over the same period the previous year.

        The performance resulted in profit of just under $1.2 million and share earnings of 8 cents. It came less than a year after the company got a bad review from federal regulators about its manufacturing procedures that forced 50 layoffs and forced a major restructuring at the company.

        Meridian lost $8.2 million and had a loss of 56 cents a share in the December 2000 quarter.

        The company also turned in the recent results on fewer sales — $13.6 million compared with $15.3 million in the same quarter in 2001.

        The company's stock price rose 5 cents to close at $6.20 Tuesday.

        “We are very, very pleased with our first quarter and we hope that it is evidence to you that our company is under strong, controlled management,” Meridian president and chief operating officer Jack Krautler said at the company's annual meeting.

        Meridian operates on an October-September fiscal year.

        In other reports:

        • LSI Industries Inc.: The Blue Ash-based supplier of lighting and graphics reported a 52 percent increase in fiscal second quarter earnings on record sales.

        For the three months ended Dec. 31, LSI said net income was $4.6 million, or 29 cents a share, up from $3 million, or 19 cents a share, in the year ago period.

        Revenues increased 28 percent to $76.7 million from $59.8 million a year ago.

        The company said higher shipments for image conversion programs for the petroleum/convenience store market and the effect of cost-cutting in the first quarter contributed to the improved results.

        • International Paper Co. (IP): The paper conglomerate with operations in the Tristate Tuesday reported a fourth-quarter net loss of $572 million, or $1.19 a share, compared with a net loss of $371 million, or 85 cents a share, a year ago.

        Excluding one-time charges, IP reported profits of $58 million, or 12 cents a share.

        Analysts polled by Thomson Financial/First Call had expected a per-share profit of 3 cents before unusual items.

        IP has announced a series of layoffs, including 3,000 job cuts in June.

        Since acquiring Champion International in June 2000, IP has sold $2.7 billion in businesses including Champion's Hamilton mill.

        IP's fourth-quarter sales were $6.3 billion, down 12.5 percent from $7.2 billion in the same period last year.

        For the year, IP had a net loss of $1.2 billion, or $2.50 a share, on revenue of $26.4 billion.

        That compared with a profit of $142 million, or 32 cents per share, on revenue of $28.2 billion for 2000.

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