Shares of Hi-Shear Technology Corp. surged Friday after the company reported a 49 percent increase in net income for the fiscal year ended May 31.

The Torrance-based maker of electronics and pyrotechnics for the aerospace industry said its net income increased $3.4 million (50 cents per share), a 49 percent gain compared to $2.3 million (34 cents) for the same period a year earlier.

The Torrance-based company reported a 5 percent slide in revenues to $20.1 million.

Shares closed up $1.83, or 25 percent, to $9.23 Friday in trading on the American Stock Exchange.