Hi-Shear Technology Corp. said net income rose 3 percent in its fiscal first quarter due to increased activity in its military aircraft product line.

The Torrance maker of components for the aerospace and defense market reported Wednesday that net income for the quarter ended Aug. 31 was $1.16 million (17 cents per share), compared to $1.13 million (17 cents) a year ago. Revenue rose 7 percent to $6.04 million.

The company did not provide guidance for the current quarter.

Hi-Shear shares, which closed down 3 percent on Wednesday, lost another 46 cents, or 5 percent, to $8.50 in morning trading on the American Stock Exchange.