Hi-Shear Technology Corp. said Tuesday that its third-quarter net income rose 18 percent, largely due to improved efficiencies in manufacturing.

After the markets closed, the Torrance maker of pyrotechnic, mechanical, and electronic products for the aerospace and defense industries reported net income of $910,000 (13 cents per share) for the quarter ended Feb. 28, compared with net income of $769,000 (11 cents) a year before.

Revenue fell 11 percent to $5.58 million, as several customers delayed releasing their production requirements to Hi-Shear. The company attributed the delays to the credit crunch and said it expects the problem to be temporary because its components are necessary for the successful completion of scheduled satellite launches.

Before the announcement, Hi-Shear shares closed down 23 cents, or 3.4 percent, to $7.05 on the NYSE Alternext.