Hi Shear Technology Corp. said Thursday its fiscal first quarter earnings slid 5 percent as the maker of pyrotechnic and other products for the aerospace and defense industries prepares to be acquired by a British company.

After the markets closed, the Torrance company reported net income of $1.1 million (16 cents per share) for the fiscal quarter ended Aug. 31, compared with net income of $1.16 million (17 cents) a year ago. Revenue fell 9 percent to $5.5 million.

Gross margins for the quarter increased to 57 percent of revenues, compared to 49 percent a year ago. The company, which has agreed to be acquired by Chemring Group PLC for $132 million, said the increased gross product margin was offset by merger-related expenses incurred during the quarter.

Before the announcement, shares closed unchanged at $19.14 on the New York Alternet.