Whittaker Reports $2.6-Million Loss in Quarter

Whittaker Corp., which is planning to sell divisions that make up more than half of the company, on Wednesday reported a third-quarter net loss of $2.6 million but also recorded income from continuing operations of $1.8 million.

Whittaker last year reported net income of $8.5 million for the three months ended July 31. It had a $13.2-million loss from continuing operations during the year-ago quarter. Sales from continuing operations rose 25% to $99.9 million from $79.9 million.

Whittaker had a $4.4-million loss from discontinued operations, compared to income of $21.7 million in the third quarter of 1985.

Whittaker’s board has approved a plan to discontinue its health-care, metals, marine and hydraulic material handling equipment businesses as of July 31. Those operations, which are up for sale, are being treated as discontinued operations on the Westwood company’s financial statements. Whittaker is focusing on its remaining technology and chemicals businesses.

For the nine months, Whittaker reported a net loss of $5.5 million, compared to income of $22.9 million. Income from continuing operations was $3.8 million, compared to a loss of $12 million in the same period last year. Sales from continuing operations rose to $289.7 million from $218.2 million.

Whittaker had a loss from discontinued operations of $9.3 million for the nine months, compared to income of $34.88 million in the same period of 1985.

Whittaker attributed the loss from discontinued operations to start-up costs for its health maintenance organization operations, which the company agreed to sell in July.