TransTechnology Expects 1st Quarterly Loss in Years
TransTechnology Corp., a Sherman Oaks aerospace company, said it expects to suffer its first quarterly loss in 15 years when it reports results for the first quarter, which ended June 30.
Lee M. Parker, vice president and assistant to TransTechnology Chairman Arch C. Scurlock, said the loss stems from problems with quality control and cost overruns at its division in the Santa Clarita Valley that makes flares used by fighters to throw off heat-seeking missiles.
In addition, Parker said, TransTechnology’s results are being hurt by the cost of launching a new high-resolution monitor developed by its computer graphics business.
TransTechnology’s quarterly financial results are expected to be released in early August.
Separately, TransTechnology said it received an order for $10.5 million from LTV Aerospace and Defense Co. for it systems used to hoist equipment used in a U.S. Army rocket launcher.