TransTechnology Loses $4.63 Million in Quarter

TransTechnology Corp., a defense and industrial products concern based in Sherman Oaks, posted a $4.63-million fiscal fourth-quarter loss and suspended its quarterly dividend.

The loss in the quarter ended March 31, which TransTechnology had predicted, contrasted with a $5.26-million profit a year earlier and came on a 13% drop in revenue to $62.4 million from $71.6 million. TransTechnology said the latest loss included a $3-million loss from operations and $10 million to $12 million in writedowns, mainly to lower the value of its inventory.

For the full year, TransTechnology lost $8.44 million on revenue of $198.5 million. The previous year, it earned $9.24 million on revenue of $219 million.

TransTechnology said it suspended its common-share dividend as part of a revised credit arrangement with its bank lenders. The company last paid a dividend of 24 cents a share in June.