Whittaker Posts Loss of $8.18 Million for Quarter, $17.12 Million for Year
Whittaker Corp. in Simi Valley reported significant losses for both the fourth quarter and the fiscal year that ended Oct. 31.
The net loss for the quarter was $8.18 million, or 74 cents per share. The company had a net income of $4.23 million, or 44 cents per share, for the quarter that ended Oct. 31, 1995.
Sales for the most recent quarter were $67.69 million, compared with $56.76 million for the fourth quarter of fiscal year 1995.
For fiscal year 1996, the net loss was $17.12 million, or $1.70 per share, compared with net income of $7.86 million, or 82 cents per share, in fiscal 1995. Factored into the 1996 figures were pretax charges of $11.7 million for acquired in-process research and development.
Sales for the year were almost $222 million, compared with $159.47 million for the previous year.
“The past year has been one of difficult transition for us,” said Joseph F. Alibrandi, Whittaker chairman and CEO. “We are taking the right steps needed to focus our efforts, increase our sales and reduce our expenses in both of our operating segments so that we can return to profitability in 1997 and lay the foundation for significant growth.”
Whittaker saw substantial increases in the sales and operating profits of its two aircraft products units in the last year, but the company experienced a substantial loss and reduction in sales in its defense electronics unit.
Whittaker Corp. provides technology and engineering products to the aerospace and communications industries.