Whittaker Corp.’s 1st Quarter Rebounds From a Rocky 1997

After a difficult 1997, Simi Valley-based Whittaker Corp. returned to profitability in the first quarter ended Jan. 31.

Sales from continuing operations were $31.79 million, compared with $19.69 million for the first quarter of fiscal year 1997. The profit from continuing operations was $5.49 million compared with $1.13 million for the first quarter last year.

Net income from continuing operations was $322,000, or 3 cents per share, compared with a net loss of $2.54 million, or 23 cents per share, for the first quarter of last year.

“The Safety Systems division of our aerospace group has overcome the difficulties it experienced in moving from Concord to our Simi Valley campus and is poised for a strong year in 1998,” Whittaker chairman and CEO Joseph F. Alibrandi said.

“In addition, since the end of the first quarter, debt has been further reduced by $39 million,” he said. “This reduction will reduce interest expense . . . and enable us to refinance the remaining bank debt at substantially lower interest rates.”

Officials said the company’s remaining debt is $88 million.

The company also reported a first-quarter gain of $10.08 million, or 90 cents per share, from the disposal of discontinued operations, most of that coming from the sale of Whittaker Xyplex during the first quarter.

Whittaker develops fluid control and fire safety systems for aerospace and industrial uses and turnkey data networking products for hospitals and other enterprises.