Whittaker Corp.: The Los Angeles-based aerospace and...

Whittaker Corp.: The Los Angeles-based aerospace and biotechnology company, which is restructuring and selling some operations, reported a $2.6-million loss from continuing operations in the third quarter ended July 31, contrasted with profit of $2.2 million in the same period last year. Income from continuing operations was reduced by a non-recurring pretax charge of $10.2 million, which included $6.4 million in expenses “incurred in various efforts to maximize shareholder value, including efforts to sell the company” as well as $3.8 million for canceling employee stock options as part of Whittaker’s recapitalization. Operating profit from continuing operations for the quarter rose 41.5% to $10.5 million. Sales increased 1.9% to $50.8 million. Whittaker reported a negative shareholders equity of $57.8 million on July 31 because it charged to equity the $280.9 million in cash paid to shareholders as part of the restructuring and $2.8 million in expenses from the recapitalization.