Whittaker Corp.’s Loss Balloons to $27 Million
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Whittaker Corp. posted a net loss of $27.1 million for its third quarter, compared to a net loss of $5.9 million a year earlier.
Revenues for the quarter ended July 31 were $48.6 million, down 22% from $62.2 million a year ago.
For the nine months, Whittaker reported a net loss of $79.6 million, compared to a net loss of $8.9 million and revenues of $143.4 million, down 7% from $154.2 million a year earlier.
The company announced that it signed an agreement to sell its defense electronics unit to condor Systems Inc.
“Operationally, our core commercial aerospace business continues to perform well, with sales again increasing over the prior quarter,” said Chairman and CEO Joseph F. Alibrandi. “With the expectation that we will accomplish our debt reduction plan by the end of this year, we look forward to a focused company in a strong market cycle for our 1998 fiscal year and beyond.”
The Simi Valley-based company manufactures electronic products for the telecommunications and aerospace industries.
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