-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TL9zaxgvQ4NYX8G4R4VCNj1MLrqHHvjFT6bxatjX3AjXljy2e7TulKUERf4ndUfj VkRcJRkPhEeRHa/1KycirQ== 0000898430-99-000716.txt : 19990302 0000898430-99-000716.hdr.sgml : 19990302 ACCESSION NUMBER: 0000898430-99-000716 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990301 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WHITTAKER CORP CENTRAL INDEX KEY: 0000106945 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FABRICATED METAL PRODUCTS [3490] IRS NUMBER: 954033076 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-05407 FILM NUMBER: 99554159 BUSINESS ADDRESS: STREET 1: 1955 NORTH SURVEYOR AVENUE CITY: SIMI VALLEY STATE: CA ZIP: 93063-3388 BUSINESS PHONE: 8055265700 MAIL ADDRESS: STREET 1: 1955 NORTH SURVEYOR AVENUE CITY: SIMI VALLEY STATE: CA ZIP: 93063-3388 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 1, 1999 WHITTAKER CORPORATION (Exact Name of Registrant as Specified in Its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 0-20609 95-4033076 (Commission File Number) (I.R.S. Employer Identification No.)
1955 N. Surveyor Avenue, Simi Valley, CA 93063 (Address of Principal Executive Offices) (805) 526-5700 (Registrant's Telephone Number, Including Area Code) Item 5. Other Events. The Registrant announced its earnings for the first quarter of 1999. A copy of the press release dated March 1, 1999 is attached hereto as Exhibit 99.1. Item 7. Financial Statements and Exhibits. (c) Exhibits
Exhibit No. Description - ----------- ----------- 99.1 Press Release, dated March 1, 1999
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WHITTAKER CORPORATION By: /s/ Lynne M. O. Brickner ------------------------------------- Lynne M. O. Brickner Vice President, Secretary and General Counsel Dated: March 1, 1999 2 EXHIBIT INDEX -------------
Exhibit No. Description - ----------- ----------- 99.1 Press Release, dated March 1, 1999
EX-99.1 2 PRESS RELEASE Exhibit 99.1 [LOGO OF WHITTAKER] NEWS RELEASE Whittaker Corporation 1955 N. Surveyor Avenue, Simi Valley, California 93063 805/526-5700 Release: March 1, 1999 Contact: John K. Otto Chief Financial Officer (805) 526-5700, ext. 662 WHITTAKER CORPORATION ANNOUNCES 48% INCREASE IN FIRST QUARTER OPERATING PROFIT Simi Valley, CA, March 1, 1999 -- Whittaker Corporation (NYSE: WKR) today announced the results of its operations for the first quarter ended January 31, 1999. Sales from continuing operations for the current quarter were $30,603,000, compared to $28,980,000 for the first quarter of fiscal year 1998. Operating profit from continuing operations for the first quarter of 1999 was $8,932,000 compared to $6,036,000 for the first quarter last year. Income from continuing operations for the current quarter was $7,034,000, or $0.62 per share (which included a tax benefit from a prior year capital loss of $2,197,000, or $0.19 per share), compared to $855,000, or $0.08 per share, for the first quarter last year. As previously announced, on January 11, 1999, the Company sold its Whittaker Porta Bella Project, located in Santa Clarita, California, to Santa Clarita, L.L.C., an affiliate of Phoenix, Arizona-based Remediation Financial, Inc., for $10,000,000 in cash, a $5,000,000 promissory note and a contingent interest in the final profit of the Project. Commenting on the quarter, Joseph F. Alibrandi, Chairman and Chief Executive Officer said, "During the quarter, the one remaining noncore asset was sold, debt was reduced another $13 million, and operating profit increased 48%. With strong operations and a sound financial base, the Company is well positioned to realize its full potential." * * * Statements made herein that are not based on historical fact are "forward looking statements" within the meaning of the Private Litigation Reform Act of 1995. Actual results could differ from these forward looking statements for many reasons, including the failure to attain a profit from the Project for the purpose of receiving a contingent interest. Whittaker Corporation develops innovative fluid control and fire safety systems for aerospace and industrial applications. For additional information on Whittaker, contact the Internet Home Page at http://www.whittaker.com. # # # Exhibit 99.1 WHITTAKER CORPORATION Consolidated Statements of Income ($ in 000) UNAUDITED
For the Three Months Ended January 31, 1999 1998 ------------- -------------- (restated) Sales..................................................................... $ 30,603 $ 28,980 Costs and expenses Cost of sales........................................................... 15,020 16,911 Engineering and development............................................. 147 249 Selling, general and administrative..................................... 6,504 5,784 ------------- -------------- Operating Profit 8,932 6,036 Interest expense........................................................ 1,325 4,906 Interest income......................................................... (364) (218) Other expense........................................................... 608 482 ------------- -------------- Income from continuing operations before provision for taxes.............. 7,363 866 Provision for taxes....................................................... 329 11 ------------- -------------- Income from continuing operations......................................... 7,034 855 Discontinued operations Loss from discontinued operations....................................... -- (533) Gain on disposal of discontinued operations............................. -- 10,085 ------------- -------------- Net income................................................................ $ 7,034 $ 10,407 ------------- -------------- Average common shares outstanding (000)................................... 11,388 11,205 ============= ============== Basic income (loss) per share Continuing operations................................................... $ .62 $ .08 Discontinued operations Loss from discontinued operations..................................... -- (.05) Gain on disposal of discontinued operations........................... -- .90 ------------- -------------- Net income per share...................................................... $ .62 $ .93 ============= ============== Diluted income per share Continuing operations................................................... $ .57 $ .08 Discontinued operations Loss from discontinued operations..................................... -- (.05) Gain on disposal of discontinued operations........................... -- .88 ------------- -------------- Net income per share...................................................... $ .57 $ .91 ============= ==============
Exhibit 99.1 WHITTAKER CORPORATION Consolidated Balance Sheets ($ in 000)
At January 31, At October 31, 1999 1998 ------------------- ------------------ (Unaudited) ASSETS - ------ Current Assets - -------------- Cash.................................................... $ 1,067 $ -- Receivables............................................. 14,497 19,415 Inventories............................................. 42,923 42,060 Other current assets.................................... 3,118 2,578 Income taxes recoverable................................ 195 195 Deferred income taxes................................... 19,645 21,800 ------------- ------------- Total Current Assets.................................... 81,445 86,048 ------------- ------------- Property and equipment, at cost......................... 28,711 30,462 Less accumulated depreciation and amortization.......... (19,123) (20,623) ------------- ------------- Net Property and Equipment.............................. 9,588 9,839 ------------- ------------- Other Assets - ------------ Goodwill, net of amortization........................... 13,588 13,677 Other intangible assets, net of amortization............ 870 922 Notes and other noncurrent receivables.................. 8,113 3,152 Other noncurrent assets................................. 8,495 7,726 Net assets held for sale................................ -- 15,214 ------------- ------------- Total Other Assets...................................... 31,066 40,691 ------------- ------------- Total Assets $ 122,099 $ 136,578 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current Liabilities - ------------------- Current maturities of long-term debt.................... $ 534 $ 1,043 Accounts payable........................................ 6,326 6,457 Accrued liabilities..................................... 22,683 30,039 --------------- --------------- Total Current Liabilities............................... 29,543 37,539 --------------- --------------- Other Liabilities - ----------------- Long-term debt.......................................... 47,873 60,368 Other noncurrent liabilities............................ 13,239 13,933 Deferred income taxes................................... -- 1,260 --------------- --------------- Total Other Liabilities................................. 61,112 75,561 --------------- --------------- Stockholders' Equity - -------------------- Capital stock Preferred stock........................................ 1 1 Common Stock........................................... 114 113 Additional paid-in capital.............................. 78,634 77,703 Retained deficit........................................ (47,305) (54,339) --------------- --------------- Total Stockholders' Equity.............................. 31,444 23,478 --------------- --------------- Total Liabilities and Stockholders' Equity $ 122,099 $ 136,578 =============== ===============
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