-----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, P4LHc98ZBMp1NMaK0Y3M50hNvGvVS6dVijY0PX3QAROM4JO96rJVpYN2HWY7jZYI lKPES7Cthf9mQeHik5lG6A== 0000898430-96-002300.txt : 19960530 0000898430-96-002300.hdr.sgml : 19960530 ACCESSION NUMBER: 0000898430-96-002300 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960528 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960529 SROS: NYSE SROS: PSE 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: 1934 Act SEC FILE NUMBER: 000-20609 FILM NUMBER: 96573341 BUSINESS ADDRESS: STREET 1: 10880 WILSHIRE BLVD STE 800 CITY: LOS ANGELES STATE: CA ZIP: 90024-4163 BUSINESS PHONE: 2134759411 8-K 1 FORM 8-K DATED 5-28-96 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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) MAY 28, 1996 WHITTAKER CORPORATION (Exact Name of Registrant as Specified in Its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 1-5407 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 On May 28, 1996, the Registrant announced its earnings for its second fiscal quarter, ended April 30, 1996. A copy of the press release is attached hereto as Exhibit 99.1. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (C) EXHIBITS Exhibit No. Description ----------- ----------- 99.1 Press Release, dated May 28, 1996 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/ Richard B. Levin --------------------- Richard B. Levin Vice President, Secretary and Chief Financial Officer Dated: May 28, 1996 EXHIBIT INDEX ------------- Exhibit No. Description - ----------- ----------- 99.1 Press Release, dated May 28, 1996. EX-99.1 2 PRESS RELEASE DATED 5-28-96 EXHIBIT 99.1 ------------ [WHITTAKER LOGO] NEWS RELEASE WHITTAKER CORPORATION 1955 N. Surveyor Avenue, Simi Valley, California 93063 805/526-5700 Release: May 28, 1996 Contact: Richard Levin (805) 526-5700, ext. 641 James Schultz (805) 526-5700, ext. 638 WHITTAKER REPORTS SECOND QUARTER RESULTS CONFIRMS PREVIOUSLY ANNOUNCED SECOND QUARTER COMMUNICATIONS SEGMENT LOSS SIMI VALLEY, CA., MAY 28, 1996-- Whittaker Corporation (NYSE: WKR) today announced the results of its operations for the second quarter, ended April 30, 1996. The net loss for the quarter was $4,890,000, or $0.52 per share, after a one-time charge of $11,700,000 ($0.75 per share after taxes) resulting from the write-off of acquired in-process research and development resulting from the Company's acquisition of Xyplex, Inc. on April 10, 1996. Net income for the quarter ended April 30, 1995 was $155,000 or $0.02 per share, after a charge for acquired in-process research and development of $3,250,000 ($0.20 per share after taxes) resulting from the Company's acquisition of Hughes LAN Systems, Inc. on April 24, 1995. Sales for the quarter were $47,605,000, compared to $31,682,000 for the second quarter of fiscal year 1995. As previously announced, the net loss reflected a loss for the quarter at the Company's Communications segment of $3,398,000, not including the charge for acquired in-process research and development. The Company's Aerospace Group reported increased sales and an operating profit of $6,079,000, after a previously announced charge of $540,000 ($0.03 per share after taxes) related to the streamlining of the Company's defense electronics unit. Also included in the results for the quarter was interest income of $5,200,000 ($0.33 per share after taxes) on an income tax refund received in the second quarter. For the six-month periods ended April 30, after charges for acquired in- process research and development, the net loss for 1996 was $3,000,000 or $0.33 per share, compared to net income of $1,875,000, or $0.20 per share in 1995. Sales for the first six months were $92,025,000, compared to $58,368,000 the previous year. "As we tackle the challenges of integrating Whittaker Xyplex, we remain confident that our strategy for growth in our communications segment remains sound," said Thomas A. Brancati, President and Chief Executive Officer. "We are excited about our internetworking and (more) remote access products and the contribution they will make." Whittaker Xyplex contributed $14,209,000 in sale in the quarter, $29,519,000 for the first six months. "Our Aerospace Group continues to perform well and to grow," Mr. Brancati added, "and we look forward to further improvements." During the second quarter of fiscal 1996, the Whittaker Aerospace Group contributed $33,396,000 to total sales, up from $31,682,000 in sales from the same quarter in the previous year. The Aerospace Group consists of Whittaker Controls, Whittaker Safety Systems and Whittaker Electronic Systems divisions. Whittaker Corporation, based in Simi Valley, Ca., provides products and services with a high technology and engineering content to the aerospace and communications industries, through its two principal operating segments. For additional information on Whittaker, contact the Internet Home Page at URL address: http://www.whittaker.com. # # # WHITTAKER CORPORATION Consolidated Statements of Income ($ in 000) (Unaudited)
For the Three Months For the Six Months Ended April 30, Ended April 30, 1996 1995 1996 1995 ---------- ---------- ---------- ---------- Sales ............................................... $ 47,605 $ 31,682 $ 92,025 $ 58,368 Costs and expenses Cost of sales .................................... 27,484 19,057 52,384 35,087 Engineering and development....................... 3,882 865 6,977 1,109 Selling, general and administrative............... 15,280 7,117 27,015 13,623 Acquired in-process research and development...... 11,700 3,250 11,700 3,250 Restructuring costs............................... 540 540 --------- ---------- --------- --------- Operating profit (loss).............................. (11,281) 1,393 (6,591) 5,299 Interest expense ................................. 2,031 1,192 3,686 2,414 Interest income .................................. (5,460) (202) (5,622) (330) Other expense (income)............................ 45 159 46 152 --------- ---------- --------- --------- Income (loss) before provision for taxes............. (7,897) 244 (4,701) 3,063 Provision (benefit) for taxes ....................... (3,007) 89 (1,701) 1,188 --------- --------- --------- --------- Net income (loss).................................... $ (4,890) $ 155 $ (3,000) $ 1,875 ========= ========= ========= ========= Average common and common equivalent shares outstanding (000)............... 9,471 9,582 9,136 9,585 --------- --------- --------- --------- Net income (loss) per share.......................... $ (0.52) $ 0.02 $ (0.33) $ 0.20 ========= ========= ========= =========
Note: Certain reclassifications have been made to 1995 numbers to conform to 1996 presentation. WHITTAKER CORPORATION Consolidated Balance Sheets ($ in 000)
At April 30, At October 31, 1996 1995 ------------ ------------- ASSETS (Unaudited) - ------ Current Assets - -------------- Cash ............................................. $ 1,931 $ 161 Receivables ...................................... 78,540 64,708 Inventories ...................................... 52,206 38,975 Other current assets ............................. 4,553 2,053 Income taxes recoverable ......................... 4,196 1,452 Deferred income taxes ............................ 19,813 15,151 --------- --------- Total Current Assets.............................. 161,239 122,500 Property and equipment, at cost .................. 108,819 78,059 Less accumulated depreciation and amortization ... (59,249) (36,641) --------- --------- Net Property and Equipment........................ 49,570 41,418 Other Assets - ------------ Goodwill, net of amortization .................... 93,382 33,414 Other intangible assets, net of amortization ..... 48,801 10,585 Notes and other noncurrent receivables ........... 3,806 4,218 Other noncurrent assets .......................... 15,222 11,709 Net assets held for sale ......................... 29,284 27,115 --------- --------- Total Other Assets ............................... 190,495 87,041 --------- --------- Total Assets $ 401,304 $ 250,959 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current Liabilities - ------------------- Current maturities of long-term debt ............. $ 9,669 $ 6,048 Accounts payable ................................. 18,360 14,650 Accrued liabilities .............................. 42,912 29,530 --------- --------- Total Current Liabilities......................... 70,941 50,228 Other Liabilities - ----------------- Long-term debt ................................... 141,568 70,694 Other noncurrent liabilities ..................... 11,240 11,340 Deferred income taxes ............................ 27,794 16,273 --------- --------- Total Other Liabilities........................... 180,602 98,307 Stockholders' Equity - -------------------- Capital stock Preferred stock ............................... 1 1 Common stock .................................. 110 86 Additional paid-in capital........................ 74,818 19,261 Retained earnings ................................ 74,832 83,076 --------- --------- Total Stockholders' Equity........................ 149,761 102,424 --------- --------- Total Liabilities and Stockholders' Equity $ 401,304 $ 250,959 ========= =========
Note: Certain reclassifications have been made to 1995 numbers to conform to 1996 presentation. WHITTAKER CORPORATION Industry Segment Data ($ in 000) (Unaudited)
For the Three Months For the Six Months Ended April 30, Ended April 30, 1996 1995 1996 1995 ---------- --------- -------- -------- SALES: Aerospace $ 33,396 $ 31,682 $ 62,506 $ 58,368 Communications 14,209 29,519 --------- -------- -------- --------- $ 47,605 $ 31,682 $ 92,025 $ 58,368 ========= ======== ======== ========= OPERATING PROFIT (LOSS): Aerospace $ 6,079 $ 6,611 $ 12,254 $ 12,160 Communications (15,098) (3,250) (14,801) (3,250) Corporate and Other (2,262) (1,968) (4,044) (3,611) --------- -------- -------- -------- $ (11,281) $ 1,393 $ (6,591) $ 5,299 ========= ======== ======== ========
Operating profit for 1995 and 1996 were affected by write-offs of acquired in- process research and development associated with purchase of communications businesses. Results in the Aerospace segment for 1996 also included a restructuring charge of $540,000. The following table provides a comparison of segment operating profit to operating profit excluding these special charges:
For the Three Months For the Six Months Ended April 30, Ended April 30, 1996 1995 1996 1995 ---------- --------- --------- --------- Aerospace operating profit $ 6,079 $ 6,611 $ 12,254 $ 12,160 Restructuring 540 540 ---------- --------- --------- --------- 6,619 6,611 12,794 12,160 ---------- --------- --------- --------- Communications operating loss (15,098) (3,250) (14,801) (3,250) Acquired in-process research and 11,700 3,250 11,700 3,250 development ---------- --------- --------- --------- (3,398) (3,101) ---------- --------- --------- ---------
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