-----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, BAK/GncElQ/aqPG7iglXWjfkbuflmrThPI3VGaoGz8O0Tg6IiBMLe/0Obe7rVuIW kRMU2RQTPgPvNrFg4VwfzQ== 0000898430-98-000753.txt : 19980304 0000898430-98-000753.hdr.sgml : 19980304 ACCESSION NUMBER: 0000898430-98-000753 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980302 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980303 SROS: NYSE SROS: PCX 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: 98556118 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 DATED MARCH 2, 1988 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) MARCH 2, 1998 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 1998. A copy of the press release dated March 2, 1998 is attached hereto as Exhibit 99.1. The Registrant also restated its Selected Financial Data and Quarterly Financial Data to reflect the effect of Financial Accounting Standards No. 128 "Earnings Per Share." During 1997 the Financial Accounting Standards Board issued Financial Accounting Standards No. 128 "Earnings Per Share" which is effective for the Registrant beginning with the first quarter of fiscal 1998. Statement 128 replaces the previously reported primary and fully diluted earnings per share with basic and diluted earnings per share. Unlike primary earnings per share, basic earnings per share excludes the potential dilutive effect of common stock equivalents such as stock options, warrants and convertible securities. Diluted earnings per share is similar to the Registrant's previously reported primary and fully diluted earnings per share. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (C) EXHIBITS Exhibit No. Description ----------- ----------- 99.1 Press Release, dated March 2, 1998. 99.2 Selected Financial Data and Quarterly Financial Data (Restated under FAS No. 128) 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 and General Counsel Dated: March 2, 1998 2 EXHIBIT INDEX ------------- Exhibit No. Description - ----------- ----------- 99.1 Press Release, dated March 2, 1998. 99.2 Selected Financial Data and Quarterly Financial Data (Restated under FAS No. 128) 3 EX-99.1 2 PRESS RELEASE DATED MARCH 2, 1998 EXHIBIT 99.1 [LOGO OF WHITTAKER] NEWS RELEASE WHITTAKER CORPORATION 1955 N. Surveyor Avenue, Simi Valley, California 93063 805/526-5700 Release: March 2, 1998 Contact: John Otto Chief Financial Officer (805) 526-5700, ext. 662 WHITTAKER CORPORATION FIRST QUARTER 1998 OPERATING PROFIT UP 384% SIMI VALLEY, CA, MARCH 2, 1998-- Whittaker Corporation (NYSE: WKR) today announced the results of its operations for the first quarter ended January 31, 1998. Commenting on the quarter, Joseph F. Alibrandi, Chairman and Chief Executive Officer said, "The first quarter of 1998 marks our return to profitability after a difficult 1997. The Aerospace group results demonstrate the strength and vitality of our aerospace business. The Safety Systems division of our Aerospace group has overcome the difficulties it experienced in moving from Concord, California to our Simi Valley, California campus and is poised for a strong year in 1998. In addition, since the end of the first quarter, debt has been further reduced by $39 million. This reduction will reduce interest expense going forward and enable us to refinance the remaining bank debt at substantially lower interest rates." CONTINUING OPERATIONS --------------------- Sales from continuing operations for the current quarter were $31,799,000, compared to $19,690,000 for the first quarter of fiscal year 1997. Operating profit from continuing operations for the first quarter of 1998 was $5,498,000 compared to $1,136,000 for the first quarter last year. Net income from continuing operations for the current quarter was $322,000, or $0.03 per share, compared to a net loss from continuing operations of $2,549,000, or $0.23 per share, for the first quarter last year. DISCONTINUED OPERATIONS ----------------------- The Company is also reporting a gain on disposal of discontinued operations in the first quarter of 1998 of $10,085,000, or $0.90 per share, resulting largely from the sale of Whittaker Xyplex, Inc., during the first quarter. CREDIT AGREEMENT ---------------- The Company also announced that its bank lending group has waived compliance with certain financial ratio covenants in the Company's credit agreement until March 31, 1998. Statements made herein that are not based on historical fact are "forward looking statements" within the meaning of the Private Litigation Reform Act of 1995. Actual results could differ from these forward looking statements for many reasons including failure to retain customers or to attract new customers, development of competing products, and delays in developing new products and markets. Whittaker Corporation develops innovative fluid control and fire safety systems for aerospace and industrial applications and turnkey data networking solutions for hospitals and other enterprises. For additional information on Whittaker, contact the Internet Home Page at http://www.wkr.com. # # # WHITTAKER CORPORATION CONSOLIDATED STATEMENTS OF INCOME ($ in 000) UNAUDITED
For the Three Months Ended January 31, 1998 1997 ------------- -------------- (restated) Sales..................................................................... $ 31,799 $ 19,690 Costs and expenses Cost of sales........................................................... 18,689 12,253 Engineering and development............................................. 337 224 Selling, general and administrative..................................... 7,275 6,077 ------------- -------------- Operating Profit 5,498 1,136 Interest expense........................................................ 4,906 3,828 Interest income......................................................... (218) (149) Other expense........................................................... 482 6 ------------- -------------- Income (loss) from continuing operations before provision (benefit) for taxes....................................................... 328 (2,549) Provision (benefit) for taxes............................................. 6 -- ------------- -------------- Income (loss) from continuing operations.................................. 322 (2,549) Discontinued operations Loss from discontinued operations....................................... -- (15,534) Gain on disposal of discontinued operations............................. 10,085 -- ------------- -------------- Net income (loss)......................................................... $ 10,407 $ (18,083) ============= ============== Average common shares outstanding (000)................................... 11,205 11,116 ============= ============== Basic income (loss) per share Continuing operations................................................... $ .03 $ (.23) Discontinued operations Loss from discontinued operations..................................... -- (1.40) Gain (loss) on disposal of discontinued operations.................... .90 -- ------------- -------------- Net income (loss) per share............................................... $ .93 $ (1.63) ============= ============== Diluted income (loss) per share Continuing operations................................................... $ .03 $ (.23) Discontinued operations Loss from discontinued operations..................................... -- (1.40) Gain (loss) on disposal of discontinued operations.................... .88 -- ------------- -------------- Net income (loss) per share............................................... $ .91 $ (1.63) ============= ==============
WHITTAKER CORPORATION CONSOLIDATED BALANCE SHEETS ($ in 000)
At January 31, At October 31, 1998 1997 --------------- --------------- (Unaudited) ASSETS - ------ Current Assets - -------------- Cash.................................................... $ 37,550 $ 6,366 Receivables............................................. 24,597 27,337 Inventories............................................. 38,194 37,032 Other current assets.................................... 1,777 914 Income taxes recoverable................................ 3,238 3,238 Deferred income taxes................................... 11,291 11,244 Net current assets of discontinued operations........... (428) 7,766 --------------- --------------- Total Current Assets.................................... 116,219 93,897 --------------- --------------- Property and equipment, at cost......................... 31,850 31,381 Less accumulated depreciation and amortization.......... (22,060) (21,550) --------------- --------------- Net Property and Equipment.............................. 9,790 9,831 --------------- --------------- Other Assets - ------------ Goodwill, net of amortization........................... 13,942 14,032 Other intangible assets, net of amortization............ 1,070 1,119 Notes and other noncurrent receivables.................. 3,380 3,443 Other noncurrent assets................................. 9,081 7,672 Net assets held for sale or development................. 15,214 15,214 Net noncurrent assets of discontinued operations........ -- 22,234 --------------- --------------- Total Other Assets...................................... 42,687 63,714 --------------- --------------- Total Assets $ 168,696 $ 167,442 =============== =============== LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current Liabilities - ------------------- Current maturities of long-term debt.................... $ 127,313 $ 129,353 Accounts payable........................................ 10,126 9,579 Accrued liabilities..................................... 25,876 31,331 --------------- --------------- Total Current Liabilities............................... 163,315 170,263 --------------- --------------- Other Liabilities - ----------------- Long-term debt.......................................... 91 222 Other noncurrent liabilities............................ 12,174 12,603 Deferred income taxes................................... 13,432 15,077 --------------- --------------- Total Other Liabilities................................. 25,697 27,902 --------------- --------------- Stockholders' Equity - -------------------- Capital stock Preferred stock....................................... 1 1 Common Stock.......................................... 112 112 Additional paid-in capital.............................. 72,041 72,041 Retained earnings....................................... (92,470) (102,877) --------------- --------------- Total Stockholders' Equity.............................. (20,316) (30,723) --------------- --------------- Total Liabilities and Stockholders' Equity $ 168,696 $ 167,442 =============== ===============
WHITTAKER CORPORATION INDUSTRY SEGMENT DATA ($ in 000) UNAUDITED
For the Three Months Ended January 31, 1998 1997 ------------- --------------- (restated) SALES: Aerospace............................... $ 28,980 $ 19,690 Integration Services.................... 2,819 -- ------------- --------------- $ 31,799 $ 19,690 ============= =============== OPERATING PROFIT (LOSS): Aerospace............................... $ 8,078 $ 3,485 Integration Services.................... (538) -- Corporate and Other..................... (2,042) (2,349) ------------- --------------- $ 5,498 $ 1,136 ============= ===============
EX-99.2 3 SELECTED FINANCIAL DATA Exhibit 99.2 SELECTED FINANCIAL DATA AND QUARTERLY FINANCIAL DATA (Restated Under FAS No.128) During 1997 the Financial Accounting Standards Board issued Financial Accounting Standards No. 128 "Earnings Per Share" which is effective for the Company beginning with the first quarter of fiscal 1998. Statement 128 replaces the previously reported primary and fully diluted earnings per share with basic and diluted earnings per share. Unlike primary earnings per share, basic earnings per share excludes the potential dilutive effect of common stock equivalents such as stock options, warrants and convertible securities. Diluted earnings per share is similar to the previously reported primary and fully diluted earnings per share. Following are restated earnings per share amounts for prior periods computed in compliance with Statement 128 as well as other required disclosures.
Selected Financial Data: 1997 1996 1995 1994 1993 ---- ---- ---- ---- ---- Earnings (loss) per share - ------------------------- Basic earnings (loss) per share - Continuing operations, before accounting change and extraordinary item (2.95) 0.98 0.78 0.71 0.16 Accounting change 0.00 0.00 0.00 0.00 0.18 Discontinued operations (11.42) (2.69) 0.15 0.48 0.54 Extraordinary item (0.31) 0.00 0.00 0.00 0.00 Net income (loss) (14.68) (1.71) 0.93 1.19 0.88 Diluted earnings (loss) per share - Continuing operations, before accounting change and extraordinary item (2.95) 0.93 0.69 0.64 0.13 Accounting change 0.00 0.00 0.00 0.00 0.16 Discontinued operations (11.42) (2.56) 0.13 0.42 0.47 Extraordinary item (0.31) 0.00 0.00 0.00 0.00 Net income (loss) (14.68) (1.63) 0.82 1.06 0.76
Quarterly Financial Data:
First Second Third Fourth Quarter Quarter Quarter Quarter Year ------- ------- ------- ------- ------- 1997 Loss per share - -------------- Basic loss per share - Continuing operations (0.23) (0.42) (0.71) (1.60) (2.95) Discontinued operations (1.40) (2.67) (1.72) (5.61) (11.42) Extraordinary item 0.00 0.00 0.00 (0.31) (0.31) Net loss (1.63) (3.09) (2.43) (7.52) (14.68) Diluted loss per share - Continuing operations (0.23) (0.42) (0.71) (1.60) (2.95) Discontinued operations (1.40) (2.67) (1.72) (5.61) (11.42) Extraordinary item 0.00 0.00 0.00 (0.31) (0.31) Net loss (1.63) (3.09) (2.43) (7.52) (14.68) 1996 Earnings (loss) per share - ------------------------- Basic earnings (loss) per share - Continuing operations 0.29 0.59 0.07 0.08 0.98 Discontinued operations (0.07) (1.10) (0.61) (0.82) (2.69) Net income (loss) 0.22 (0.51) (0.54) (0.74) (1.71) Diluted income (loss) per share - Continuing operations 0.25 0.55 0.07 0.08 0.93 Discontinued operations (0.05) (1.02) (0.58) (0.79) (2.56) Net income (loss) 0.20 (0.47) (0.51) (0.71) (1.63)
Page 2 The following table sets forth the computation of basic and diluted earnings (loss) per share:
(Dollar amounts in thousands except per share amounts) F/Y 1997 F/Y 1996 F/Y 1995 -------- -------- -------- Basic Earnings (Loss) Per Share - ------------------------------- Income (loss) from continuing operations (32,930) 9,817 6,627 Less preferred dividends - 1 4 ---------- ---------- --------- Income (loss) from continuing operations available for common stockholders (32,930) 9,816 6,623 ========== ========== ========= Weighted average common shares outstanding 11,144,087 10,009,666 8,531,529 Adjustments - - - ---------- ---------- --------- Common shares used for basic earnings (loss) per share computations 11,144,087 10,009,666 8,531,529 ========== ========== ========= Basic earnings (loss) per share from continuing operations (2.95) 0.98 0.78 ========== ========== ========= Diluted Earnings (Loss) Per Share - --------------------------------- Income (loss) from continuing operations used in basic earnings (loss) computations, above (32,930) 9,816 6,623 Adjustments - - - ---------- ---------- --------- Income (loss) from continuing operations used in diluted earnings (loss) per share calculations (32,930) 9,816 6,623 ========== ========== ========= Common shares used for basic earnings (loss) per share computations, above 11,144,087 10,009,666 8,531,529 Effect of dilutive securities - Series D convertible preferred stock - 212,429 292,304 Stock options, using the treasury stock method - 291,115 801,661 ---------- ---------- --------- Common shares used for diluted earnings (loss) per share computations 11,144,087 10,513,210 9,625,494 ========== ========== ========= Diluted earnings (loss) per share from continuing operations (2.95) 0.93 0.69 ========== ========== =========
The following potentially dilutive securities were excluded from the above diluted earnings (loss) per share calculations because their inclusion would have been anti-dilutive.
F/Y 1997 F/Y 1996 F/Y 1995 -------- -------- -------- Stock options 829,298 630,427 115,178 Common shares issuable upon conversion of convertible subordinated debt 618,556 618,556 333,069
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