-----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, VZJ5yjWR5UEyEdSSwgQG4UuX00dZSTVqNl3lDD1Pmb74QMXQu+DKSoNXnHXsYzkW wFBsNjNm41rX4P4dR3dSRA== 0000898430-98-004398.txt : 19981215 0000898430-98-004398.hdr.sgml : 19981215 ACCESSION NUMBER: 0000898430-98-004398 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981214 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981214 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: 98768775 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 12/14/1998 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) DECEMBER 14, 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 On December 14, 1998, the Registrant announced its earnings for its fiscal year ended October 31, 1998 and for its fourth quarter of 1998. 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 December 14, 1998 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: December 14, 1998 2 EXHIBIT INDEX ------------- Exhibit No. Description ----------- ----------- 99.1 Press Release, dated December 14, 1998. 3 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: December 14, 1998 Contact: John Otto Chief Financial Officer (805) 526-5700, ext. 662 WHITTAKER CORPORATION ANNOUNCES FOURTH QUARTER AND FY1998 RESULTS SIMI VALLEY, CA, DECEMBER 14, 1998--Whittaker Corporation (NYSE: WKR) today announced the results of its operations for fiscal 1998 and the fourth quarter ended October 31, 1998. Commenting on the year, Joseph F. Alibrandi, Chairman and Chief Executive Officer, said, "Whittaker had an outstanding year in 1998. During the year, our two aerospace businesses achieved record sales and operating profits, debt was reduced by over $68 million, and nonaerospace assets were divested. With strong cash flow, a credit facility with over $36 million of availability and a strong market position, Whittaker is well positioned to grow in 1999." CONTINUING OPERATIONS - --------------------- Sales from continuing operations for fiscal 1998 were $131,477,000, compared to $89,782,000 for fiscal 1997. Operating profit from continuing operations for 1998 was $39,358,000, compared to an operating loss of $10,838,000 in the prior year. Operating profit for 1997 included a $15,677,000 writedown of an asset held for sale to its estimated fair value. Income from continuing operations for 1998 was $40,090,000, or $3.56 per share (which included benefits from prior year tax losses of $27,801,000, or $2.47 per share), compared to a loss from continuing operations of $28,287,000, or $2.54 per share, for the prior year. Sales from continuing operations for the fourth quarter of 1998 were $35,517,000, up from $26,345,000 in the fourth quarter of 1997. Operating profit from continuing operations for the fourth quarter of 1998 was $12,009,000, compared to an operating loss of $14,351,000 a year ago. Income from continuing operations for the fourth quarter of 1998 was $3,840,000, or $0.34 per share, compared to a loss from continuing operations of $17,889,000, or $1.60 per share, for the fourth quarter of 1997. Included in the 1998 fourth quarter income from continuing operations is a writedown of $2,200,000, or $0.19 per share, of the value of certain securities received in connection with the sale of Whittaker Xyplex, Inc. in the first quarter of 1998. DISCONTINUED OPERATIONS - ----------------------- The loss from discontinued operations for fiscal 1998 of $773,000, or $0.07 per share, includes the after-tax results of the Company's discontinued Integration Services business and benefits from prior year tax losses of $1,087,000. For fiscal 1997, the loss from discontinued operations, which included the Integration Services business and the Company's previously discontinued Communications segment and defense electronics unit, was $127,095,000, or $11.40 per share. For the fourth quarter of 1998, the loss from discontinued operations was $203,000, or $0.02 per share, compared to a loss of $57,869,000, or $5.18 per share, in the prior year. The gain of $9,221,000 on the disposal of discontinued operations for 1998 reflects primarily the after-tax gain on the sale of Whittaker Xyplex, Inc. during the first quarter of 1998 partially offset by adjustments in the fourth quarter of 1998 to the previously recorded values of certain assets and liabilities related to divested operations. * * * Statements made herein that are not based on historical fact are "forward looking statements" within the meaning of the Private Litigation Reform Act of 1995. Actual results could differ from these forward looking statements for many reasons including failure to retain customers or to attract new customers, development of competing products, delays in developing new products and markets, and the cyclical nature of the aerospace industry. Whittaker Corporation develops innovative fluid control and fire safety systems for aerospace and industrial applications. For additional information on Whittaker, contact the Internet Home Page at http://www.whittaker.com. # # # WHITTAKER CORPORATION Consolidated Statements of Income ($ IN 000) UNAUDITED
FOR THE THREE MONTHS FOR THE YEAR ENDED OCTOBER 31, ENDED OCTOBER 31, 1998 1997 1998 1997 --------- ---------- ---------- ---------- (restated) (restated) Sales................................................ $35,517 $ 26,345 $131,477 $ 89,782 Costs and expenses Cost of sales....................................... 15,830 19,474 65,915 60,549 Engineering and development......................... 166 197 757 894 Selling, general and administrative................. 7,512 5,348 25,447 23,500 Writedown of asset held for sale.................... -- 15,677 -- 15,677 ------- -------- -------- --------- Operating Profit (Loss) 12,009 (14,351) 39,358 (10,838) Interest expense.................................... 1,606 4,471 12,059 18,299 Interest income..................................... (717) (94) (1,914) (444) Other expense....................................... 4,688 3,062 6,725 3,495 ------- -------- -------- --------- Income (loss) from continuing operations before provision (benefit) for taxes....................... 6,432 (21,790) 22,488 (32,188) Provision (benefit) for taxes........................ 2,592 (3,901) (17,602) (3,901) ------- -------- -------- --------- Income (loss) from continuing operations............. 3,840 (17,889) 40,090 (28,287) Discontinued operations Loss from discontinued operations................... (203) (57,869) (773) (127,095) Gain (loss) on disposal of discontinued operations.. (864) (4,791) 9,221 (4,791) Extraordinary item, less income tax benefit of $224............................... -- (3,409) -- (3,409) ------- -------- -------- --------- Net income (loss).................................... $ 2,773 $(83,958) $ 48,538 $(163,582) ======= ======== ======== ========= Average common shares outstanding (000).............. 11,338 11,165 11,264 11,144 ======= ======== ======== ========= Basic income (loss) per share Continuing operations............................... $ 0.34 $ (1.60) $ 3.56 $ (2.54) Discontinued operations Loss from discontinued operations.................. (0.02) (5.18) (0.07) (11.40) Gain (loss) on disposal of discontinued operations. (0.08) (0.43) 0.82 (0.43) Extraordinary item................................. -- (0.31) -- (0.31) ------- -------- -------- --------- Net income (loss) per share.......................... $ 0.24 $ (7.52) $ 4.31 $ (14.68) ======= ======== ======== ========= Diluted income (loss) per share Continuing operations............................... $ 0.32 $ (1.60) $ 3.30 $ (2.54) Discontinued operations Loss from discontinued operations.................. (0.02) (5.18) (0.06) (11.40) Gain (loss) on disposal of discontinued operations. (0.07) (0.43) 0.74 (0.43) Extraordinary item................................. -- (0.31) -- (0.31) ------- -------- -------- --------- Net income (loss) per share.......................... $ 0.23 $ (7.52) $ 3.98 $ (14.68) ======= ======== ======== =========
WHITTAKER CORPORATION Consolidated Balance Sheets ($ in 000)
AT OCTOBER 31, AT OCTOBER 31, 1998 1997 -------------- -------------- (UNAUDITED) (RESTATED) ASSETS - ------ Current Assets - -------------- Cash.................................................... $ -- $ 6,366 Receivables............................................. 19,415 23,702 Inventories............................................. 42,060 37,009 Other current assets.................................... 2,578 772 Income taxes recoverable................................ 195 3,238 Deferred income taxes................................... 21,800 11,244 Net current assets of discontinued operations........... -- 7,057 -------- --------- Total Current Assets.................................... 86,048 89,388 -------- --------- Property and equipment, at cost......................... 30,462 29,896 Less accumulated depreciation and amortization.......... (20,623) (20,433) -------- --------- Net Property and Equipment.............................. 9,839 9,463 -------- --------- Other Assets - ------------ Goodwill, net of amortization........................... 13,677 14,032 Other intangible assets, net of amortization............ 922 1,106 Notes and other noncurrent receivables.................. 3,152 3,443 Other noncurrent assets................................. 7,726 7,637 Net assets held for sale................................ 15,214 15,214 Net noncurrent assets of discontinued operations........ -- 22,650 -------- --------- Total Other Assets...................................... 40,691 64,082 -------- --------- Total Assets $136,578 $ 162,933 ======== ========= LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current Liabilities - ------------------- Current maturities of long-term debt.................... $ 1,043 $ 129,353 Accounts payable........................................ 6,457 9,086 Accrued liabilities..................................... 30,039 27,315 -------- --------- Total Current Liabilities............................... 37,539 165,754 -------- --------- Other Liabilities - ----------------- Long-term debt.......................................... 60,368 222 Other noncurrent liabilities............................ 13,933 12,603 Deferred income taxes................................... 1,260 15,077 -------- --------- Total Other Liabilities................................. 75,561 27,902 -------- --------- Stockholders' Equity - -------------------- Capital stock Preferred stock........................................ 1 1 Common Stock........................................... 113 112 Additional paid-in capital.............................. 77,703 72,041 Retained deficit........................................ (54,339) (102,877) -------- --------- Total Stockholders' Equity (Deficit).................... 23,478 (30,723) -------- --------- Total Liabilities and Stockholders' Equity $136,578 $ 162,933 ======== =========
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