Northrop Corp. on Tuesday posted a 68% drop in its fourth-quarter net, primarily because of a $105.3-million writeoff to close out work on its F-20 Tigershark.
Northrop announced last November that it would halt further expenditures on the Tigershark and take the big writeoff. The aerospace company has spent more than $1.2 billion over four years to develop the F-20, but was unable to find any buyers at home or abroad.
For the full year, net income was down nearly 81%. Those results also included a $90-million third-quarter writeoff on a secret government contract, widely believed to be the Stealth bomber, because of lower-than-expected profit margins.
Northrop posted net income of $9.3 million on revenue of $1.66 billion for the three months ended Dec. 31, compared to a profit of $29.2 million on revenue of $1.53 billion a year earlier.