Whittaker Corp. of Simi Valley said sluggishness in its communications division resulted in a fiscal third-quarter loss of 54 cents a share, causing the company to violate a provision in its loan agreement.
The communications and aerospace company said its earnings before interest, taxes and depreciation fell below a minimum set in a credit agreement signed in April to finance its acquisition of Xyplex Inc.
Gerald Finnell, vice president and chief financial officer, said Whittaker is seeking a waiver and amendment to the loan agreement to reflect its new forecasts for this year. The company doesn't expect to post a profit again until spring.
"We're highly optimistic that we'll get the waiver and amendment," Finnell said. "We're trying to work with the banks to make sure the amendment covers our operating plans for 1996."