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Litton's Net Income Rises 8.5%

December 05, 1996|Times Staff and Wire Reports

Woodland Hills-based Litton Industries Inc.'s fiscal first-quarter net income rose 8.5%, reflecting the benefits of the acquisition of PRC Inc. For the quarter ended Oct. 31, Litton profit rose to $39.8 million, or 83 cents a share, from $36.7 million, or 77 cents, in the year-ago quarter. Revenue rose 25%, to $1.05 billion from $836.2 million. Though the company's earnings beat the estimate of 81 cents a share, Litton's stock fell 37.5 cents to close at $46.625 on the New York Stock Exchange. PRC, which Litton bought in February from Black & Decker Corp. for $425 million in cash, designs and services computer information systems primarily for government agencies. PRC's 1995 revenue totaled $712 million.

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