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Whittaker Corp. 3rd-Quarter Loss $27.1 Million

September 16, 1997|BARBARA MURPHY

Struggling aerospace firm Whittaker Corp., which announced last week that it will sell its defense electronics unit to Condor Systems of San Jose, will take a $27.1-million loss for the third quarter.

Simi Valley-based Whittaker is trying to ease a $145-million debt created through acquisitions of two units from Hughes Electronics and Raytheon Corp. in 1995 and '96.

"We're looking at all our options in terms of selling assets, which includes the company itself," said Charles Barrantes, Whittaker's chief financial officer.

Terms of the deal with Condor were not disclosed.

The defense electronics unit, which has about 100 employees, probably will relocate but will remain in the Simi Valley area, said David Klinger, vice president of advanced program planning at Condor.

Condor makes search and navigation and radio and television equipment.

"Part of our growth strategy is acquisitions, and there is an overlap in terms of customers and products, so it's a good fit," Klinger said of the deal.

Whittaker said it lost $27.1 million, or $2.43 per share, in the quarter that ended July 31. That compared to a loss of $5.9 million, or 54 cents per share, for the third quarter of 1996.

The latest figure includes $18.5 million in one-time and nonoperational charges that relate, in part, to the earlier acquisitions.

Revenue for the quarter was $48.6 million, compared to $62.2 million for the 1996 quarter.

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