June 14, 1990
Construction costs for the new police building and jail could rise by another $500,000 over the $23.4 million already budgeted, the acting director of the city's Administrative Services Agency told the Board of Directors Tuesday. City officials plan to withhold $300,000 from contractors who they say failed to follow plans. Another $200,000 in expenses is being negotiated, acting Director Norman Carter reported.
May 26, 1987
Perceptronics, a Woodland Hills company that performs research for the military, reported that operating profits will be wiped out by write-offs in the fourth quarter ended March 31 because of cost overruns. During the same period in 1986, Perceptronics earned $330,493, or 9 cents a share, on sales of $7.9 million. The audited year-end results will be available in June, said Gershon Weltman, Perceptronics chief executive.
September 14, 1986 |
While many hotels downtown and throughout the Southland are thriving, at least one landmark Los Angeles property--the Biltmore Hotel--isn't faring as well. The Times has learned that Westgroup Inc., the developer and a co-owner of the property, has given its well-heeled partner in the ambitious rehabilitation and expansion project a larger equity stake in the hotel, in part because the renovation project has been marred by large cost overruns.
March 17, 2005 |
Northrop Grumman Corp. cost overruns on the first two vessels in the U.S. Navy's new class of amphibious warfare ships, already $1 billion, could increase by $300 million more, the U.S. Government Accountability Office said. That would bring the cost of these first two of a planned nine vessels to about $3 billion, or 76% more than their budgeted cost of $1.7 billion, the GAO said in an 85-page report. The U.S.
CALIFORNIA | LOCAL
August 3, 2002 |
The tab for strengthening the state's toll bridges against earthquakes, a job already costing twice initial 1990s estimates, could rise an additional $630 million and imperil other transportation projects, a new state audit warns. The audit, released this week, chronicles how a $2.2-billion project to retrofit seven major bridges by 2004 has turned into a $4.6-billion project that will take until 2009.
June 11, 1987
A Navy contract that General Dynamics Corp. won last year for four SSN-688 attack submarines already has nearly $200 million in projected overruns because the contractor used out-of-date labor estimates in its final bid, according to the General Accounting Office. The GAO's study said labor hours will be 21% more than the company's Electric Boat division projected in its original estimates, resulting in a $196.1 million cost overrun for the $1.03-billion contract.