May 14, 1996
Litton Industries Inc. and an investment partnership have changed the terms of their deal to acquire Sperry Marine Inc. Under the new agreement, Litton and J.F. Lehman & Co. will pay about $158 million in cash for the supplier of advanced electronic navigation and guidance systems. The initial deal had called for Litton to issue 2.2 million shares of its common stock to acquire Sperry. Based in Woodland Hills, Litton is a leading defense electronics and shipbuilding concern.
February 9, 1996 |
Litton Industries to Buy Sperry Marine: Litton, a Woodland Hills-based defense electronics concern, said it agreed to acquire the company in a transaction valued at $160 million. Sperry Marine, located in Charlottesville, Va., makes electronic navigation and guidance systems for ships and planes; it had 1995 sales of about $145 million. Litton said it will issue about 2 million shares of its stock to Sperry Marine's owner--an investor group led by former Navy Secretary John F.
September 4, 1997 |
Litton Industries Inc. on Wednesday said its fiscal fourth-quarter earnings rose 3.2%, below analysts' expectations, hurt by weak results in its Navy shipbuilding business. The Woodland Hills-based defense contractor and commercial electronics maker said net income rose to $44 million, or 93 cents a share, for the quarter ended July 31, from $42.7 million, or 89 cents, a year ago. The company was expected to earn 95 cents a share. Litton shares still rose $2.25 to close at $53.