Also. . .

* Litton Industries Inc. said its fiscal second-quarter profit increased 8.3% to $43.9 million, or 94 cents a share, on a 16% jump in revenue to $1.13 billion. The performance for the period ended Jan. 31 matched analyst expectations. The Woodland Hills-based maker of naval destroyers and navigation equipment said it benefited from cost-cutting measures that widened margins and boosted profitability at its shipbuilding, defense electronics and electronics components and materials group.

*

* Inglewood-based Imperial Bancorp agreed to sell its entire stake in commercial and consumer lender Imperial Credit Industries Inc. to Leucadia National Corp. for $82 million. New York-based Leucadia would pay $9.25 a share for Imperial’s 24% stake in the lending unit, whose losses last year had been a drag on Imperial’s stock price and earnings. Imperial said it expects a gain of $12 million on the Imperial Credit sale, after taxes and expenses. In addition, the transaction, which Imperial Bancorp expects to complete by the end of this month, would entitle the company to 20% of any gains Leucadia realizes on the investment in the next two years.

Business on Radio: Times reporters provide perspective on markets, entertainment and other news weekdays on KFWB-AM 980’s Noon Business Hour.

Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section’s staff can be found at: http://ukobiw.net./HOME/BUSINESS/staff.htm.