Whittaker Sales Up 5.5% for the 1st Quarter

Whittaker Corp. in Simi Valley said sales from continuing operations for the first quarter ended Jan. 31 were $30.6 million, compared with $28.9 million for the first quarter of fiscal year 1998.

Income from continuing operations was just over $7 million, or 62 cents per share, which included a tax benefit from a prior-year capital loss of $2.2 million or 19 cents per share. This compares with $855,000, or 8 cents per share, for the first quarter of the previous year.

On Jan. 11, the company sold its Whittaker Porta Bella Project, located in Santa Clarita, to Santa Clarita L.L.C., an affiliate of Phoenix-based Remediation Financial Inc., for $10 million in cash, a $5-million promissory note and a contingent interest in the final profit of the project.

“During the quarter, the one remaining non-core asset was sold, debt was reduced another $13 million and operating profit increased 48%,” said Joseph F. Alibrandi, chairman and chief executive. “With strong operations and a sound financial base, the company is well-positioned to realize its full potential.”

Whittaker develops fluid control and fire safety systems for aerospace and industrial applications.