<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 1, 1999
WHITTAKER CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
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<S> <C>
0-20609 95-4033076
(Commission File Number) (I.R.S. Employer Identification No.)
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1955 N. Surveyor Avenue, Simi Valley, CA 93063
(Address of Principal Executive Offices)
(805) 526-5700
(Registrant's Telephone Number, Including Area Code)
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Item 5. Other Events.
The Registrant announced its earnings for the first quarter of 1999.
A copy of the press release dated March 1, 1999 is attached hereto as
Exhibit 99.1.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
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<CAPTION>
Exhibit No. Description
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<S> <C>
99.1 Press Release, dated March 1, 1999
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WHITTAKER CORPORATION
By: /s/ Lynne M. O. Brickner
-------------------------------------
Lynne M. O. Brickner
Vice President, Secretary and
General Counsel
Dated: March 1, 1999
2
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EXHIBIT INDEX
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<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
99.1 Press Release, dated March 1, 1999
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Exhibit 99.1
[LOGO OF WHITTAKER]
NEWS RELEASE
Whittaker Corporation
1955 N. Surveyor Avenue, Simi Valley, California 93063
805/526-5700
Release: March 1, 1999
Contact: John K. Otto
Chief Financial Officer
(805) 526-5700, ext. 662
WHITTAKER CORPORATION ANNOUNCES
48% INCREASE IN FIRST QUARTER OPERATING PROFIT
Simi Valley, CA, March 1, 1999 -- Whittaker Corporation (NYSE: WKR) today
announced the results of its operations for the first quarter ended January 31,
1999.
Sales from continuing operations for the current quarter were $30,603,000,
compared to $28,980,000 for the first quarter of fiscal year 1998. Operating
profit from continuing operations for the first quarter of 1999 was $8,932,000
compared to $6,036,000 for the first quarter last year. Income from continuing
operations for the current quarter was $7,034,000, or $0.62 per share (which
included a tax benefit from a prior year capital loss of $2,197,000, or $0.19
per share), compared to $855,000, or $0.08 per share, for the first quarter last
year.
As previously announced, on January 11, 1999, the Company sold its
Whittaker Porta Bella Project, located in Santa Clarita, California, to Santa
Clarita, L.L.C., an affiliate of Phoenix, Arizona-based Remediation Financial,
Inc., for $10,000,000 in cash, a $5,000,000 promissory note and a contingent
interest in the final profit of the Project.
Commenting on the quarter, Joseph F. Alibrandi, Chairman and Chief
Executive Officer said, "During the quarter, the one remaining noncore asset was
sold, debt was reduced another $13 million, and operating profit increased 48%.
With strong operations and a sound financial base, the Company is well
positioned to realize its full potential."
* * *
Statements made herein that are not based on historical fact are "forward
looking statements" within the meaning of the Private Litigation Reform Act of
1995. Actual results could differ from these forward looking statements for
many reasons, including the failure to attain a profit from the Project for the
purpose of receiving a contingent interest.
Whittaker Corporation develops innovative fluid control and fire safety
systems for aerospace and industrial applications. For additional information
on Whittaker, contact the Internet Home Page at http://www.whittaker.com.
# # #
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Exhibit 99.1
WHITTAKER CORPORATION
Consolidated Statements of Income
($ in 000)
UNAUDITED
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<CAPTION>
For the Three Months
Ended January 31,
1999 1998
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<S> <C> <C>
(restated)
Sales..................................................................... $ 30,603 $ 28,980
Costs and expenses
Cost of sales........................................................... 15,020 16,911
Engineering and development............................................. 147 249
Selling, general and administrative..................................... 6,504 5,784
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Operating Profit 8,932 6,036
Interest expense........................................................ 1,325 4,906
Interest income......................................................... (364) (218)
Other expense........................................................... 608 482
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Income from continuing operations before provision for taxes.............. 7,363 866
Provision for taxes....................................................... 329 11
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Income from continuing operations......................................... 7,034 855
Discontinued operations
Loss from discontinued operations....................................... -- (533)
Gain on disposal of discontinued operations............................. -- 10,085
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Net income................................................................ $ 7,034 $ 10,407
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Average common shares outstanding (000)................................... 11,388 11,205
============= ==============
Basic income (loss) per share
Continuing operations................................................... $ .62 $ .08
Discontinued operations
Loss from discontinued operations..................................... -- (.05)
Gain on disposal of discontinued operations........................... -- .90
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Net income per share...................................................... $ .62 $ .93
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Diluted income per share
Continuing operations................................................... $ .57 $ .08
Discontinued operations
Loss from discontinued operations..................................... -- (.05)
Gain on disposal of discontinued operations........................... -- .88
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Net income per share...................................................... $ .57 $ .91
============= ==============
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Exhibit 99.1
WHITTAKER CORPORATION
Consolidated Balance Sheets
($ in 000)
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<CAPTION>
At January 31, At October 31,
1999 1998
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<S> <C> <C>
(Unaudited)
ASSETS
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Current Assets
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Cash.................................................... $ 1,067 $ --
Receivables............................................. 14,497 19,415
Inventories............................................. 42,923 42,060
Other current assets.................................... 3,118 2,578
Income taxes recoverable................................ 195 195
Deferred income taxes................................... 19,645 21,800
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Total Current Assets.................................... 81,445 86,048
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Property and equipment, at cost......................... 28,711 30,462
Less accumulated depreciation and amortization.......... (19,123) (20,623)
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Net Property and Equipment.............................. 9,588 9,839
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Other Assets
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Goodwill, net of amortization........................... 13,588 13,677
Other intangible assets, net of amortization............ 870 922
Notes and other noncurrent receivables.................. 8,113 3,152
Other noncurrent assets................................. 8,495 7,726
Net assets held for sale................................ -- 15,214
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Total Other Assets...................................... 31,066 40,691
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Total Assets $ 122,099 $ 136,578
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LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Current Liabilities
- -------------------
Current maturities of long-term debt.................... $ 534 $ 1,043
Accounts payable........................................ 6,326 6,457
Accrued liabilities..................................... 22,683 30,039
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Total Current Liabilities............................... 29,543 37,539
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Other Liabilities
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Long-term debt.......................................... 47,873 60,368
Other noncurrent liabilities............................ 13,239 13,933
Deferred income taxes................................... -- 1,260
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Total Other Liabilities................................. 61,112 75,561
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Stockholders' Equity
- --------------------
Capital stock
Preferred stock........................................ 1 1
Common Stock........................................... 114 113
Additional paid-in capital.............................. 78,634 77,703
Retained deficit........................................ (47,305) (54,339)
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Total Stockholders' Equity.............................. 31,444 23,478
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Total Liabilities and Stockholders' Equity $ 122,099 $ 136,578
=============== ===============
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