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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 11, 1999
WHITTAKER CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
0-20609 95-4033076
(Commission File Number) (I.R.S. Employer Identification No.)
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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This Form 8-K/A amends Item 7 to that certain Form 8-K dated January 11, 1999
(as filed on January 12, 1999) (the "Original Form 8-K") by including the
financial statements identified below.
Item 7. Financial Statements and Exhibits.
(b) Pro Forma Financial Information
In connection with the disposition of Whittaker Porta Bella Project
described in Item 2 of the Original Form 8-K, attached is the pro forma
financial information of the Registrant required pursuant to Article 11
of Regulation S-X consisting of a pro forma condensed balance sheet,
pro forma condensed statements of operations and accompanying
explanatory notes.
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 5, 1999
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PRO FORMA CONSOLIDATED FINANCIAL INFORMATION
--------------------------------------------
The following pro forma financial information should be read in conjunction
with the Company's Annual Report on Form 10-K for the year ended October 31,
1998.
On January 11, 1999, the Company sold to Santa Clarita, L.L.C., a 996-acre
land parcel located in Santa Clarita, California and certain other additional
rights and assets for $10.0 million in cash, a $5.0 million promissory note and
a contingent interest in any future profit from the development of this land.
The cash received from this sale was used to prepay debt outstanding under the
Company's bank credit facility.
The attached pro forma statement of operations for the year ended October
31, 1998 reflects the reduction in interest expense and remediation costs
related to this land and the associated income tax provision, as if this
transaction had occurred on November 1, 1997. The attached pro forma balance
sheet as of October 31, 1998 reflects the disposition of this asset held for
sale, the reduction in the Company's bank debt and the recording of the
promissory note.
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Whittaker Corporation
Unaudited Pro Forma Consolidated Statement Of Operations
For the Year Ended October 31, 1998
(In Thousands Except for Per Share Amounts)
<TABLE>
<CAPTION>
As Pro Forma Pro Forma
Reported Adjustments Adjusted
---------------- --------------- ----------------
<S> <C> <C> <C>
Sales........................................... $131,477 $ $131,477
Costs and expenses
Cost of sales................................ 65,915 65,915
Engineering and development.................. 757 757
Selling, general and administrative.......... 25,447 25,447
---------- ------- --------
Operating profit................................ 39,358 39,358
Interest expense............................. 12,059 (1,074) (A) 10,985
Interest income.............................. (1,914) (1,914)
Other expense................................ 6,725 (2,182) (B) 4,543
---------- ------- --------
Income from continuing operations before 22,488 3,256 25,744
benefit for taxes..............................
Provision (benefit) for taxes................... (17,602) 1,107 (C) (16,495)
---------- ------- --------
Income from continuing operations............... $ 40,090 $ 2,149 $ 42,239
========== ======= ========
Basic earnings per share
Continuing operations.......................... $ 3.56 $ 3.75
========== ======= ========
Weighted average common shares
outstanding.................................... 11,264 11,264
========== ======= ========
Diluted income (loss) per share
Continuing operations.......................... $ 3.30 $ 3.47
========== ======= ========
Denominator for diluted earnings per share
calculation.................................... 12,370 12,370
========== ======= ========
</TABLE>
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Whittaker Corporation
Unaudited Pro Forma Consolidated Balance Sheet
As of October 31, 1998
(In Thousands)
<TABLE>
<CAPTION>
As Pro Forma Pro Forma
Reported Adjustments Adjusted
---------------- --------------- ----------------
<S> <C> <C> <C>
Current Assets
Cash................................................ $ -- $ $ --
Receivables......................................... 19,415 19,415
Inventories......................................... 42,060 42,060
Prepaids and other current assets................... 2,773 2,773
Deferred income taxes............................... 21,800 21,800
--------- -------- --------
Total Current Assets........................... 86,048 86,048
--------- -------- --------
Property, Plant and Equipment
Land, buildings and improvements.................... 7,396 7,396
Equipment........................................... 21,421 21,421
Construction in progress............................ 1,645 1,645
--------- -------- --------
30,462 30,462
Less accumulated depreciation....................... (20,623) (20,623)
--------- -------- --------
9,839 9,839
--------- -------- --------
Other Assets
Goodwill and other intangible assets................ 14,599 14,599
Notes and other noncurrent assets................... 10,878 5,000 (D) 15,878
Net assets held for sale............................ 15,214 (15,000) (D) 214
--------- -------- --------
40,691 (10,000) 30,691
--------- -------- --------
$ 136,578 $(10,000) $126,578
========= ======== ========
Current Liabilities
Current maturities of debt.......................... $ 1,043 $ $ 1,043
Accounts payable and accrued liabilities............ 36,496 36,496
--------- -------- --------
Total Current Liabilities 37,539 37,539
--------- -------- --------
Other Liabilities
Long-term debt...................................... 60,368 (10,000) (D) 50,368
Other noncurrent liabilities and taxes.............. 15,193 15,193
--------- -------- --------
Total Other Liabilities 75,561 (10,000) 65,561
--------- -------- --------
Stockholders' Equity
Preferred stock..................................... 1 1
Common stock........................................ 113 113
Additional paid-in capital.......................... 77,703 77,703
Retained deficit.................................... (54,339) (54,339)
--------- -------- --------
Total Stockholders' Equity.......................... 23,478 23,478
--------- -------- --------
$ 136,578 $(10,000) $126,578
========= ======== ========
</TABLE>
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NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
----------------------------------------------------
(A) Represents the reduction in interest expense for the year ended
October 31, 1998 reflecting the prepayment at November 1, 1997, of
$10.0 million of the Company's bank debt using the cash proceeds
received from the sale of the 996-acre land parcel.
(B) Represents the reduction in costs incurred by the Company during the
year ended October 31, 1998, for the environmental remediation of this
land, had this land been sold on November 1, 1997.
(C) Represents the income tax provision, at 34%, associated with the
increase in income from continuing operations before taxes arising
from the reduction in interest expense and remediation costs for the
year ended October 31, 1998.
(D) Represents the disposition of the 996-acre land parcel, the reduction
in debt using the cash proceeds received on the sale of this land and
the promissory note received as partial consideration for the sale.
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