Amadeusz Juskowiak

Whittaker wkr to have gains from sales

Whittaker Corp said it will have a gain on the sale of discontinued businesses after any operating losses from the businesses up until the dates of disposition but it will defer reporting the gain until its restructuring program hsa been substantially completed

The company said in the first quarter ended January 31m it completed the divestiture of its health maintenance organization operations to Travelers Corp TIC sold its Whittar Steel Strip operations to DofascoxInc and sold its equity investment in BertramTrojan Inc to an affiliate of Investcorp

The company said it has entered into definitive agreements to sell Whittaker General Medical Corp Bennes MArrel SA of France and Juster Steel Corp as well

The company said to date it has received proceeds of about 90 mln dlrs from divestitures and has used the funds to reduce debt incurred in the repurchase of its common shares

Whittaker today reported first quarter earnings from continuing operations fell to 1522000 dlrs from 3501000 dlrs a year before The yearearlier figure excluded a 1817000 dlr loss from discontinued operations