-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ft3jkd/9DNGeMfFTN0o+ce9eXtQ0Ro0KEmBGgvBDeH1Lq4mc4i+5/pSCQTr1wV5z lV0CTuF7gFRJc0PLtA8ZKA== 0000898430-99-000801.txt : 19990308 0000898430-99-000801.hdr.sgml : 19990308 ACCESSION NUMBER: 0000898430-99-000801 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990111 ITEM INFORMATION: FILED AS OF DATE: 19990305 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WHITTAKER CORP CENTRAL INDEX KEY: 0000106945 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FABRICATED METAL PRODUCTS [3490] IRS NUMBER: 954033076 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 001-05407 FILM NUMBER: 99557911 BUSINESS ADDRESS: STREET 1: 1955 NORTH SURVEYOR AVENUE CITY: SIMI VALLEY STATE: CA ZIP: 93063-3388 BUSINESS PHONE: 8055265700 MAIL ADDRESS: STREET 1: 1955 NORTH SURVEYOR AVENUE CITY: SIMI VALLEY STATE: CA ZIP: 93063-3388 8-K/A 1 AMENDED FORM 8-K FOR JANUARY 11, 1999 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) 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 2 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. 3 Whittaker Corporation Unaudited Pro Forma Consolidated Statement Of Operations For the Year Ended October 31, 1998 (In Thousands Except for Per Share Amounts)
As Pro Forma Pro Forma Reported Adjustments Adjusted ---------------- --------------- ---------------- 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 ========== ======= ========
4 Whittaker Corporation Unaudited Pro Forma Consolidated Balance Sheet As of October 31, 1998 (In Thousands)
As Pro Forma Pro Forma Reported Adjustments Adjusted ---------------- --------------- ---------------- 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 ========= ======== ========
5 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. 6 -----END PRIVACY-ENHANCED MESSAGE-----