Whittaker Corporation Announces Retention of Financial Advisers

Business Wire, Feb 22, 1999

SIMI VALLEY, Calif.--(BUSINESS WIRE)--Feb. 22, 1999--Whittaker Corporation (NYSE:WKR) Monday announced that it had retained CIBC Oppenheimer Corp. and Credit Suisse First Boston Corporation to evaluate strategic alternatives.

Joseph F. Alibrandi, chairman and chief executive officer, stated: "Following the success of Whittaker's restructuring during the past two years, Whittaker has been approached by a number of parties who have expressed an interest in acquiring the company. With a view to maximizing stockholder value, Whittaker's board of directors believed it was appropriate to appoint financial advisers to evaluate strategic alternatives in light of the success of the restructuring program as evidenced by the company's fiscal 1998 financial results, the consolidation in the aerospace industry, and the high level of interest in the company."

During the fiscal year ended Oct. 31, 1998, Whittaker had sales of $131.5 million and operating income of $39.4 million. As of Jan. 31, 1999, the company had an estimated total debt of $48.4 million.

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.