GenCorp lost $206 million in '05
Thursday February 9, 6:38 pm ET
GenCorp Inc. was hit by two significant expenses in the fourth quarter that resulted in the rocket maker recording a $175 million net loss for the quarter and $206 million loss for the year.
The losses included a $169 million write-down of inventory on the Atlas V progam and a $29 million charge that resulted from a lawsuit filed by Olin Corp.
In 2004, the company's losses from continuing operations was $14 million for the quarter, and $86 for the year.
Sales, though, remained on the upswing, as GenCorp reported $205 million for the quarter, 38 percent above the $149 million recorded a year ago. For the year, sales were up 25 percent to $624 million, compared to $499 million recorded in 2004.
The Rancho Cordova company announced last month that it is in "exploratory discussions" regarding "a transaction with one or more substantial residential builders" concerning its proposed Rio Del Oro subdivision near its headquarters. GenCorp said "such a transaction would support the company's residential real estate entitlement effort and the implementation of its overall real estate strategy."
GenCorp (NYSE: GY - News) said it is being advised on the discussions by JP Morgan Chase & Co. of New York City and Brown, Stevens, Elmore & Sparre, a Sacramento commercial real estate brokerage.
Published February 9, 2006 by the Sacramento Business Journal
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