TransTechnology Reports Another 4th-Quarter Loss

TransTechnology Corp., a Sherman Oaks-based maker of aerospace and industrial equipment, reported a $3.02-million loss for its fiscal fourth quarter, contrasted with a $4.63-million loss a year earlier.

The loss in the quarter that ended March 31 came on a 19% decline in TransTechnology’s revenue, to $50.8 million from $62.4 million. The loss also included a $636,000 loss from certain operations that the company has discontinued.

For its full fiscal year, TransTechnology lost $4.01 million, contrasted with a loss of $8.44 million the previous year, and its annual revenue fell 6% to $186.4 million from $198.5 million.

TransTechnology called the results disappointing, but said it is “encouraged by the success we have had in cutting costs and generating cash.” The company said it cut its bank debt as of March 31 to $7 million from $32 million a year earlier.

In addition, TransTechnology said it obtained a new line of credit, totaling $13 million, from the National Bank of Canada. The credit agreement, among other things, does not “unreasonably restrict” TransTechnology’s ability to pay dividends or repurchase its stock, the company said.