$2.6 million yearly loss for GenCorp
02/12/2013 12:00 AM
02/12/2013 7:55 AM
Rancho Cordova-based GenCorp. Inc., parent company of rocket maker Aerojet, reported a loss of $2.6 million, or 4 cents a share, in its fiscal year ended Nov. 30.
That's down from a profit of $2.9 million, or 5 cents a share, in 2011.
The company reported a fourth-quarter profit of $2.8 million, or 5 cents a share, compared with net income of $500,000, or a penny a share, in the last quarter of 2011.
Net sales in 2012 totaled $994.9 million, compared with $918.1 million for fiscal 2011.
GenCorp said its 2012 bottom line was depressed by changes in environmental cleanup costs, retirement benefit plan expenses and order backlogs.
Last month, GenCorp issued $460 million in notes, at 7.125 percent and due in 2021, to fund, in part, its ongoing acquisition of United Technologies Corp.'s Pratt & Whitney Rocketdyne business. The total value of that deal has been reported at $550 million.
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