Wahlco Posts Loss, Tries to Restructure Credit
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SANTA ANA — Wahlco Environmental Systems Inc., which designs and makes air pollution control equipment and water purification and bottling systems, posted a loss last year on lower revenue.
The company also said it had violated parts of its credit agreement with Silicon Valley Bank and was in default. Wahlco said it is in negotiations to restructure the credit arrangement.
The company lost $11.4 million, or 64 cents a share, down from $66.1 million, or $3.75 a share, for 1994, which included a $54.4 million write-down of goodwill. Revenue declined 14% to $60.1 million from $69.9 million.
For the fourth quarter, the company posted a net loss of $8.1 million, or 46 cents a share, compared with a net loss of $2.6 million, or 14 cents a share, for the same period a year earlier. Revenue dropped 23% to $15.2 million from $19.8 million.
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