Morrison Knudsen Posts Loss For Quarter

Fri., July 26, 1996

From Staff And Wire Reports

Although the company reported an operating profit of $17.8 million, Morrison Knudsen Corp. on Thursday reported a quarterly net loss of $28.1 million because of charges associated with its effort to reorganize.

The company said it had sales of $353 million for the quarter, down $106 million from a comparable period of 1995, but still managed a profit from continuing operations of $17.8 million.

The worldwide construction, engineering and mining company, founded in 1912, has struggled since former Chief Executive Officer William Agee tried to move MK into mass transit and railcar manufacturing.

MK is going through bankruptcy and financial reorganization and is being merged with Washington Construction Group Inc.

The company said it spent $30.7 million on charges associated with reorganization and discontinued transit operations.

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Morrison Knudsen Posts Loss For Quarter

Jesse Tinsley

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