Titan Corp. reported a $13.8-million net loss...

Titan Corp. reported a $13.8-million net loss for the fourth-quarter ended Dec. 31, compared to a $300,000 net profit during the like quarter the previous year. Revenue fell to $26.3 million, down from $34.4 million during the previous fourth quarter.

Titan reported an $11.2-million net loss for the year ended Dec. 31, compared to a $1.5-million net loss the previous year. Revenue fell to $104.9 million from $106.7 million.

Titan President Gene Ray linked the losses to a yearlong restructuring program that included “overhead reductions, the down-sizing of certain continuing operations, the final sale of three operations that do not fit well with the company’s strategic plan, and the discontinuance of its simulator trainer line of business.”

“These strategic moves were necessary to better position Titan to successfully compete in today’s cost-conscious, results-oriented defense contracting arena,” Ray said. “We are refocused on what we do best.”

Titan reported 1988 earnings of $2.6 million prior to good-will revisions, other non-recurring charges and interest. Titan wrote down $9.2 million in good will and other intangibles, other non-recurring charges of $2.7 million, and $1.9 million in net interest expenses.