Curtiss-Wright Corp Chairman T. Roland Berner provided Kennecott Copper Corp. with additional fuel for its fight against Curtiss-Wright's takeover bid yesterday by disclosing that Curtiss-Wright's earnings declined last year.
Berner told shareholders at the annual meeting here that profits per share ebbed to $1.91 from $2.21 for 1976. He did not provided total earnings and sales figures.
Burner said the profits shift was due to the sale of securities and the Caldwell-Wright Airport in 1976, which netted about $7 million and was not completely replaced last year by oerations, as well as a $1 million contribution to net earnings from the sale of surplus properties.
Berner said aerospace profits improved last year, nuclear operations performed well and industrial sales were "quite good," although less than 1976's outstanding level.
In an interview with the Associated Press yesterday before the meeting, Berner said he was braced for trouble from Kennecott representatives at the session.
"I expect that Kennecott will send some people up here who have some shares of Curtiss-Wright who will try to five me trouble," said Berner, 67. "They have done enough to harrass us to give me trouble," said Berner, 67. [TEXT OMITTES FROM SOURCE] to win enough proxies to install his own 17-member slate of directors, has been the target of a Kennecott counterattack that has involved letters to shareholders and advertisements published in major newspapers.
Berner and four other Curtiss-Wright directors are among those on the nsurgent slate of directors. The vote will be held May 2 during Kennecott's annual meeting in New York.
In scheduling Curtis-Wright's annual meeting in Boston, Berner is believed trying to woo institutional shareholders located in the area.
Curtis-Wright, an aircraft components firm with profits last year of $16.3 million on revenue of $309.9 million, is taking on a giant: New York-based Kennecott is the nation's largest copper producer, with annual revenues in excess of $956.3 million.