CRS SIRRINE <DA> TO TAKE WRITE-OFF
CRS Sirrine Inc said it plans a major
restructuring of its balance sheet that will include a
write-off of between 39 mln and 43 mln dlrs, most of which
would be intangible goodwill from the company's past
acquisitions.
    The company said the remainder of its write-off would
include a one-time expense for future costs related to early
retirement programs, office consolidations and an increase in
the general reserve for adjustments and contingencies.
    Bruce Wilkinson, president of the company, said the charges
to the company's third quarter earnings, for the period ending
March 31, would "significantly impact" third quarter results
but would not affect the company's cash position.
    "We expect to have the biggest operating backlog in the
company's history by June 30, 1987, the end of our fiscal
year," Wilkinson said. "We believe the action being proposed
will begin to contribute to improved earnings in the fourth
quarter of our fiscal 1987 and throughout fiscal 1988."
    The company, which is one of the nation's largest
construction firms, also said termination of its defined
benefit retirement plan would produce a pre-tax benefit of
about 10 mln dlrs due to overfunding of the plan.
    In its second quarter ended Dec. 31, CRSS had net earnings
of 800,000 dlrs on revenues of 82.5 mln dlrs.
 Reuter
