Grumman Corp.: The Bethpage, N.Y., aerospace firm...

Grumman Corp.: The Bethpage, N.Y., aerospace firm said 1989 net income declined 22% to $67.3 million, while revenue decreased 2.5% to $3.56 billion from the year before. Included in the 1989 net income was $4.5 million reported in the second quarter for the expected recovery of product improvement costs on several F-14 contracts. In the third quarter of 1988, Grumman reported a benefit of $11.1 million from an accounting adjustment for New York state franchise taxes. The firm said that its operating margin for 1989 was relatively strong at 5.7% but that a 24% increase in interest expense penalized its bottom line.

Tables, D12