P.M. BRIEFING : Watkins-Johnson Wins Iran Suit
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PALO ALTO — Watkins-Johnson Co. said today it was awarded $5.75 million in damages related to a breach-of-contract lawsuit filed in 1987 against the government of Iran.
The company said the award will increase its 1989 income by 34 cents a share. Watkins-Johnson earned $2.46 a share in 1988.
The company said the Iran-U.S. Claims Tribunal ordered payment of $3.85 million, the cash portion of the award, from Iranian funds controlled by the tribunal to settle claims of American businesses and individuals against Iran. The award also covers interest, costs of arbitration and cancellation of a standby letter of credit.
Watkins-Johnson said the award will be included in bonus and profit-sharing scheme for all eligible employees.
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