CRS SIRRINE &lt;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.
  

