GE Announces Agreement with SAFRAN for SAFRAN to Acquire a Majority Stake in GE Security’s Homeland Protection Business
NEWARK, Calif.---GE (NYSE:GE) announced today that it has signed a definitive agreement with SAFRAN for SAFRAN to acquire 81% of GE Security’s Homeland Protection business for $580MM. Upon close, GE will own 19% and SAFRAN will have majority interest with 81%. The transaction has been approved by the Boards of both companies, and will be subject to customary regulatory approvals.
The Homeland Protection business will become part of SAFRAN’s Defense Security division of Sagem Securite, led by Jean-Paul Jainsky, Chairman and CEO, Sagem Securite. Dennis Cooke, will continue as President & CEO, for the Homeland Protection business and headquarters will remain in Newark, CA.
“This is a great move for our Homeland Protection business,” said Dennis Cooke, President & CEO, GE Security Homeland Protection. “Our business has a strong leadership team, dedicated and talented employees, innovative technology, a large installed base and a strong brand. This move aligns Homeland Protection with a business that is committed to globalization and further investment in new detection technologies and new products for the Homeland Security space.”
The combined company will focus on identification solutions and detection offerings globally and will benefit from continued access to technology advancements from GE’s Global Research Center and GE Healthcare. The combination of the complementary technology of both businesses will provide customers with the benefit of new technology solutions to keep ahead of the changing threats.
SAFRAN and GE are expanding their already strong relationship as the companies have been working together for more than 35 years to deliver Aviation technology solutions. The new entity will feature SAFRAN’s industry-leading ID management, plus Homeland Protection’s world-class aviation safety, checked baggage screening, military & critical infrastructure protection together with new growth platforms in Chem/Bio, X-ray and Radiation/Nuclear detection.
Jean-Paul Herteman, CEO of SAFRAN, said: “Following our 2008 acquisitions of SDU-Identification (a Dutch manufacturer of secure passports and ID documents) and Motorola’s biometrics business (Printrak brand), adding GE Homeland Protection will significantly bolster our Group’s third core business. This makes SAFRAN a pivotal player in the security market, a business that will generate 20% of the Group’s total revenues in the medium term, with double-digit profit perspectives and reducing exposure to aerospace cycles. Furthermore, this transaction is the latest step in our long-standing relationship of mutual trust and partnership with GE that reaches back some 35 years.”
Jean-Paul Jainsky, Chairman and CEO of Sagem Sécurité, added “There is growing demand from both governments and private industry for cutting-edge security solutions, based on long-term projects anchored in advanced, very-high-reliability technologies. From this standpoint, the SAFRAN Group is in a perfect position to meet today’s most demanding public security requirements.”
Combining Homeland Protection’s capabilities with SAFRAN’s portfolio will enable SAFRAN to become a leading global player in airport security solutions. Already a world leader in biometric identification solution, SAFRAN will now provide a differentiated, integrated offering to customers. From checked baggage screening to passenger identity and credentialing to check in, SAFRAN will be able to provide seamless, fully integrated solutions to customers in homeland security. This will enable customers to proactively address threats delivered by terrorists and drug traffickers prior to a potential occurrence.
“This newly combined company is an excellent fit for our Homeland Protection team,” stated Dean Seavers, President & CEO, GE Security. “GE Security will continue to focus on our core security product portfolio with a strong commitment to delivering security innovations that bring value, quality and high performance to our customers and end users.”
SAFRAN, headquartered in Paris, France, will maintain GE Security’s Homeland Protection operations in the U.S., Asia and Europe, Middle East and Africa.
About GE Security
GE Security, Inc. is a wholly owned affiliate of the General Electric Company (NYSE: GE) focused on communication and information technologies for security and life safety solutions. GE Security has more than 5700 employees with operations in over 26 countries and is represented by some of the best-known brand names for intrusion and fire detection, access and building control, video surveillance, explosives and drug detection, key management and structured wiring. GE Homeland Protection, Inc. is focused on explosives and narcotics detection and has approximately 780 employees located in the U.S., Europe and Asia. For more information, visit www.gesecurity.com.
About SAFRAN Group
SAFRAN is an international high-technology group with leadership positions in its core businesses of aerospace propulsion, aircraft equipment, and defense security. The SAFRAN Group employs about 54,000 people in over 30 countries and generates revenue of more than €10 billion. It comprises many companies with prestigious brand names and holds, alone or in partnership, global or European leadership positions in its markets. SAFRAN is listed on NYSE Euronext Paris and its share is included in the SBF 120 and Euronext 100 indices. For more information: www.safran-group.com.
Caution Concerning Forward-Looking Statements
This document contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties which could adversely or positively affect our future results include: the behavior of financial markets, including fluctuations in interest rates and commodity prices; strategic actions, including dispositions; future integration of acquired businesses; future financial performance of major industries which we serve, including, without limitation, the air and rail transportation, energy generation, media, real estate and healthcare industries; unanticipated loss development in our insurance businesses; and numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
Contacts GE Enterprise Solutions/GE SecurityMichelle May, +1-989-835-3563michelle.may@ge.comorEdelman for GE SecurityJoanne Rasch, +1-202-277-3105joanne.rasch@edelman.com
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
Friday, April 24, 2009
Thursday, April 23, 2009
Defense Stocks News- L-3 (NYSE:LLL) Announces First Quarter 2009 Results
Defense Stocks News- L-3 (NYSE:LLL) Announces First Quarter 2009 Results
Diluted earnings per share increased 10% to $1.66
Net sales increased 4% to $3.6 billion
Net cash from operating activities of $152 million
Funded orders of $3.8 billion and record funded backlog of $11.7 billion
Updated financial guidance for 2009
NEW YORK--April 23 2009 --L-3 Communications (NYSE: LLL ) today reported diluted earnings per share (diluted EPS) of $1.66 for the quarter ended March 27, 2009 (2009 first quarter), up 10%, compared to $1.51(1) for the quarter ended March 28, 2008 (2008 first quarter). Net sales increased 4% to $3.6 billion compared to $3.5 billion for the 2008 first quarter. The 2009 first quarter net cash from operating activities was $152 million, compared to $93 million for the 2008 first quarter.
“L-3 had a good start to the year,” said Michael T. Strianese, chairman, president and chief executive officer. “We grew sales, operating income, diluted EPS and cash flow, and continued to deploy the company’s cash flow to increase shareholder value. During the quarter we acquired Chesapeake Sciences Corporation for $87 million, repurchased $232 million of our common stock, and paid cash dividends of $42 million. We also increased our quarterly cash dividend by 17% to $0.35 per share.”
Consolidated Results First Quarter Ended ($ in millions, except per share data) March 27,2009 March 28,2008 Increase/(decrease) Net sales $ 3,636 $ 3,506 $ 130 Operating income $ 376 $ 368 $ 8 Interest expense, net $ 63 $ 68 $ (5 ) Effective income tax rate 35.8 % 36.0 % (20 )bpts Net income attributable to L-3 Holdings $ 199 $ 189 $ 10 Diluted earnings per share $ 1.66 $ 1.51 $ 0.15
Results of Operations: Consolidated net sales increased 4% compared to the 2008 first quarter driven primarily by growth in the Command, Control, Communication, Intelligence, Surveillance and Reconnaissance (C3ISR) segment, and in the Specialized Products segment. These increases were partially offset by a decrease in the Government Services and Aircraft Modernization and Maintenance (AM&M) segments driven primarily by lower linguist services and lower volume for the U.S. Air Force Contract Field Teams (CFT) contract. The increase in net sales from acquired businesses net of divestitures(2) was $77 million, or 2%.
The 2009 first quarter operating income increased by 2% compared to the 2008 first quarter. Higher pension expense decreased operating income by $19 million ($12 million after income taxes, or $0.10 per diluted share). Operating income as a percentage of sales (operating margin) decreased by 20 basis points to 10.3% compared to 10.5% for the 2008 first quarter. Higher pension expense reduced operating margin by 60 basis points. See segment results below for additional discussion of segment operating income and margin results.
Interest expense, net decreased by $5 million compared to the same period last year primarily because of lower variable interest rates on our term loan.
The effective tax rate for the 2009 first quarter decreased by 20 basis points compared to the same quarter last year due to the U.S. Federal research and experimentation tax credit that was re-enacted during the quarter ended Dec. 31, 2008, partially offset by higher income taxes on foreign income.
In the 2009 first quarter as compared to the 2008 first quarter, net income attributable to L-3 Holdings increased by 5%, and diluted EPS increased by 10%. Diluted weighted average common shares outstanding declined by 4%.
Orders: Funded orders for the 2009 first quarter decreased 8% to $3.8 billion compared to $4.1 billion from the 2008 first quarter. Funded backlog increased slightly to $11.7 billion at March 27, 2009 from $11.6 billion at Dec. 31, 2008.
Cash flow: Free cash flow(3) for the 2009 first quarter was $112 million compared with $55 million for the 2008 first quarter. The increase was primarily due to timing of collections of receivables during the 2009 first quarter compared to the 2008 first quarter.
Segment Results
During the quarter ended March 27, 2009, the company revised its segment presentations to conform to certain re-alignments in the company’s management and organization structure. Consequently, the company made certain reclassifications between its C3ISR, Government Services and AM&M segments. Tables H and I (Unaudited Supplemental Segment Data) attached to this earnings release present: (1) the previous segment data presentation for the year ended December 31, 2008, and the quarterly periods ended March 28, June 27, September 26 and December 31, 2008, (2) reclassifications for these periods to the respective segments, and (3) the revised segment data presentation for these periods.
C3ISR First Quarter Ended ($ in millions) March 27,2009 March 28,2008 Increase/(decrease) Net sales $ 710.1 $ 552.8 $ 157.3 Operating income 78.2 62.0 16.2 Operating margin 11.0 % 11.2 % (20 )bpts
C3ISR net sales for the 2009 first quarter increased by 28% compared to the 2008 first quarter primarily due to continued demand and new contracts from the U.S. Department of Defense (DoD) for airborne ISR and networked communication systems for manned and unmanned platforms.
C3ISR operating income for the 2009 first quarter increased by 26% compared to the 2008 first quarter. Operating margin decreased by 20 basis points. Higher pension expense reduced operating margin by 100 basis points and lower volume for Secure Terminal Equipment (STE) decreased operating margin by 70 basis points. These decreases were partially offset by cost improvements on an international airborne ISR system contract due to a restructuring of contract deliverables with a customer, which increased operating margin by 40 basis points, as well as higher sales volume, improved contract performance and a more favorable sales mix for airborne ISR and networked communication systems.
Government Services First Quarter Ended ($ in millions) March 27,2009 March 28,2008 Decrease Net sales $ 1,004.9 $ 1,108.3 $ (103.4 ) Operating income 90.6 99.5 (8.9 ) Operating margin 9.0 % 9.0 % -- bpts
Government Services net sales for the 2009 first quarter decreased by 9% compared to the 2008 first quarter. Sales declines in linguist services of $130 million and intelligence solutions and support services were partially offset by increases for systems engineering, training and logistics support services to the DoD. The decline in linguist services was due to a decline in L-3’s work share in connection with the transition on June 9, 2008 from an L-3 prime contract to a sub contract. The increase in net sales from acquired businesses was $18 million, or 2%.
Government Services operating income for the 2009 first quarter decreased by 9% compared to the 2008 first quarter. Operating margin for the 2009 first quarter and the 2008 first quarter remained the same. An increase in operating margin due to a decline in lower margin linguist sales was offset by lower margins on an acquired business.
AM&M First Quarter Ended ($ in millions) March 27,2009 March 28,2008 Decrease Net sales $ 663.5 $ 665.5 $ (2.0 ) Operating income 65.8 66.0 (0.2 ) Operating margin 9.9 % 9.9 % -- bpts
AM&M net sales for the 2009 first quarter decreased slightly compared to the 2008 first quarter. Sales volume declined for contract field services due to fewer task orders received because of more competitors on the follow-on CFT indefinite delivery/indefinite quantity contract that began on October 1, 2008, and lower international aircraft modernization sales due to contracts nearing completion. These decreases were largely offset by higher sales for system field support services for U.S. Army and U.S. Navy fixed and rotary wing training aircraft and U.S. Special Operations Forces logistics support due to new contracts and higher demand from existing contracts.
AM&M operating income for the 2009 first quarter decreased slightly compared to the 2008 first quarter. Operating margin for the 2009 first quarter compared to the 2008 first quarter remained the same. Higher pension expense reduced operating margin by 20 basis points and lower international aircraft modernization sales reduced operating margin by 70 basis points. These decreases were offset primarily by a favorable estimated cost adjustment on an international aircraft modernization contract.
Specialized Products First Quarter Ended ($ in millions) March 27,2009 March 28,2008 Increase/(decrease) Net sales $ 1,257.2 $ 1,179.6 $ 77.6 Operating income 141.3 140.5 0.8 Operating margin 11.2 % 11.9 % (70 )bpts
Specialized Products net sales for the 2009 first quarter increased by 7% compared to the 2008 first quarter reflecting higher sales volume primarily for: (1) power & control systems due to new and follow-on contracts for shipboard electronics and power distribution, conditioning and conversion products primarily to the U.S. Navy and tactical remote sensor systems for the U.S. Marines, (2) microwave products primarily due to deliveries of mobile and ground mounted satellite communications systems, and tactical signal intelligence systems for the U.S. military, (3) Electro-Optic/Infrared (EO/IR) products primarily due to demand and deliveries on new and existing contracts, (4) combat propulsion systems due to new contracts and demand from existing contracts, and (5) security and detection systems primarily due to the timing of certain deliveries. These increases were partially offset by a decrease for commercial aviation products and commercial shipbuilding products as a result of reduced demand caused by the global economic recession. The increase in net sales from acquired businesses, net of divestitures, was $59 million, or 5%, and pertains mostly to the Electro-Optical Systems (EOS) business acquired on April 21, 2008 and to Chesapeake Sciences Corporation acquired on January 30, 2009.
Specialized Products operating income for the 2009 first quarter increased slightly compared to the 2008 first quarter. Operating margin for the 2009 first quarter compared to the 2008 first quarter decreased by 70 basis points. Higher pension expense reduced operating margin by 90 basis points and lower sales volume for commercial aviation products and commercial shipbuilding products reduced operating margin by 30 basis points. These decreases were partially offset by higher sales volume and favorable sales mix primarily for power & control systems and security and detection systems. Acquired businesses increased operating margin by 30 basis points.
Financial Outlook
Based on information known as of today, the company revised its consolidated and segment financial guidance for the year ending Dec. 31, 2009, as presented in the tables below.
Consolidated 2009 Financial Guidance Current Prior(Jan. 29, 2009) ($ in billions, except per share data) Net sales $15.5 to $15.7 $15.5 to $15.7 Operating margin 10.4 % 10.4 % Effective tax rate 36.0 % 36.0 % Diluted EPS $7.17 to $7.32 $7.12 to $7.32 Net cash from operating activities $1.43 $1.40 Less: Capital expenditures, net of dispositions of property, plant and equipment 0.23 0.20 Free cash flow $1.20 $1.20 Segment 2009 Financial Guidance Current Prior ($ in billions) Net Sales: C3ISR $2.8 to $2.9 $2.7 to $2.8 Government Services $4.3 to $4.4 $4.4 to $4.5 AM&M $2.7 to $2.8 $2.7 to $2.8 Specialized Products $5.7 to $5.8 $5.7 to $5.8 Operating Margins: C3ISR 10.4% to 10.6 % 10.2% to 10.4 % Government Services 9.8% to 10.0 % 9.9% to 10.1 % AM&M 9.0% to 9.2 % 9.0% to 9.2 % Specialized Products 11.4% to 11.6 % 11.4% to 11.6 %
All financial guidance amounts for the year ending Dec. 31, 2009 are estimates and are subject to the “Forward-Looking Statements” cautionary language on the following page, and the company undertakes no duty to update its guidance. The 2009 financial guidance includes approximately $160 million of sales growth from business acquisitions, net of divestitures. Additional financial information regarding the 2009 first quarter results is available on the company’s Web site at www.L-3com.com.
Conference Call
In conjunction with this release, L-3 will host a conference call today, Thursday, April 23, 2009 at 11:00 a.m. EDT that will be simultaneously broadcast over the Internet. Michael T. Strianese, chairman, president and chief executive officer, Ralph G. D’Ambrosio, vice president and chief financial officer, and Karen C. Tripp, vice president of corporate communications, will host the call.
11:00 a.m. EDT10:00 a.m. CDT9:00 a.m. MDT8:00 a.m. PDT
Listeners may access the conference call live over the Internet at the company’s Web site at:
http://www.L-3com.com
Please allow fifteen minutes prior to the call to visit our Web site to download and install any necessary audio software. The archived version of the call may be accessed at our Web site or by dialing (888) 286-8010 (passcode: 55337281), beginning approximately two hours after the call ends, and will be available until the company’s next quarterly earnings release.
Headquartered in New York City, L-3 employs approximately 65,000 people worldwide and is a prime contractor in aircraft modernization and maintenance, C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems and government services. L-3 is also a leading provider of high technology products, subsystems and systems. The company reported 2008 sales of $14.9 billion.
To learn more about L-3, please visit the company’s Web site at www.L-3com.com. L-3 uses its Web site as a channel of distribution of material company information. Financial and other material information regarding L-3 is routinely posted on the company’s Web site and is readily accessible.
Forward-Looking Statements
Certain of the matters discussed in this release that are predictive in nature, that depend upon or refer to events or conditions or that include words such as ‘‘expects,’’ ‘‘anticipates,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘believes,’’ ‘‘estimates,’’ and similar expressions constitute forward-looking statements. Although we believe that these statements are based upon reasonable assumptions, including projections of total sales growth, sales growth from business acquisitions, organic sales growth, consolidated operating margins, total segment operating margins, interest expense, earnings, cash flow, research and development costs, working capital, capital expenditures and other projections, they are subject to several risks and uncertainties that are difficult to predict, and therefore, we can give no assurance that these statements will be achieved. Such statements will also be influenced by factors which include, among other things: our dependence on the defense industry and the business risks peculiar to that industry; our reliance on contracts with a limited number of agencies of, or contractors to, the U.S. Government and the possibility of termination of government contracts by unilateral government action or for failure to perform; the extensive legal and regulatory requirements surrounding our contracts with the U.S. or foreign governments and the results of any investigation of our contracts undertaken by the U.S. or foreign governments; our ability to retain our existing business and related contracts (revenue arrangements); our ability to successfully compete for and win new business and related contracts (revenue arrangements) and to win re-competitions of our existing contracts; our ability to identify and acquire additional businesses in the future with terms that are attractive to L-3 and to integrate acquired business operations; our ability to maintain and improve our consolidated operating margin and total segment operating margin in future periods; our ability to obtain future government contracts (revenue arrangements) on a timely basis; the availability of government funding or cost-cutting initiatives and changes in customer requirements for our products and services; our significant amount of debt and the restrictions contained in our debt agreements; our ability to continue to retain and train our existing employees and to recruit and hire new qualified and skilled employees as well as our ability to retain and hire employees with U.S. Government Security clearances; actual future interest rates, volatility and other assumptions used in the determination of pension benefits and equity based compensation, as well as the market performance of benefit plan assets; our collective bargaining agreements, our ability to successfully negotiate contracts with labor unions and our ability to favorably resolve labor disputes should they arise; the business, economic and political conditions in the markets in which we operate, including those for the commercial aviation, shipbuilding and communications market; global economic uncertainty and continued tightening of the credit markets; our ability to perform contracts on schedule; events beyond our control such as acts of terrorism; our international operations; our extensive use of fixed-price type contracts as compared to cost-reimbursable type and time-and-material type contracts; the rapid change of technology and high level of competition in the defense industry and the commercial industries in which our businesses participate; our introduction of new products into commercial markets or our investments in civil and commercial products or companies; the outcome of litigation matters; results of audits by U.S. Government agencies; anticipated cost savings from business acquisitions not fully realized or realized within the expected time frame; Titan’s compliance with its plea agreement and consent to entry of judgment with the U.S. Government relating to the Foreign Corrupt Practices Act (FCPA), including Titan’s ability to maintain its export licenses as well as the outcome of other FCPA matters; ultimate resolution of contingent matters, claims and investigations relating to acquired businesses, and the impact on the final purchase price allocations; competitive pressure among companies in our industry; and the fair values of our assets, which can be impaired or reduced by other factors, some of which are discussed above.
For a discussion of other risks and uncertainties that could impair our results of operations or financial condition, see ‘‘Part I — Item 1A — Risk Factors’’ and Note 18 to our audited consolidated financial statements, included in our Annual Report on Form 10-K for the year ended Dec. 31, 2008.
Our forward-looking statements are not guarantees of future performance and the actual results or developments may differ materially from the expectations expressed in the forward-looking statements. As for the forward-looking statements that relate to future financial results and other projections, actual results will be different due to the inherent uncertainties of estimates, forecasts and projections and may be better or worse than projected and such differences could be material. Given these uncertainties, you should not place any reliance on these forward-looking statements. These forward-looking statements also represent our estimates and assumptions only as of the date that they were made. We expressly disclaim a duty to provide updates to these forward-looking statements, and the estimates and assumptions associated with them, after the date of this release to reflect events or changes in circumstances or changes in expectations or the occurrence of anticipated events.
(1) During the quarter ended March 27, 2009, the company adopted six new accounting standards, three of which required retrospective application of their provisions. These standards and their retrospective application are more fully described in Tables F and G (Unaudited Supplemental Financial Data) attached to this earnings release.
(2) Sales from acquired businesses net of divestitures are comprised of (i) sales from business and product line acquisitions that are included in L-3’s actual results for less than 12 months, less (ii) sales from business and product line divestitures that are included in L-3’s actual results for the 12 months prior to the divestitures.
(3) See discussion, definition and calculation of free cash flow in Table E attached to this earnings release.
full release and financial tables- http://www.L-3com.com
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
Diluted earnings per share increased 10% to $1.66
Net sales increased 4% to $3.6 billion
Net cash from operating activities of $152 million
Funded orders of $3.8 billion and record funded backlog of $11.7 billion
Updated financial guidance for 2009
NEW YORK--April 23 2009 --L-3 Communications (NYSE: LLL ) today reported diluted earnings per share (diluted EPS) of $1.66 for the quarter ended March 27, 2009 (2009 first quarter), up 10%, compared to $1.51(1) for the quarter ended March 28, 2008 (2008 first quarter). Net sales increased 4% to $3.6 billion compared to $3.5 billion for the 2008 first quarter. The 2009 first quarter net cash from operating activities was $152 million, compared to $93 million for the 2008 first quarter.
“L-3 had a good start to the year,” said Michael T. Strianese, chairman, president and chief executive officer. “We grew sales, operating income, diluted EPS and cash flow, and continued to deploy the company’s cash flow to increase shareholder value. During the quarter we acquired Chesapeake Sciences Corporation for $87 million, repurchased $232 million of our common stock, and paid cash dividends of $42 million. We also increased our quarterly cash dividend by 17% to $0.35 per share.”
Consolidated Results First Quarter Ended ($ in millions, except per share data) March 27,2009 March 28,2008 Increase/(decrease) Net sales $ 3,636 $ 3,506 $ 130 Operating income $ 376 $ 368 $ 8 Interest expense, net $ 63 $ 68 $ (5 ) Effective income tax rate 35.8 % 36.0 % (20 )bpts Net income attributable to L-3 Holdings $ 199 $ 189 $ 10 Diluted earnings per share $ 1.66 $ 1.51 $ 0.15
Results of Operations: Consolidated net sales increased 4% compared to the 2008 first quarter driven primarily by growth in the Command, Control, Communication, Intelligence, Surveillance and Reconnaissance (C3ISR) segment, and in the Specialized Products segment. These increases were partially offset by a decrease in the Government Services and Aircraft Modernization and Maintenance (AM&M) segments driven primarily by lower linguist services and lower volume for the U.S. Air Force Contract Field Teams (CFT) contract. The increase in net sales from acquired businesses net of divestitures(2) was $77 million, or 2%.
The 2009 first quarter operating income increased by 2% compared to the 2008 first quarter. Higher pension expense decreased operating income by $19 million ($12 million after income taxes, or $0.10 per diluted share). Operating income as a percentage of sales (operating margin) decreased by 20 basis points to 10.3% compared to 10.5% for the 2008 first quarter. Higher pension expense reduced operating margin by 60 basis points. See segment results below for additional discussion of segment operating income and margin results.
Interest expense, net decreased by $5 million compared to the same period last year primarily because of lower variable interest rates on our term loan.
The effective tax rate for the 2009 first quarter decreased by 20 basis points compared to the same quarter last year due to the U.S. Federal research and experimentation tax credit that was re-enacted during the quarter ended Dec. 31, 2008, partially offset by higher income taxes on foreign income.
In the 2009 first quarter as compared to the 2008 first quarter, net income attributable to L-3 Holdings increased by 5%, and diluted EPS increased by 10%. Diluted weighted average common shares outstanding declined by 4%.
Orders: Funded orders for the 2009 first quarter decreased 8% to $3.8 billion compared to $4.1 billion from the 2008 first quarter. Funded backlog increased slightly to $11.7 billion at March 27, 2009 from $11.6 billion at Dec. 31, 2008.
Cash flow: Free cash flow(3) for the 2009 first quarter was $112 million compared with $55 million for the 2008 first quarter. The increase was primarily due to timing of collections of receivables during the 2009 first quarter compared to the 2008 first quarter.
Segment Results
During the quarter ended March 27, 2009, the company revised its segment presentations to conform to certain re-alignments in the company’s management and organization structure. Consequently, the company made certain reclassifications between its C3ISR, Government Services and AM&M segments. Tables H and I (Unaudited Supplemental Segment Data) attached to this earnings release present: (1) the previous segment data presentation for the year ended December 31, 2008, and the quarterly periods ended March 28, June 27, September 26 and December 31, 2008, (2) reclassifications for these periods to the respective segments, and (3) the revised segment data presentation for these periods.
C3ISR First Quarter Ended ($ in millions) March 27,2009 March 28,2008 Increase/(decrease) Net sales $ 710.1 $ 552.8 $ 157.3 Operating income 78.2 62.0 16.2 Operating margin 11.0 % 11.2 % (20 )bpts
C3ISR net sales for the 2009 first quarter increased by 28% compared to the 2008 first quarter primarily due to continued demand and new contracts from the U.S. Department of Defense (DoD) for airborne ISR and networked communication systems for manned and unmanned platforms.
C3ISR operating income for the 2009 first quarter increased by 26% compared to the 2008 first quarter. Operating margin decreased by 20 basis points. Higher pension expense reduced operating margin by 100 basis points and lower volume for Secure Terminal Equipment (STE) decreased operating margin by 70 basis points. These decreases were partially offset by cost improvements on an international airborne ISR system contract due to a restructuring of contract deliverables with a customer, which increased operating margin by 40 basis points, as well as higher sales volume, improved contract performance and a more favorable sales mix for airborne ISR and networked communication systems.
Government Services First Quarter Ended ($ in millions) March 27,2009 March 28,2008 Decrease Net sales $ 1,004.9 $ 1,108.3 $ (103.4 ) Operating income 90.6 99.5 (8.9 ) Operating margin 9.0 % 9.0 % -- bpts
Government Services net sales for the 2009 first quarter decreased by 9% compared to the 2008 first quarter. Sales declines in linguist services of $130 million and intelligence solutions and support services were partially offset by increases for systems engineering, training and logistics support services to the DoD. The decline in linguist services was due to a decline in L-3’s work share in connection with the transition on June 9, 2008 from an L-3 prime contract to a sub contract. The increase in net sales from acquired businesses was $18 million, or 2%.
Government Services operating income for the 2009 first quarter decreased by 9% compared to the 2008 first quarter. Operating margin for the 2009 first quarter and the 2008 first quarter remained the same. An increase in operating margin due to a decline in lower margin linguist sales was offset by lower margins on an acquired business.
AM&M First Quarter Ended ($ in millions) March 27,2009 March 28,2008 Decrease Net sales $ 663.5 $ 665.5 $ (2.0 ) Operating income 65.8 66.0 (0.2 ) Operating margin 9.9 % 9.9 % -- bpts
AM&M net sales for the 2009 first quarter decreased slightly compared to the 2008 first quarter. Sales volume declined for contract field services due to fewer task orders received because of more competitors on the follow-on CFT indefinite delivery/indefinite quantity contract that began on October 1, 2008, and lower international aircraft modernization sales due to contracts nearing completion. These decreases were largely offset by higher sales for system field support services for U.S. Army and U.S. Navy fixed and rotary wing training aircraft and U.S. Special Operations Forces logistics support due to new contracts and higher demand from existing contracts.
AM&M operating income for the 2009 first quarter decreased slightly compared to the 2008 first quarter. Operating margin for the 2009 first quarter compared to the 2008 first quarter remained the same. Higher pension expense reduced operating margin by 20 basis points and lower international aircraft modernization sales reduced operating margin by 70 basis points. These decreases were offset primarily by a favorable estimated cost adjustment on an international aircraft modernization contract.
Specialized Products First Quarter Ended ($ in millions) March 27,2009 March 28,2008 Increase/(decrease) Net sales $ 1,257.2 $ 1,179.6 $ 77.6 Operating income 141.3 140.5 0.8 Operating margin 11.2 % 11.9 % (70 )bpts
Specialized Products net sales for the 2009 first quarter increased by 7% compared to the 2008 first quarter reflecting higher sales volume primarily for: (1) power & control systems due to new and follow-on contracts for shipboard electronics and power distribution, conditioning and conversion products primarily to the U.S. Navy and tactical remote sensor systems for the U.S. Marines, (2) microwave products primarily due to deliveries of mobile and ground mounted satellite communications systems, and tactical signal intelligence systems for the U.S. military, (3) Electro-Optic/Infrared (EO/IR) products primarily due to demand and deliveries on new and existing contracts, (4) combat propulsion systems due to new contracts and demand from existing contracts, and (5) security and detection systems primarily due to the timing of certain deliveries. These increases were partially offset by a decrease for commercial aviation products and commercial shipbuilding products as a result of reduced demand caused by the global economic recession. The increase in net sales from acquired businesses, net of divestitures, was $59 million, or 5%, and pertains mostly to the Electro-Optical Systems (EOS) business acquired on April 21, 2008 and to Chesapeake Sciences Corporation acquired on January 30, 2009.
Specialized Products operating income for the 2009 first quarter increased slightly compared to the 2008 first quarter. Operating margin for the 2009 first quarter compared to the 2008 first quarter decreased by 70 basis points. Higher pension expense reduced operating margin by 90 basis points and lower sales volume for commercial aviation products and commercial shipbuilding products reduced operating margin by 30 basis points. These decreases were partially offset by higher sales volume and favorable sales mix primarily for power & control systems and security and detection systems. Acquired businesses increased operating margin by 30 basis points.
Financial Outlook
Based on information known as of today, the company revised its consolidated and segment financial guidance for the year ending Dec. 31, 2009, as presented in the tables below.
Consolidated 2009 Financial Guidance Current Prior(Jan. 29, 2009) ($ in billions, except per share data) Net sales $15.5 to $15.7 $15.5 to $15.7 Operating margin 10.4 % 10.4 % Effective tax rate 36.0 % 36.0 % Diluted EPS $7.17 to $7.32 $7.12 to $7.32 Net cash from operating activities $1.43 $1.40 Less: Capital expenditures, net of dispositions of property, plant and equipment 0.23 0.20 Free cash flow $1.20 $1.20 Segment 2009 Financial Guidance Current Prior ($ in billions) Net Sales: C3ISR $2.8 to $2.9 $2.7 to $2.8 Government Services $4.3 to $4.4 $4.4 to $4.5 AM&M $2.7 to $2.8 $2.7 to $2.8 Specialized Products $5.7 to $5.8 $5.7 to $5.8 Operating Margins: C3ISR 10.4% to 10.6 % 10.2% to 10.4 % Government Services 9.8% to 10.0 % 9.9% to 10.1 % AM&M 9.0% to 9.2 % 9.0% to 9.2 % Specialized Products 11.4% to 11.6 % 11.4% to 11.6 %
All financial guidance amounts for the year ending Dec. 31, 2009 are estimates and are subject to the “Forward-Looking Statements” cautionary language on the following page, and the company undertakes no duty to update its guidance. The 2009 financial guidance includes approximately $160 million of sales growth from business acquisitions, net of divestitures. Additional financial information regarding the 2009 first quarter results is available on the company’s Web site at www.L-3com.com.
Conference Call
In conjunction with this release, L-3 will host a conference call today, Thursday, April 23, 2009 at 11:00 a.m. EDT that will be simultaneously broadcast over the Internet. Michael T. Strianese, chairman, president and chief executive officer, Ralph G. D’Ambrosio, vice president and chief financial officer, and Karen C. Tripp, vice president of corporate communications, will host the call.
11:00 a.m. EDT10:00 a.m. CDT9:00 a.m. MDT8:00 a.m. PDT
Listeners may access the conference call live over the Internet at the company’s Web site at:
http://www.L-3com.com
Please allow fifteen minutes prior to the call to visit our Web site to download and install any necessary audio software. The archived version of the call may be accessed at our Web site or by dialing (888) 286-8010 (passcode: 55337281), beginning approximately two hours after the call ends, and will be available until the company’s next quarterly earnings release.
Headquartered in New York City, L-3 employs approximately 65,000 people worldwide and is a prime contractor in aircraft modernization and maintenance, C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems and government services. L-3 is also a leading provider of high technology products, subsystems and systems. The company reported 2008 sales of $14.9 billion.
To learn more about L-3, please visit the company’s Web site at www.L-3com.com. L-3 uses its Web site as a channel of distribution of material company information. Financial and other material information regarding L-3 is routinely posted on the company’s Web site and is readily accessible.
Forward-Looking Statements
Certain of the matters discussed in this release that are predictive in nature, that depend upon or refer to events or conditions or that include words such as ‘‘expects,’’ ‘‘anticipates,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘believes,’’ ‘‘estimates,’’ and similar expressions constitute forward-looking statements. Although we believe that these statements are based upon reasonable assumptions, including projections of total sales growth, sales growth from business acquisitions, organic sales growth, consolidated operating margins, total segment operating margins, interest expense, earnings, cash flow, research and development costs, working capital, capital expenditures and other projections, they are subject to several risks and uncertainties that are difficult to predict, and therefore, we can give no assurance that these statements will be achieved. Such statements will also be influenced by factors which include, among other things: our dependence on the defense industry and the business risks peculiar to that industry; our reliance on contracts with a limited number of agencies of, or contractors to, the U.S. Government and the possibility of termination of government contracts by unilateral government action or for failure to perform; the extensive legal and regulatory requirements surrounding our contracts with the U.S. or foreign governments and the results of any investigation of our contracts undertaken by the U.S. or foreign governments; our ability to retain our existing business and related contracts (revenue arrangements); our ability to successfully compete for and win new business and related contracts (revenue arrangements) and to win re-competitions of our existing contracts; our ability to identify and acquire additional businesses in the future with terms that are attractive to L-3 and to integrate acquired business operations; our ability to maintain and improve our consolidated operating margin and total segment operating margin in future periods; our ability to obtain future government contracts (revenue arrangements) on a timely basis; the availability of government funding or cost-cutting initiatives and changes in customer requirements for our products and services; our significant amount of debt and the restrictions contained in our debt agreements; our ability to continue to retain and train our existing employees and to recruit and hire new qualified and skilled employees as well as our ability to retain and hire employees with U.S. Government Security clearances; actual future interest rates, volatility and other assumptions used in the determination of pension benefits and equity based compensation, as well as the market performance of benefit plan assets; our collective bargaining agreements, our ability to successfully negotiate contracts with labor unions and our ability to favorably resolve labor disputes should they arise; the business, economic and political conditions in the markets in which we operate, including those for the commercial aviation, shipbuilding and communications market; global economic uncertainty and continued tightening of the credit markets; our ability to perform contracts on schedule; events beyond our control such as acts of terrorism; our international operations; our extensive use of fixed-price type contracts as compared to cost-reimbursable type and time-and-material type contracts; the rapid change of technology and high level of competition in the defense industry and the commercial industries in which our businesses participate; our introduction of new products into commercial markets or our investments in civil and commercial products or companies; the outcome of litigation matters; results of audits by U.S. Government agencies; anticipated cost savings from business acquisitions not fully realized or realized within the expected time frame; Titan’s compliance with its plea agreement and consent to entry of judgment with the U.S. Government relating to the Foreign Corrupt Practices Act (FCPA), including Titan’s ability to maintain its export licenses as well as the outcome of other FCPA matters; ultimate resolution of contingent matters, claims and investigations relating to acquired businesses, and the impact on the final purchase price allocations; competitive pressure among companies in our industry; and the fair values of our assets, which can be impaired or reduced by other factors, some of which are discussed above.
For a discussion of other risks and uncertainties that could impair our results of operations or financial condition, see ‘‘Part I — Item 1A — Risk Factors’’ and Note 18 to our audited consolidated financial statements, included in our Annual Report on Form 10-K for the year ended Dec. 31, 2008.
Our forward-looking statements are not guarantees of future performance and the actual results or developments may differ materially from the expectations expressed in the forward-looking statements. As for the forward-looking statements that relate to future financial results and other projections, actual results will be different due to the inherent uncertainties of estimates, forecasts and projections and may be better or worse than projected and such differences could be material. Given these uncertainties, you should not place any reliance on these forward-looking statements. These forward-looking statements also represent our estimates and assumptions only as of the date that they were made. We expressly disclaim a duty to provide updates to these forward-looking statements, and the estimates and assumptions associated with them, after the date of this release to reflect events or changes in circumstances or changes in expectations or the occurrence of anticipated events.
(1) During the quarter ended March 27, 2009, the company adopted six new accounting standards, three of which required retrospective application of their provisions. These standards and their retrospective application are more fully described in Tables F and G (Unaudited Supplemental Financial Data) attached to this earnings release.
(2) Sales from acquired businesses net of divestitures are comprised of (i) sales from business and product line acquisitions that are included in L-3’s actual results for less than 12 months, less (ii) sales from business and product line divestitures that are included in L-3’s actual results for the 12 months prior to the divestitures.
(3) See discussion, definition and calculation of free cash flow in Table E attached to this earnings release.
full release and financial tables- http://www.L-3com.com
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
Defense Stocks News - Raytheon (NYSE:RTN) Reports Strong First Quarter Results; Increases Full-Year Guidance
Defense Stocks News - Raytheon (NYSE:RTN) Reports Strong First Quarter Results; Increases Full-Year Guidance
- Net sales of $5.9 billion, up 10 percent
- Operating income of $712 million, up 17 percent
- Earnings per share (EPS) from continuing operations of $1.11, up 21 percent
- Solid bookings of $5.2 billion; backlog of $37.9 billion
- Increased annual dividend by 11 percent to $1.24 per share, as previously announced
WALTHAM, Mass., April 23, 2009 -- Raytheon Company (NYSE: RTN ) reported first quarter 2009 income from continuing operations of $457 million or $1.11 per diluted share compared to $401 million or $0.92 per diluted share in the first quarter 2008.
"We delivered strong results across all of our businesses during the quarter," said William H. Swanson, Raytheon's Chairman and CEO. "Raytheon's strong domestic and international business and diverse portfolio of more than 8,000 programs position us well today and for the future."
Net sales for the first quarter 2009 were $5.9 billion, up 10 percent from $5.4 billion in the first quarter 2008, with growth across all of the Company's businesses.
Operating cash flow from continuing operations for the first quarter 2009 was $411 million compared to $67 million for the first quarter 2008. The increase in operating cash flow was primarily due to a $337 million tax refund received in the first quarter 2009.
In the first quarter 2009 the Company repurchased 6.8 million shares of common stock for $300 million, as part of the Company's previously announced share repurchase program. In addition, as announced in March 2009, the Company's Board of Directors voted to increase the Company's annual dividend payout rate by 11 percent from $1.12 to $1.24 per share.
The Company ended the first quarter 2009 with $87 million of net debt. Net debt is defined as total debt less cash and cash equivalents.
Summary Financial Results 1st Quarter % ($in millions, except per share data) 2009 2008 Change
Net sales $5,884 $5,354 10% Total operating expenses 5,172 4,745 Operating income 712 609 17% Non-operating expenses, net 33 16 Income from cont. ops. before taxes $679 $593 15% Income from continuing operations $457 $401 14% Income/(loss) from disc. ops., net NM of tax 3 (2) Net income(1) $460 $399 15% Less: noncontrolling interests(1) 8 1 Net income attributable to Raytheon Company(1) $452 $398 14% Diluted EPS from continuing operations(2) $1.11 $0.92 21% Diluted EPS(2) $1.12 $0.92 22%
Operating cash flow from cont. ops. $411 $67 FAS/CAS pension adjustment Inc./(Exp.) $11 $(33) Workdays in fiscal reporting calendar 61 63
(1) Raytheon Company adopted FAS No.160, Noncontrolling Interests in Consolidated Financial Statements, effective January 1, 2009. (2) Raytheon Company adopted FASB Staff Position EITF 03-6-1 for Participating Securities, effective January 1, 2009, which decreased Q1 2008 diluted EPS from continuing operations by $0.01. The impact on Q1 2008 diluted EPS was less than $0.01.
The Company adopted FAS No.160, Noncontrolling Interests in Consolidated Financial Statements, effective January 1, 2009. The Company's noncontrolling interests relate primarily to Thales-Raytheon Systems Co. LLC, which is included in the Network Centric Systems (NCS) segment. The impact to NCS in the first quarter 2009 is an increase of $8 million in operating income compared to an increase of $1 million in the first quarter 2008.
During the quarter, the Company changed the reporting of a U.K. manufacturing facility from Space and Airborne Systems to Missile Systems. Prior period segment results have been revised to reflect this reorganization.
Bookings and Backlog
Bookings 1st Quarter ($in millions) 2009 2008
Total Bookings $5,209 $6,516
Backlog Period Ended ($in millions) 03/29/09 12/31/08
Backlog $37,939 $38,884 Funded Backlog $23,022 $21,986
The Company reported total bookings for the first quarter 2009 of $5.2 billion compared to $6.5 billion in the first quarter 2008. The Company ended the first quarter 2009 with a backlog of $37.9 billion compared to $38.9 billion at the end of 2008 and $37.7 billion at the end of the first quarter 2008.
Outlook
2009 Financial Outlook Current Prior (1/29/09)
Net Sales ($B) 24.4 - 24.9* 24.3 - 24.8 FAS/CAS Pension Income ($M) 47 47 Interest Inc./(Exp.), net ($M) (105) - (115) (105) - (115) Diluted Shares (M) 398 - 401* 402 - 405 EPS from Continuing Operations $4.55 - $4.70* $4.45 - $4.60 Operating Cash Flow from Cont. Ops. ($B) 2.2 - 2.4 2.2 - 2.4 ROIC (%) 11.1 - 11.6* 11.0 - 11.5**
* Denotes change from prior guidance. ** Prior ROIC guidance now reflects a 10 bp increase due to the impact of FAS 160, Noncontrolling Interests in Consolidated Financial Statements, which the Company adopted January 1, 2009. The Company's noncontrolling interests relate primarily to Thales-Raytheon Systems Co. LLC at NCS.
The Company has increased full-year 2009 guidance for net sales, earnings per share from continuing operations and Return on Invested Capital (ROIC), and updated the outlook for diluted share count. Charts containing additional information on the Company's 2009 guidance are available on the Company's website at www.raytheon.com.
see full financials and news at www.raytheon.com
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
- Net sales of $5.9 billion, up 10 percent
- Operating income of $712 million, up 17 percent
- Earnings per share (EPS) from continuing operations of $1.11, up 21 percent
- Solid bookings of $5.2 billion; backlog of $37.9 billion
- Increased annual dividend by 11 percent to $1.24 per share, as previously announced
WALTHAM, Mass., April 23, 2009 -- Raytheon Company (NYSE: RTN ) reported first quarter 2009 income from continuing operations of $457 million or $1.11 per diluted share compared to $401 million or $0.92 per diluted share in the first quarter 2008.
"We delivered strong results across all of our businesses during the quarter," said William H. Swanson, Raytheon's Chairman and CEO. "Raytheon's strong domestic and international business and diverse portfolio of more than 8,000 programs position us well today and for the future."
Net sales for the first quarter 2009 were $5.9 billion, up 10 percent from $5.4 billion in the first quarter 2008, with growth across all of the Company's businesses.
Operating cash flow from continuing operations for the first quarter 2009 was $411 million compared to $67 million for the first quarter 2008. The increase in operating cash flow was primarily due to a $337 million tax refund received in the first quarter 2009.
In the first quarter 2009 the Company repurchased 6.8 million shares of common stock for $300 million, as part of the Company's previously announced share repurchase program. In addition, as announced in March 2009, the Company's Board of Directors voted to increase the Company's annual dividend payout rate by 11 percent from $1.12 to $1.24 per share.
The Company ended the first quarter 2009 with $87 million of net debt. Net debt is defined as total debt less cash and cash equivalents.
Summary Financial Results 1st Quarter % ($in millions, except per share data) 2009 2008 Change
Net sales $5,884 $5,354 10% Total operating expenses 5,172 4,745 Operating income 712 609 17% Non-operating expenses, net 33 16 Income from cont. ops. before taxes $679 $593 15% Income from continuing operations $457 $401 14% Income/(loss) from disc. ops., net NM of tax 3 (2) Net income(1) $460 $399 15% Less: noncontrolling interests(1) 8 1 Net income attributable to Raytheon Company(1) $452 $398 14% Diluted EPS from continuing operations(2) $1.11 $0.92 21% Diluted EPS(2) $1.12 $0.92 22%
Operating cash flow from cont. ops. $411 $67 FAS/CAS pension adjustment Inc./(Exp.) $11 $(33) Workdays in fiscal reporting calendar 61 63
(1) Raytheon Company adopted FAS No.160, Noncontrolling Interests in Consolidated Financial Statements, effective January 1, 2009. (2) Raytheon Company adopted FASB Staff Position EITF 03-6-1 for Participating Securities, effective January 1, 2009, which decreased Q1 2008 diluted EPS from continuing operations by $0.01. The impact on Q1 2008 diluted EPS was less than $0.01.
The Company adopted FAS No.160, Noncontrolling Interests in Consolidated Financial Statements, effective January 1, 2009. The Company's noncontrolling interests relate primarily to Thales-Raytheon Systems Co. LLC, which is included in the Network Centric Systems (NCS) segment. The impact to NCS in the first quarter 2009 is an increase of $8 million in operating income compared to an increase of $1 million in the first quarter 2008.
During the quarter, the Company changed the reporting of a U.K. manufacturing facility from Space and Airborne Systems to Missile Systems. Prior period segment results have been revised to reflect this reorganization.
Bookings and Backlog
Bookings 1st Quarter ($in millions) 2009 2008
Total Bookings $5,209 $6,516
Backlog Period Ended ($in millions) 03/29/09 12/31/08
Backlog $37,939 $38,884 Funded Backlog $23,022 $21,986
The Company reported total bookings for the first quarter 2009 of $5.2 billion compared to $6.5 billion in the first quarter 2008. The Company ended the first quarter 2009 with a backlog of $37.9 billion compared to $38.9 billion at the end of 2008 and $37.7 billion at the end of the first quarter 2008.
Outlook
2009 Financial Outlook Current Prior (1/29/09)
Net Sales ($B) 24.4 - 24.9* 24.3 - 24.8 FAS/CAS Pension Income ($M) 47 47 Interest Inc./(Exp.), net ($M) (105) - (115) (105) - (115) Diluted Shares (M) 398 - 401* 402 - 405 EPS from Continuing Operations $4.55 - $4.70* $4.45 - $4.60 Operating Cash Flow from Cont. Ops. ($B) 2.2 - 2.4 2.2 - 2.4 ROIC (%) 11.1 - 11.6* 11.0 - 11.5**
* Denotes change from prior guidance. ** Prior ROIC guidance now reflects a 10 bp increase due to the impact of FAS 160, Noncontrolling Interests in Consolidated Financial Statements, which the Company adopted January 1, 2009. The Company's noncontrolling interests relate primarily to Thales-Raytheon Systems Co. LLC at NCS.
The Company has increased full-year 2009 guidance for net sales, earnings per share from continuing operations and Return on Invested Capital (ROIC), and updated the outlook for diluted share count. Charts containing additional information on the Company's 2009 guidance are available on the Company's website at www.raytheon.com.
see full financials and news at www.raytheon.com
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
Tuesday, April 21, 2009
Defense Stocks Sector Close-Up; Lockheed Martin Corporation (NYSE:LMT) reports first quarter 2009 net earnings of $666 million
Defense Stocks Sector Close-Up; Lockheed Martin Corporation (NYSE:LMT) reports first quarter 2009 net earnings of $666 million
POINT ROBERTS, Wash., DELTA, B.C. –April 21, 2009 – www.HomelandDefenseStocks.com, a leading global investor and industry portal for the defense and security sector, within Investorideas.com, presents a sector close-up on defense stocks trading April 21, 2009. Lockheed Martin (NYSE:LMT) was trading at $77.1, up $1.43 (1.89%) 11:20am ET on earnings news.
Defense stocks trading April 21, 2009:
EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received an $850,000 follow-on order for custom power supply units to be used in a shipboard application for a multi-year marine program in Europe. The order, which was received from a prime multi-national customer, is for the continuing support of systems currently in service and is to be delivered during 2009 and 2010. ERI was trading at $1.55, up 0.03 (1.97%)
Honeywell International Inc. (NYSE:HON) trading up at $30.34, with gains of$ 0.55 (1.86%) 11:25AM ET
L-3 Communications (NYSE: LLL ) trading at $ 72.97, up $1.45 (2.03%) 11:26AM ET. The Company announced news on Monday of a $203 million order of seven additional aircraft by the JCA Joint Program Office. This January 2009 order brings the current contract total to 13 aircraft. L-3 leads an industry team that includes aircraft manufacturer Alenia Aeronautica, Rolls Royce, Honeywell and Dowty.
Lockheed Martin Corporation (NYSE:LMT) reported first quarter 2009 net earnings of $666 million ($1.68 per diluted share), compared to $730 million ($1.75 per diluted share) in 2008. Net earnings in 2009 included higher pension expense as previously disclosed in our January 22, 2009 earnings release and in our 2008 Form 10-K. In 2009, the FAS/CAS pension adjustment was ($114) million, which decreased net earnings by $74 million ($0.19 per share). In 2008, the FAS/CAS pension adjustment was $32 million, which increased net earnings by $21 million ($0.05 per share).
Net sales for the first quarter of 2009 were $10.4 billion, compared to $10.0 billion in 2008. Cash from operations for the first quarter of 2009 was $1.2 billion, compared to $880 million in 2008.
Lockheed Martin was trading at $77.16, up $1.43 (1.89%) 11:20am ET
Northrop Grumman Corporation (NYSE:NOC) trading at $ 46.95, down $0.05 (-0.11%) 11:28am ET
Raytheon Company (NYSE: RTN ) trading up at $41.35, gains of $0.12 (0.29%) 11:29am ET
To research more defense (defence) stocks:
Homeland Security and Defense Stocks Directory:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
Free Defense Stocks Newsletter Sign-up:
http://www.twotigersonline.com/newsletter.html
Spade Defense Index- Interviews and Transcripts:
The SPADE Defense Index® (AMEX: DXS) is a modified capitalization-weighted index comprised of publicly traded companies that benchmarks the performance of companies involved with the defense, homeland security, and space marketplace. http://www.investorideas.com/Content_Partners/SI/Default.asp
About Homelanddefensestocks.com- HomelandDefenseStocks.com Portal is a global meeting place for investors and industry following defense and security, within Investorideas.com. Global visitors use the site daily to research the latest news, articles, audio, research reports and stock directories.
Affiliated Homeland Security/Defense Website –
The National Homeland Security Knowledgebase (NHSK) - Securing a Better World
(NHSK) is a leading Non-Government Website for search phrase "Homeland Security" featuring a comprehensive collection of links and resources and news in Homeland Security, Defense and global security issues.
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, the Middle East and Australia.
Investorideas.com Membership – Defense stocks directory access and investor research tool
With markets and investor sentiment changing daily- it is more important than ever to stay on top of key trends! Gain Exclusive Insight on Leading Sectors, Global Trends, and Insider Trading Ideas, News, Articles and Investor Ideas Members only Restricted Content including the complete renewable energy stocks directory, water stocks, biotech and defense stocks directory, as well as the Insiders Corner by Michael Brush.
Become an InvestorIdeas.com -Learn more: http://www.investorideas.com/membership/
InvestorIdeas.com Disclaimer: www.InvestorIdeas.com/About/Disclaimer.asp
Our sites do not make recommendations, but offer information portals to investors to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of any information presented. All information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is compensated by featured companies, news submissions and online advertising.
For more information contact:
Dawn Van Zant 800.665.0411
Email: dvanzant@HomelandDefenseStocks.com
Source: HomelandDefenseStocks.com, Investor Ideas
POINT ROBERTS, Wash., DELTA, B.C. –April 21, 2009 – www.HomelandDefenseStocks.com, a leading global investor and industry portal for the defense and security sector, within Investorideas.com, presents a sector close-up on defense stocks trading April 21, 2009. Lockheed Martin (NYSE:LMT) was trading at $77.1, up $1.43 (1.89%) 11:20am ET on earnings news.
Defense stocks trading April 21, 2009:
EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received an $850,000 follow-on order for custom power supply units to be used in a shipboard application for a multi-year marine program in Europe. The order, which was received from a prime multi-national customer, is for the continuing support of systems currently in service and is to be delivered during 2009 and 2010. ERI was trading at $1.55, up 0.03 (1.97%)
Honeywell International Inc. (NYSE:HON) trading up at $30.34, with gains of$ 0.55 (1.86%) 11:25AM ET
L-3 Communications (NYSE: LLL ) trading at $ 72.97, up $1.45 (2.03%) 11:26AM ET. The Company announced news on Monday of a $203 million order of seven additional aircraft by the JCA Joint Program Office. This January 2009 order brings the current contract total to 13 aircraft. L-3 leads an industry team that includes aircraft manufacturer Alenia Aeronautica, Rolls Royce, Honeywell and Dowty.
Lockheed Martin Corporation (NYSE:LMT) reported first quarter 2009 net earnings of $666 million ($1.68 per diluted share), compared to $730 million ($1.75 per diluted share) in 2008. Net earnings in 2009 included higher pension expense as previously disclosed in our January 22, 2009 earnings release and in our 2008 Form 10-K. In 2009, the FAS/CAS pension adjustment was ($114) million, which decreased net earnings by $74 million ($0.19 per share). In 2008, the FAS/CAS pension adjustment was $32 million, which increased net earnings by $21 million ($0.05 per share).
Net sales for the first quarter of 2009 were $10.4 billion, compared to $10.0 billion in 2008. Cash from operations for the first quarter of 2009 was $1.2 billion, compared to $880 million in 2008.
Lockheed Martin was trading at $77.16, up $1.43 (1.89%) 11:20am ET
Northrop Grumman Corporation (NYSE:NOC) trading at $ 46.95, down $0.05 (-0.11%) 11:28am ET
Raytheon Company (NYSE: RTN ) trading up at $41.35, gains of $0.12 (0.29%) 11:29am ET
To research more defense (defence) stocks:
Homeland Security and Defense Stocks Directory:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
Free Defense Stocks Newsletter Sign-up:
http://www.twotigersonline.com/newsletter.html
Spade Defense Index- Interviews and Transcripts:
The SPADE Defense Index® (AMEX: DXS) is a modified capitalization-weighted index comprised of publicly traded companies that benchmarks the performance of companies involved with the defense, homeland security, and space marketplace. http://www.investorideas.com/Content_Partners/SI/Default.asp
About Homelanddefensestocks.com- HomelandDefenseStocks.com Portal is a global meeting place for investors and industry following defense and security, within Investorideas.com. Global visitors use the site daily to research the latest news, articles, audio, research reports and stock directories.
Affiliated Homeland Security/Defense Website –
The National Homeland Security Knowledgebase (NHSK) - Securing a Better World
(NHSK) is a leading Non-Government Website for search phrase "Homeland Security" featuring a comprehensive collection of links and resources and news in Homeland Security, Defense and global security issues.
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, the Middle East and Australia.
Investorideas.com Membership – Defense stocks directory access and investor research tool
With markets and investor sentiment changing daily- it is more important than ever to stay on top of key trends! Gain Exclusive Insight on Leading Sectors, Global Trends, and Insider Trading Ideas, News, Articles and Investor Ideas Members only Restricted Content including the complete renewable energy stocks directory, water stocks, biotech and defense stocks directory, as well as the Insiders Corner by Michael Brush.
Become an InvestorIdeas.com -Learn more: http://www.investorideas.com/membership/
InvestorIdeas.com Disclaimer: www.InvestorIdeas.com/About/Disclaimer.asp
Our sites do not make recommendations, but offer information portals to investors to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of any information presented. All information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is compensated by featured companies, news submissions and online advertising.
For more information contact:
Dawn Van Zant 800.665.0411
Email: dvanzant@HomelandDefenseStocks.com
Source: HomelandDefenseStocks.com, Investor Ideas
Advanced Unmanned Ground Vehicle Demonstrates Record Mission Duration Using Protonex Fuel Cell System Technology
Advanced Unmanned Ground Vehicle Demonstrates Record Mission Duration Using Protonex Fuel Cell System Technology
SOUTHBOROUGH, Mass April 21 2009 --Protonex Technology Corporation (LSE: AIM: PTX and PTXU), a leading provider of advanced fuel cell power systems for portable, remote and mobile applications, today announces that Foster-Miller, Inc. (a QinetiQ company), has successfully demonstrated record unmanned ground vehicle (UGV) endurance capabilities by integrating a Protonex fuel cell power system into a Foster-Miller TALON™ robotic UGV. The TALON robot, with a hybridised fuel cell-battery power system from Protonex, demonstrated three times the operational mission range and twice the energy density of its existing advanced battery systems. The demonstration was conducted as a part of the OSD-sponsored Next Generation Manufacturing Technologies Initiative (NGMTI), led by the South Carolina Research Authority (SCRA) in Charleston, South Carolina.
As part of the NGMTI program, funded through the Defense Logistics Agency and managed by the Naval Surface Warfare Center Crane Division, Protonex developed and integrated an advanced fuel cell power platform with battery hybridisation into the existing battery bay of the TALON robot. The hybrid fuel cell power system delivered approximately 200 watts of continuous power and also met all peak power demands of the TALON robot. Protonex combined the high power density of its advanced fuel cell systems with a high energy density chemical hydride fuel to significantly extend the duration and mission capabilities of the existing TALON UGV robotics platform. Based on performance data from Foster-Miller, the Protonex fuel cell platform allowed the TALON robot to increase its mission range from 15 km to 45 km. This extremely successful demonstration was the first integration of a hybrid fuel cell-battery platform into a Foster-Miller TALON robot.
This program initiative builds on related efforts by Protonex on unmanned aerial vehicles (UAVs) and further demonstrates the Company’s ability to deliver extended mission times, thus enabling expanded mission capabilities for UGVs including persistent surveillance and border patrol.
Commenting on the news, Dr. Paul Osenar, Chief Technology Officer for Protonex Technology Corporation said: “The record mission time demonstrated through this program represents another important milestone for Protonex and further validates the range of vehicles into which our high performance power sources can effectively be integrated. Based on the success of this UGV program and our ongoing success with UAVs, Protonex expects more significant opportunities for our fuel cell platforms in small vehicles used in a variety of military and commercial applications.”
Notes to Editors
About Protonex Technology Corporation
www.protonex.com
Protonex Technology Corporation develops and manufactures compact, lightweight and high- performance fuel cell systems for portable power applications in the 100 to 1000-watt range. The Company’s fuel cell systems are designed to meet the needs of military, commercial and consumer customers for off-grid applications underserved by existing technologies by providing customizable, stand-alone portable power solutions and systems that may be hybridized with existing power technologies. The Company is headquartered in Southborough, Massachusetts.
About Foster-Miller, Inc. (QinetiQ North America Technology Solutions Group)
www.foster-miller.com
QinetiQ North America’s Technology Solutions Group includes the businesses of Foster-Miller, Inc. and its subsidiaries Planning Systems Incorporated (PSI), Automatika and Applied Perception plus the research and development activities of Apogen Technologies, Inc. It is a technology and product development business with an international reputation for delivering innovative products and systems that perform under the most demanding conditions.
About NGMTI
www.ngmti.org
The Next Generation Manufacturing Technology Initiative program, (NGMTI) is a consortium managed by the South Carolina Research Authority (SCRA) in Charleston, South Carolina. The purpose of the NGMTI is to accelerate the development and implementation of advanced breakthrough manufacturing technologies in support of the warfighter, and the global economic competitiveness of U.S. manufacturing. NGMTI launches collaborative project teams consisting of subject matter experts from industry, government, academia, and associations in support of its purpose.
This announcement includes statements which are, or may be deemed to be, "forward-looking statements". All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding Protonex’ financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Protonex’ products and services) are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Protonex to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These factors include but are not limited to those described in the Admission Document issued in connection with the Company’s admission to AIM.
Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements in this announcement speak only as at the date of this announcement and are subject to risks relating to future events and other risks, uncertainties and assumptions relation to Protonex’ operations, results of operations, growth strategy and liquidity.
Contacts Protonex Technology CorporationScott Pearson, +1 508-490-9960Chief Executive OfficerorMargaret Dorsheimer, +1 508-490-9960Director of MarketingorRedleaf Communications LimitedPress and Investor RelationsSamantha Robbins, +44 (0)20 7566 6700orPaul Dulieu, +44 (0)20 7566 6700protonex@redleafpr.comorPiper Jaffray Ltd.Nominated AdviserMichael Covington, +44 (0)20 3142 8700orJames Steel, +44 (0)20 3142 8700Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
SOUTHBOROUGH, Mass April 21 2009 --Protonex Technology Corporation (LSE: AIM: PTX and PTXU), a leading provider of advanced fuel cell power systems for portable, remote and mobile applications, today announces that Foster-Miller, Inc. (a QinetiQ company), has successfully demonstrated record unmanned ground vehicle (UGV) endurance capabilities by integrating a Protonex fuel cell power system into a Foster-Miller TALON™ robotic UGV. The TALON robot, with a hybridised fuel cell-battery power system from Protonex, demonstrated three times the operational mission range and twice the energy density of its existing advanced battery systems. The demonstration was conducted as a part of the OSD-sponsored Next Generation Manufacturing Technologies Initiative (NGMTI), led by the South Carolina Research Authority (SCRA) in Charleston, South Carolina.
As part of the NGMTI program, funded through the Defense Logistics Agency and managed by the Naval Surface Warfare Center Crane Division, Protonex developed and integrated an advanced fuel cell power platform with battery hybridisation into the existing battery bay of the TALON robot. The hybrid fuel cell power system delivered approximately 200 watts of continuous power and also met all peak power demands of the TALON robot. Protonex combined the high power density of its advanced fuel cell systems with a high energy density chemical hydride fuel to significantly extend the duration and mission capabilities of the existing TALON UGV robotics platform. Based on performance data from Foster-Miller, the Protonex fuel cell platform allowed the TALON robot to increase its mission range from 15 km to 45 km. This extremely successful demonstration was the first integration of a hybrid fuel cell-battery platform into a Foster-Miller TALON robot.
This program initiative builds on related efforts by Protonex on unmanned aerial vehicles (UAVs) and further demonstrates the Company’s ability to deliver extended mission times, thus enabling expanded mission capabilities for UGVs including persistent surveillance and border patrol.
Commenting on the news, Dr. Paul Osenar, Chief Technology Officer for Protonex Technology Corporation said: “The record mission time demonstrated through this program represents another important milestone for Protonex and further validates the range of vehicles into which our high performance power sources can effectively be integrated. Based on the success of this UGV program and our ongoing success with UAVs, Protonex expects more significant opportunities for our fuel cell platforms in small vehicles used in a variety of military and commercial applications.”
Notes to Editors
About Protonex Technology Corporation
www.protonex.com
Protonex Technology Corporation develops and manufactures compact, lightweight and high- performance fuel cell systems for portable power applications in the 100 to 1000-watt range. The Company’s fuel cell systems are designed to meet the needs of military, commercial and consumer customers for off-grid applications underserved by existing technologies by providing customizable, stand-alone portable power solutions and systems that may be hybridized with existing power technologies. The Company is headquartered in Southborough, Massachusetts.
About Foster-Miller, Inc. (QinetiQ North America Technology Solutions Group)
www.foster-miller.com
QinetiQ North America’s Technology Solutions Group includes the businesses of Foster-Miller, Inc. and its subsidiaries Planning Systems Incorporated (PSI), Automatika and Applied Perception plus the research and development activities of Apogen Technologies, Inc. It is a technology and product development business with an international reputation for delivering innovative products and systems that perform under the most demanding conditions.
About NGMTI
www.ngmti.org
The Next Generation Manufacturing Technology Initiative program, (NGMTI) is a consortium managed by the South Carolina Research Authority (SCRA) in Charleston, South Carolina. The purpose of the NGMTI is to accelerate the development and implementation of advanced breakthrough manufacturing technologies in support of the warfighter, and the global economic competitiveness of U.S. manufacturing. NGMTI launches collaborative project teams consisting of subject matter experts from industry, government, academia, and associations in support of its purpose.
This announcement includes statements which are, or may be deemed to be, "forward-looking statements". All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding Protonex’ financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Protonex’ products and services) are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Protonex to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These factors include but are not limited to those described in the Admission Document issued in connection with the Company’s admission to AIM.
Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements in this announcement speak only as at the date of this announcement and are subject to risks relating to future events and other risks, uncertainties and assumptions relation to Protonex’ operations, results of operations, growth strategy and liquidity.
Contacts Protonex Technology CorporationScott Pearson, +1 508-490-9960Chief Executive OfficerorMargaret Dorsheimer, +1 508-490-9960Director of MarketingorRedleaf Communications LimitedPress and Investor RelationsSamantha Robbins, +44 (0)20 7566 6700orPaul Dulieu, +44 (0)20 7566 6700protonex@redleafpr.comorPiper Jaffray Ltd.Nominated AdviserMichael Covington, +44 (0)20 3142 8700orJames Steel, +44 (0)20 3142 8700Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
Monday, April 20, 2009
L-3 Announces the Order of Seven C-27J JCA Aircraft
L-3 Announces the Order of Seven C-27J JCA Aircraft
NEW YORK April 20 2009 --L-3 Communications (NYSE: LLL), the prime contractor for the U.S. Army and Air Force Joint Cargo Aircraft (JCA) program, announced today a $203 million order of seven additional aircraft by the JCA Joint Program Office. This January 2009 order brings the current contract total to 13 aircraft. L-3 leads an industry team that includes aircraft manufacturer Alenia Aeronautica, Rolls Royce, Honeywell and Dowty.
“We are very happy with the team’s performance and progress on the program,” said James Burkhardt, president of L-3’s Platform Integration division.
“This latest order reflects the confidence that the U.S. government has in our abilities to continue to perform at the highest levels,” said Giuseppe Giordo, president and chief executive officer of Alenia North America and co-chief operating officer of aircraft manufacturer Alenia Aeronautica. “Our team’s intense focus on delivering on our commitments remains absolutely critical as we continue to meet the needs of our customers worldwide.”
With the first two C-27J aircraft delivered and crew training under way, the program continues to progress on schedule and on budget. Following the on-time delivery of the first aircraft in 2008, the first C-27J JCA training class commenced in November 2008, preparing pilots and loadmasters to perform multiple mission roles and serve as instructors.
Alenia North America is a subsidiary of Alenia Aeronautica and part of the Finmeccanica Group. Its mission is to further expand the industrial and commercial presence of the Alenia Group in North America. Alenia North America Inc. is headquartered in Washington, D.C., with offices in Seattle, Wash.; Long Beach, Calif.; and Fort Worth, Texas. Alenia North America – Canada, a subsidiary wholly owned by Alenia North America, has offices in Ottawa, Canada. Alenia North America is also a shareholder in several joint venture companies located in the United States. Global Aeronautica, a joint venture with The Boeing Company, is located in North Charleston, South Carolina, and performs significant integration and sub assembly work for the Boeing 787 program. Global Military Aircraft Systems (GMAS), a joint venture with L-3 Communications Integrated Systems, is a center of excellence to support the C-27J in North America. GMAS is headquartered in Madison, Miss.
L-3 Integrated Systems (L-3 IS) develops and integrates defense and commercial technology for U.S. and allied customers worldwide. Headquartered in Greenville, Texas, L-3 IS has more than five decades of experience in the development of complex intelligence, surveillance and reconnaissance systems; command and control; and secure communications. It is recognized internationally as a systems integration organization specializing in the modernization and maintenance of aircraft of all sizes. It is a leader in advanced technologies for signal processing, electronic countermeasures, sensor development and aircraft self-protection. Systems provided or maintained by L-3 IS help protect military and civilian personnel, bases, assets and national borders throughout the world.
Headquartered in New York City, L-3 Communications employs approximately 65,000 people worldwide and is a prime contractor in aircraft modernization and maintenance, C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems and government services. L-3 is also a leading provider of high technology products, subsystems and systems. The company reported 2008 sales of $14.9 billion.
To learn more about L-3, please visit the company's Web site at www.L-3com.com. L-3 uses its Web site as a channel of distribution of material company information. Financial and other material information regarding L-3 is routinely posted on the company’s Web site and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "will," "could" and similar expressions are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company's Safe Harbor Compliance Statement for Forward-looking Statements included in the company's recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
Notes to Editors:
The C-27J is a mid-range, multifunctional and interoperable aircraft able to perform logistical re-supply, MEDEVAC, troop movement, airdrop operations, search and rescue, humanitarian assistance and homeland security missions for the U.S. Army and U.S. Air Force. The C-27J will replace the U.S. Army’s C-23 Sherpa and portions of the US Army’s C-12 and C-26 fleet. The C-27J will augment the U.S. Air Force’s existing fleet of intra-theater airlifters. The aircraft will play a key role in providing responsive aerial sustainment and critical re-supply support for the maneuver force. The C-27J Spartan has been in production in Italy since 2001, and has been delivered to Bulgaria, Greece, Italy and Lithuania. It has also been ordered by Romania and Morocco. The C-27J Spartan has been most recently selected by Slovakia with contract negotiations underway. Orders to-date, follow-on contracts, as well as international, foreign military and variant sales are expected to extend orders for the C-27J to more than 200 aircraft. The C-27J Spartan is the latest in a successful tradition of military airlifters, which includes the C-27A Spartan and the G.222, which have been deployed by NATO, Coalition Forces, the United Nations and Italy. The aircraft has been used successfully in support of military and humanitarian operations in Albania, Armenia, Bosnia, Cambodia, Congo, Operations Desert Shield and Storm, East Timor, Eritrea, Ethiopia, Honduras, Kosovo, Libya, Mali, Panama, Rwanda, Somalia, Uganda. and Yemen. C-27A Spartans are currently carrying out vital counter-drug activities for the United States in Central and South America.
Contacts L-3 Integrated SystemsLance Martin, 254-867-7001Manager, Public Relations
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
NEW YORK April 20 2009 --L-3 Communications (NYSE: LLL), the prime contractor for the U.S. Army and Air Force Joint Cargo Aircraft (JCA) program, announced today a $203 million order of seven additional aircraft by the JCA Joint Program Office. This January 2009 order brings the current contract total to 13 aircraft. L-3 leads an industry team that includes aircraft manufacturer Alenia Aeronautica, Rolls Royce, Honeywell and Dowty.
“We are very happy with the team’s performance and progress on the program,” said James Burkhardt, president of L-3’s Platform Integration division.
“This latest order reflects the confidence that the U.S. government has in our abilities to continue to perform at the highest levels,” said Giuseppe Giordo, president and chief executive officer of Alenia North America and co-chief operating officer of aircraft manufacturer Alenia Aeronautica. “Our team’s intense focus on delivering on our commitments remains absolutely critical as we continue to meet the needs of our customers worldwide.”
With the first two C-27J aircraft delivered and crew training under way, the program continues to progress on schedule and on budget. Following the on-time delivery of the first aircraft in 2008, the first C-27J JCA training class commenced in November 2008, preparing pilots and loadmasters to perform multiple mission roles and serve as instructors.
Alenia North America is a subsidiary of Alenia Aeronautica and part of the Finmeccanica Group. Its mission is to further expand the industrial and commercial presence of the Alenia Group in North America. Alenia North America Inc. is headquartered in Washington, D.C., with offices in Seattle, Wash.; Long Beach, Calif.; and Fort Worth, Texas. Alenia North America – Canada, a subsidiary wholly owned by Alenia North America, has offices in Ottawa, Canada. Alenia North America is also a shareholder in several joint venture companies located in the United States. Global Aeronautica, a joint venture with The Boeing Company, is located in North Charleston, South Carolina, and performs significant integration and sub assembly work for the Boeing 787 program. Global Military Aircraft Systems (GMAS), a joint venture with L-3 Communications Integrated Systems, is a center of excellence to support the C-27J in North America. GMAS is headquartered in Madison, Miss.
L-3 Integrated Systems (L-3 IS) develops and integrates defense and commercial technology for U.S. and allied customers worldwide. Headquartered in Greenville, Texas, L-3 IS has more than five decades of experience in the development of complex intelligence, surveillance and reconnaissance systems; command and control; and secure communications. It is recognized internationally as a systems integration organization specializing in the modernization and maintenance of aircraft of all sizes. It is a leader in advanced technologies for signal processing, electronic countermeasures, sensor development and aircraft self-protection. Systems provided or maintained by L-3 IS help protect military and civilian personnel, bases, assets and national borders throughout the world.
Headquartered in New York City, L-3 Communications employs approximately 65,000 people worldwide and is a prime contractor in aircraft modernization and maintenance, C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems and government services. L-3 is also a leading provider of high technology products, subsystems and systems. The company reported 2008 sales of $14.9 billion.
To learn more about L-3, please visit the company's Web site at www.L-3com.com. L-3 uses its Web site as a channel of distribution of material company information. Financial and other material information regarding L-3 is routinely posted on the company’s Web site and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "will," "could" and similar expressions are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company's Safe Harbor Compliance Statement for Forward-looking Statements included in the company's recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
Notes to Editors:
The C-27J is a mid-range, multifunctional and interoperable aircraft able to perform logistical re-supply, MEDEVAC, troop movement, airdrop operations, search and rescue, humanitarian assistance and homeland security missions for the U.S. Army and U.S. Air Force. The C-27J will replace the U.S. Army’s C-23 Sherpa and portions of the US Army’s C-12 and C-26 fleet. The C-27J will augment the U.S. Air Force’s existing fleet of intra-theater airlifters. The aircraft will play a key role in providing responsive aerial sustainment and critical re-supply support for the maneuver force. The C-27J Spartan has been in production in Italy since 2001, and has been delivered to Bulgaria, Greece, Italy and Lithuania. It has also been ordered by Romania and Morocco. The C-27J Spartan has been most recently selected by Slovakia with contract negotiations underway. Orders to-date, follow-on contracts, as well as international, foreign military and variant sales are expected to extend orders for the C-27J to more than 200 aircraft. The C-27J Spartan is the latest in a successful tradition of military airlifters, which includes the C-27A Spartan and the G.222, which have been deployed by NATO, Coalition Forces, the United Nations and Italy. The aircraft has been used successfully in support of military and humanitarian operations in Albania, Armenia, Bosnia, Cambodia, Congo, Operations Desert Shield and Storm, East Timor, Eritrea, Ethiopia, Honduras, Kosovo, Libya, Mali, Panama, Rwanda, Somalia, Uganda. and Yemen. C-27A Spartans are currently carrying out vital counter-drug activities for the United States in Central and South America.
Contacts L-3 Integrated SystemsLance Martin, 254-867-7001Manager, Public Relations
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
Wednesday, April 15, 2009
BAE Systems Awarded Role in $50 Billion Contract for U.S. Government Information Technology
BAE Systems Awarded Role in $50 Billion Contract for U.S. Government Information Technology
RESTON, Va.--April 15 2009 --BAE Systems received an indefinite-delivery/ indefinite-quantity contract for U.S. federal information technology work including infrastructure, applications, and IT management services under the government’s new Alliant program.
The selection qualifies the company to compete for an estimated $50 billion in future task orders awarded under the contract, administered by the General Services Administration (GSA). It has a base period of five years and a five-year option period.
“Our focus will be on supporting the government’s growing need for innovative solutions that reduce cost and increase the mission effectiveness of GSA’s client agencies,” said Gene Glazar, president of BAE Systems’ Information Solutions. “This award expands our company’s long-term partnership with the U.S. General Services Administration and enables us to offer IT solutions to any federal agency, anywhere in the world.”
BAE Systems has been providing enterprise information technology services to the GSA and its client agencies for almost 30 years.
About BAE Systems
BAE Systems is the premier global defense, security and aerospace company delivering a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services. With approximately 105,000 employees worldwide, BAE Systems' sales exceeded £18.5 billion (US $34.4 billion) in 2008.
Contacts BAE SystemsElizabeth Reinhardt+1 703-563-7770Mobile: +1 571-296-5087elizabeth.reinhardt@baesystems.comorJessica Pantages+1 703-312-6157Mobile: +1 703-439-0345jessica.pantages@baesystems.comwww.baesystems.com
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
RESTON, Va.--April 15 2009 --BAE Systems received an indefinite-delivery/ indefinite-quantity contract for U.S. federal information technology work including infrastructure, applications, and IT management services under the government’s new Alliant program.
The selection qualifies the company to compete for an estimated $50 billion in future task orders awarded under the contract, administered by the General Services Administration (GSA). It has a base period of five years and a five-year option period.
“Our focus will be on supporting the government’s growing need for innovative solutions that reduce cost and increase the mission effectiveness of GSA’s client agencies,” said Gene Glazar, president of BAE Systems’ Information Solutions. “This award expands our company’s long-term partnership with the U.S. General Services Administration and enables us to offer IT solutions to any federal agency, anywhere in the world.”
BAE Systems has been providing enterprise information technology services to the GSA and its client agencies for almost 30 years.
About BAE Systems
BAE Systems is the premier global defense, security and aerospace company delivering a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services. With approximately 105,000 employees worldwide, BAE Systems' sales exceeded £18.5 billion (US $34.4 billion) in 2008.
Contacts BAE SystemsElizabeth Reinhardt+1 703-563-7770Mobile: +1 571-296-5087elizabeth.reinhardt@baesystems.comorJessica Pantages+1 703-312-6157Mobile: +1 703-439-0345jessica.pantages@baesystems.comwww.baesystems.com
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
Subscribe to:
Posts (Atom)