Lockheed Martin 1996 Annual Report Download - page 2

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Highlights
Financial
To Our Shareholders
Operating Companies
Operating Highlights
Space & Strategic Missiles
Electronics
Information & Services
Aeronautics
Energy & Environment
Financial Section
Corporate Directory
General Information
See Notes 1, 2, 4, 8, 10 and 14 to the Consolidated Financial Statements.
(a) Amounts include the effects of the April 1996 business combination
with Loral Corporation.
(b) Earnings for 1996 include the effects of a nonrecurring pretax gain of $365
million resulting from divestitures which increased net earnings by $351 million,
or $1.58 per common share assuming full dilution. The gain was substantially
offset by nonrecurring pretax charges, net of state income tax benefits, of
$307 million, approximately one-half of which related to the Corporation's
conservative strategy toward its environmental remediation business, with the
remainder related to a number of other corporate actions to improve efficiency,
increase competitiveness and focus on core businesses. These charges decreased
net earnings by $209 million, or $.94 per common share assuming full dilution.
(c) Earnings for 1995 include the effects of pretax charges totaling $690 million
for merger related and consolidation expenses. These charges reduced net
earnings by $436 million, or $1.96 per common share assuming full dilution.
Contents
2
10
16
22
30
40
46
50
86
88
Net sales
Net earnings
Earnings per common share,
assuming full dilution
Cash dividends per
common share
Total assets
Short-term borrowings
Current maturities of long-term debt
Long-term debt
Shareholders' equity
Negotiated backlog
$26,875
1,347(b)
6.04(b)
1.60
29,257
1,110
180
10,188
6,856
50,406
$22,853
682(c)
3.05(c)
1.34
17,558
—
722
3,010
6,433
41,125
(In millions, except per share data)
1996(a)
1995