Lockheed Martin 1999 Annual Report Download - page 57

Download and view the complete annual report

Please find page 57 of the 1999 Lockheed Martin annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 62

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62

64
CONSOLIDATED FINANCIAL DATA—TEN YEAR SUMMARY(a)
(In millions, except per share data)
1999(b) 1998(c) 1997(d)
Operating Results
Net sales $25,530 $26,266 $28,069
Costs and expenses 23,865 23,914 25,772
Earnings from operations 1,665 2,352 2,297
Other income and expenses, net 344 170 482
2,009 2,522 2,779
Interest expense 809 861 842
Earnings before income taxes and cumulative effect
of changes in accounting 1,200 1,661 1,937
Income tax expense 463 660 637
Earnings before cumulative effect of changes in accounting 737 1,001 1,300
Cumulative effect of changes in accounting (355) — —
Net earnings (loss) $ 382 $ 1,001 $ 1,300
Earnings (Loss) Per Common Share
Basic:
Before cumulative effect of changes in accounting $ 1.93 $ 2.66 $ (1.56)
Cumulative effect of changes in accounting (.93) — —
$ 1.00 $ 2.66 $ (1.56)
Diluted:
Before cumulative effect of changes in accounting $ 1.92 $ 2.63 $ (1.56)
Cumulative effect of changes in accounting (.93) — —
$ .99 $ 2.63 $ (1.56)
Cash dividends $ .88 $ .82 $ .80
Condensed Balance Sheet Data
Current assets $10,696 $10,611 $10,105
Property, plant and equipment 3,634 3,513 3,669
Intangible assets related to contracts and programs acquired 1,259 1,418 1,566
Cost in excess of net assets acquired 9,162 9,521 9,856
Other assets 5,261 3,681 3,165
Total $30,012 $28,744 $28,361
Short-term borrowings $ 475 $ 1,043 $ 494
Current maturities of long-term debt 52 886 876
Other current liabilities 8,285 8,338 7,819
Long-term debt 11,427 8,957 10,528
Post-retirement benefit liabilities 1,805 1,903 1,993
Other liabilities 1,607 1,480 1,475
Stockholders’ equity 6,361 6,137 5,176
Total $30,012 $28,744 $28,361
Common Shares Outstanding at Year End 397.8 393.3 388.8
Notes to Ten Year Summary
(a) The Corporation was formed in 1995 from the combination of Lockheed Corporation and Martin Marietta Corporation. All financial informa-
tion prior to 1995 was derived from the financial statements of those companies under the pooling of interests method of accounting.
(b) Includes the effects of nonrecurring and unusual items which, on a combined basis, increased pretax earnings by $249 million, $162 million
after tax, or $.42 per diluted share. Also includes a cumulative effect adjustment relating to the adoption of SOP No. 98-5 regarding costs for
start-up activities which resulted in a nonrecurring and unusual charge that reduced net earnings by $355 million, or $.93 per diluted share.
(c) Includes the effects of nonrecurring and unusual items which, on a combined basis, decreased pretax earnings by $162 million, $136 million
after tax, or $.36 per diluted share.
(d) Includes the effects of a nonrecurring and unusual tax-free gain of $311 million and the aggregate effects of other nonrecurring and unusual
items which decreased pretax earnings by $369 million, $245 million after tax. On a combined basis, these items decreased diluted loss per
share by $.15. Loss per share also includes the effects of the deemed preferred stock dividend resulting from the GE Transaction which reduced
the basic and diluted per share amounts by $4.93.