Lockheed Martin 2002 Annual Report Download - page 4

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In the past year, the men and women of Lockheed Martin responded again with dedication and hard work to the
daunting challenges that face free people worldwide. As a lead systems integrator, Lockheed Martin continues to
deliver best-value solutions to our customers whose efforts to secure peace, prevail in combat, and serve the public
good are indispensable. Your company has maintained and sharpened its resolve to address our core markets in
defense, homeland security, and government information technology and services.
In 2002, we focused our attention on several key areas that were fundamental to positive financial results for our
shareholders and superior performance for our customers. We directed our attention to the successful execution of
our backlog, which has stood at over $70 billion for two consecutive years, and the winning of new business.
Over the past two years, we successfully implemented a strategy of disciplined growth that put Lockheed
Martin on the path to long-term financial strength and enhanced shareholder value. This strategy has yielded robust
operational and financial performance; and in 2002 resulted in an improved credit standing, greater financial flexi-
bility, profitable organic sales growth, strong cash flow, and operating margin expansion.
We worked to better align value in our commercial Space Systems business. Clearly, there is overcapacity
in the commercial satellite and launch industries. We are committed to streamlining and strengthening the competi-
tive posture of commercial satellite manufacturing by improving operational efficiencies within the business.
We continue to work largely with the U.S. Air Force to improve the business model for launch vehicles.
THREE
DEAR FELLOW
SHAREHOLDERS
ROBERT J. STEVENS, President and Chief Operating Officer
VANCE D. COFFMAN, Chairman and Chief Executive Officer