Lockheed Martin 2002 Annual Report Download - page 6

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Unfortunately, there were some disappointments as well. We lost several major competitions in 2002 but have
worked hard at applying lessons learned to future competitions.
Aside from contract wins, we achieved a number of performance successes in 2002, including the launch of the
first Atlas V, a new generation of launcher; and the first supersonic missile launch from the F/A-22 air superiority
fighter, the cornerstone of U.S. Air Force modernization.
We remain committed to exemplary corporate governance and transparency in our financial disclosure practices.
And Lockheed Martin recognizes the value of good corporate citizenship, investing not only in the next generation of
technology, but in education programs and philanthropy. As a corporate citizen, we recognize that encouraging a
spirit of public service inspires each and every one of us. Lockheed Martin is committed to the highest standard
of ethical business conduct; and we conduct regular ethics training for every one of our employees, rooting these
standards deep into our corporate culture.
Overall, it was a good year for Lockheed Martin; we are strongly positioned and believe our outlook is promis-
ing. In 2003, we will focus on six imperatives that drive operational excellence and financial performance:
䡲Provide winning best-value solutions for customers.
䡲Continue to focus on strengthening program management and driving successful execution to ensure customer
satisfaction. Senior executive management will pay particular attention to the F/A-22 and the Space-Based
Infrared System (SBIRS) programs.
䡲Extract value from our Space Systems business through contract negotiations with customers as well as a
focus on cost savings.
䡲Continue to focus on margin expansion and cash generation.
䡲Evaluate various alternatives for cash deployment and implement those that provide the greatest return
for shareholders.
䡲Continue to recruit, hire and retain the best talent in the marketplace. A talented, diverse, and innovative
workforce is key to sustained success and is a company imperative.
This management team recognizes Lockheed Martin’s role in the defense of America and its allies, in homeland
security, and in service to government agencies in the United States and around the world as they fulfill their
most critical missions. And on behalf of all Lockheed Martin employees, we offer our thoughts and prayers to the
families of the heroic crew of the Space Shuttle Columbia. Their individual excellence and outstanding teamwork
inspires us all.
As stewards of this Corporation, we rededicate ourselves to instilling a highly ethical culture of operational
and financial performance, teamwork and corporate citizenship. These are standards that cannot be compromised;
they are the objectives that motivate the men and women of Lockheed Martin as they focus on every commitment,
every day.
March 1, 2003
Vance D. Coffman Robert J. Stevens
Chairman and Chief Executive Officer President and Chief Operating Officer
FIVE