Lockheed Martin 2002 Annual Report Download - page 72

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SEVENTY-NINE
Lockheed Martin Corporation
CONSOLIDATED FINANCIAL DATA —FIVE YEAR SUMMARY
(In millions, except per share data) 2002(a) 2001(b) 2000(c) 1999(d) 1998(e)
OPERATING RESULTS
Net sales $26,578 $23,990 $24,541 $24,999 $25,809
Cost of sales 24,629 22,447 22,881 23,346 23,492
Earnings from operations 1,949 1,543 1,660 1,653 2,317
Other income and expenses, net (791) (710) (555) 344 170
1,158 833 1,105 1,997 2,487
Interest expense 581 700 919 809 861
Earnings from continuing operations before income taxes
and cumulative effect of change in accounting 577 133 186 1,188 1,626
Income tax expense 44 90 663 459 648
Earnings (loss) from continuing operations before
cumulative effect of change in accounting 533 43 (477) 729 978
Discontinued operations (33) (1,089) (42) 8 23
Cumulative effect of change in accounting ———(355) —
Net earnings (loss) $ 500 $(1,046) $ (519) $ 382 $ 1,001
EARNINGS (LOSS) PER COMMON SHARE
Basic:
Continuing operations before cumulative effect of change in accounting $ 1.20 $ 0.10 $ (1.19) $ 1.91 $ 2.60
Discontinued operations (0.07) (2.55) (0.10) 0.02 0.06
Cumulative effect of change in accounting ———(0.93) —
$ 1.13 $(2.45) $ (1.29) $ 1.00 $ 2.66
Diluted:
Continuing operations before cumulative effect of change in accounting $ 1.18 $ 0.10 $ (1.19) $ 1.90 $ 2.57
Discontinued operations (0.07) (2.52) (0.10) 0.02 0.06
Cumulative effect of change in accounting ———(0.93) —
$ 1.11 $(2.42) $ (1.29) $ 0.99 $ 2.63
Cash dividends $ 0.44 $ 0.44 $ 0.44 $ 0.88 $ 0.82
CONDENSED BALANCE SHEET DATA
Current assets $10,626 $10,778 $13,339 $11,080 $10,706
Property, plant and equipment, net 3,258 2,991 2,941 3,361 3,489
Intangible assets related to contracts and programs acquired 814 939 1,073 1,259 1,418
Goodwill 7,380 7,371 7,479 9,152 9,521
Other assets 3,680 5,575 5,594 5,409 3,610
Total $25,758 $27,654 $30,426 $30,261 $28,744
Short-term borrowings $— $— $12$475 $ 1,043
Current maturities of long-term debt 1,365 89 882 52 886
Other current liabilities 8,456 9,600 9,408 8,298 8,338
Long-term debt 6,217 7,422 9,065 11,427 8,957
Post-retirement benefit liabilities 1,480 1,565 1,647 1,805 1,903
Other liabilities 2,375 2,535 2,252 1,843 1,480
Stockholders’ equity 5,865 6,443 7,160 6,361 6,137
Total $25,758 $27,654 $30,426 $30,261 $28,744
Common shares outstanding at year-end 455.5 441.2 431.4 397.8 393.3