Lockheed Martin 2003 Annual Report Download - page 2

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On the Cover: The Horizontal Integration Lab in Colorado Springs, Colorado, will enhance Lockheed Martin’s
collaboration with customers and partners to develop advanced architectures for Net-Centric Operations.
CONTENTS
Letter to Shareholders — PAGE 3
Narrative Section — PAGE 6
Financial Section of the 2003 Annual Report — PAGE 16
Corporate Directory — PAGE 71
General Information — PAGE 73
(In millions, except per share data and number of employees) 2003 2002 2001
Net sales $31,824 $26,578 $23,990
Operating profit from business segments 2,468 2,020 1,709
Consolidated operating profit 2,019 1,158 833
Earnings from continuing operations 1,053 533 43
Net earnings (loss) 1,053 500 (1,046)
Earnings (loss) per diluted share 2.34 1.11 (2.42)
Average diluted common shares outstanding 450.0 452.0 432.5
Net cash provided by operating activities 1,809 2,288 1,825
Cash dividends per common share 0.58 0.44 0.44
Cash, cash equivalents and short-term investments 1,250 2,738 912
Total assets 26,175 26,979 27,714
Total debt 6,208 7,582 7,511
Stockholders’ equity $ 6,756 $ 5,865 $ 6,443
Debt-to-total-capital ratio 48% 56% 54%
Negotiated backlog $76,899 $70,385 $71,269
Employees 130,000 125,000 125,000
NOTE: For a discussion of matters affecting the comparability of the information presented above, refer to Management’s Discussion and Analysis of Financial
Condition and Results of Operations on pages 17 through 39 of this Annual Report.
Lockheed Martin Corporation
2003 FINANCIAL HIGHLIGHTS