Lockheed Martin 2003 Annual Report Download - page 71

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Lockheed Martin Corporation
CONSOLIDATED FINANCIAL DATA — FIVE YEAR SUMMARY
69
(In millions, except per share data) 2003(a) 2002(b) 2001(c) 2000(d) 1999(e)
OPERATING RESULTS
Net sales $ 31,824 $ 26,578 $ 23,990 $ 24,541 $ 24,999
Cost of sales 29,848 24,629 22,447 22,881 23,346
Earnings from operations 1,976 1,949 1,543 1,660 1,653
Other income and expenses, net 43 (791) (710) (555) 344
2,019 1,158 833 1,105 1,997
Interest expense 487 581 700 919 809
Earnings from continuing operations before income
taxes and cumulative effect of change in accounting 1,532 577 133 186 1,188
Income tax expense 479 44 90 663 459
Earnings (loss) from continuing operations before
cumulative effect of change in accounting 1,053 533 43 (477) 729
Discontinued operations —(33) (1,089) (42) 8
Cumulative effect of change in accounting ——— —(355)
Net earnings (loss) $ 1,053 $500 $ (1,046) $ (519) $ 382
EARNINGS (LOSS) PER COMMON SHARE
Basic:
Continuing operations before cumulative effect of
change in accounting $ 2.36 $ 1.20 $ 0.10 $ (1.19) $ 1.91
Discontinued operations —(0.07) (2.55) (0.10) 0.02
Cumulative effect of change in accounting ——— —(0.93)
$ 2.36 $1.13 $ (2.45) $ (1.29) $ 1.00
Diluted:
Continuing operations before cumulative
effect of change in accounting $ 2.34 $ 1.18 $ 0.10 $ (1.19) $ 1.90
Discontinued operations —(0.07) (2.52) (0.10) 0.02
Cumulative effect of change in accounting ——— —(0.93)
$ 2.34 $1.11 $ (2.42) $ (1.29) $ 0.99
CASH DIVIDENDS $ 0.58 $ 0.44 $ 0.44 $ 0.44 $ 0.88
CONDENSED BALANCE SHEET DATA
Current assets $ 9,401 $ 10,626 $ 10,778 $ 13,339 $ 11,080
Property, plant and equipment, net 3,489 3,258 2,991 2,941 3,361
Goodwill 7,879 7,380 7,371 7,479 9,152
Purchased intangibles, net 807 814 939 1,073 1,259
Other assets 4,599 4,901 5,635 5,594 5,409
Total $ 26,175 $ 26,979 $ 27,714 $ 30,426 $ 30,261
Short-term borrowings $— $— $— $12$475
Current maturities of long-term debt 136 1,365 89 882 52
Other current liabilities 8,757 8,456 9,600 9,408 8,298
Long-term debt 6,072 6,217 7,422 9,065 11,427
Post-retirement benefit liabilities 1,440 1,480 1,565 1,647 1,805
Other liabilities 3,014 3,596 2,595 2,252 1,843
Stockholders’ equity 6,756 5,865 6,443 7,160 6,361
Total $ 26,175 $26,979 $ 27,714 $ 30,426 $ 30,261
COMMON SHARES OUTSTANDING AT YEAR-END 446.5 455.5 441.2 431.4 397.8
CASH FLOW DATA
Cash from operating activities $ 1,809 $2,288 $ 1,825 $ 2,016 $ 1,077
Cash (used by) from investing activities (1,461) (539) 139 1,762 (1,638)
Cash (used by) from financing activities (2,076) 77 (2,557) (2,728) 731
NEGOTIATED BACKLOG $ 76,899 $70,385 $ 71,269 $ 55,076 $ 44,807