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Nicholas D Chabraja News

17 Oct 2001

General Dynamics Third Quarter Per Share Earnings Increase 11 Percent

General Dynamics reported 2001 third quarter net earnings of $230 million, or $1.13 per share fully diluted, on sales of $3 billion. This is an 11 percent per share increase over the third quarter of 2000, when net earnings were $204 million, or $1.02 per share, on sales of $2.5 billion, before consideration of a non-recurring tax-related gain of $90 million in the third quarter of 2000. Cash flow from operations from the 2001 third quarter was $330 million. The quarter ended on September 30, 2001. For the first nine months of 2001, sales were $8.7 billion, compared with $7.7 billion for the first nine months of 2000. Net earnings for the first nine months of 2001 were $669 million…

23 Jan 2002

General Dynamics Report 4Q Results

General Dynamics reported 2001 fourth quarter net earnings of $246 million, $1.21 per share on a fully diluted basis, on sales of $3.5 billion. This represents an 11 percent earnings per share increase over the fourth quarter of 2000, when net earnings were $219 million, $1.09 per share, on sales of $2.7 billion. The quarter ended on December 31, 2001. Full year 2001 net earnings on a recurring basis were $915 million, $4.51 per fully diluted share, on sales of $12.2 billion. This is a 12 percent per share increase over 2000 earnings of $811 million on a recurring basis, $4.03 per fully diluted share, on sales of $10.4 billion. Including favorable…

17 Apr 2002

GD Reports Solid 1Q Results

General Dynamics reported first quarter 2002 net earnings of $229 million, or $1.13 per share on a fully diluted basis, on sales of $3.1 billion. For the first quarter of 2001, earnings were $212 million, or $1.05 per share, on sales of $2.7 billion, excluding a non-recurring gain of $28 million, or 14 cents per share, from a tax-related adjustment. The quarter ended on March 31. "This was a good first quarter, marked by especially strong performance by our Information Systems and Technology group. We expect solid results to continue throughout the year," said Nicholas D. Chabraja, General Dynamics chairman and CEO. "New orders of almost $3 billion in the quarter - including a significant contribution from our Aerospace group -- kept the backlog strong.

22 Jan 2003

GD Reports 4Q, Full Year 2002 Results

General Dynamics reported 2002 fourth quarter earnings from continuing operations of $269 million, $1.33 per share on a fully diluted basis, on sales of $3.9 billion. This included a pretax gain of $36 million from the sale of certain space propulsion assets of its munitions business in the quarter. In the fourth quarter of 2001, earnings from continuing operations were $251 million, $1.23 per share, on sales of $3.5 billion. The quarter ended on December 31, 2002. In the fourth quarter, the company made a decision to exit its undersea fiberoptic cable-laying business, which had been part of the Information Systems and Technology group since 1998.

14 Mar 2003

Toner Succeeds Welch at General Dynamics

General Dynamics announced the appointment of Michael W. Toner, 59, as executive vice president of the Marine Systems group, reporting to the chairman and CEO. He succeeds John K. Welch, who has announced his retirement; Welch had led the Marine Systems group since January 2000. Toner will also continue in his present position as president of General Dynamics Electric Boat. "John Welch served General Dynamics with energy and skill, and we wish him well in his retirement," said Nicholas D. Chabraja, General Dynamics chairman and CEO. "Mike Toner has the operational experience to ensure that Marine Systems delivers value to our shareholders, and ships of the superb capability and quality that our customers expect," Chabraja said.

28 Apr 2003

Shipway Appointed as President of Bath Iron Works

General Dynamics announced the appointment of John F. "Dugan" Shipway, 60, as president of Bath Iron Works, reporting to Michael W. Toner, executive vice president of General Dynamics Marine Systems group. Shipway succeeds Allan C. Cameron, 57, who has announced his retirement. Cameron had been president of Bath Iron Works since 1996. "Allan Cameron carried on the long shipbuilding tradition of 'Bath-built is best-built,'" said Nicholas D. Chabraja, General Dynamics chairman and CEO. "He recognized that great shipbuilders need modern tools. Through the development and construction of the new land-level facility, he brought Bath Iron Works into shipbuilding's 21st century," said Chabraja. "Bath Iron Works makes the best surface combatants in the world," said Cameron.

03 May 2001

Good Vibes Surround General Dynamics, NNS $2.6B Deal

In a move that could possibly trigger the final slowdown in naval shipbuilding corporate asset consolidation, General Dynamics late last month made a $2.6 billion (a total which includes nearly $500 million of current debt takeover) bid to buy Newport News Shipbuilding. The move — while hardly a shock to defense insiders who have witnessed the proliferation of fewer, larger corporate entities serving the military markets — in essence provides the Pentagon a one-stop shop for the purchase of nuclear submarines and nuclear aircraft carriers. Just two years ago a similar attempt by General Dynamics was thwarted, largely because the bid in 1999 was hostile in nature and because of concerns regarding a monopoly of nuclear newbuilding capability.

07 Jan 2000

GD Appoints Welch As Senior VP

General Dynamics (GD) has named John K. Welch as senior vice president of the corporation and head of the marine systems group, which includes all of the company's shipbuilding and marine service operations. Welch will report to Nicholas D. Chabraja, GD chairman and CEO, at the company's Falls Church, Va. headquarters. Welch, who has been a vice president of the corporation and president of the company's Electric Boat business since 1995, will succeed James E. Turner, Jr., president and COO of GD, who has headed up the group for the past five years. The company announced that Turner plans to retire on January 15, and that it does not intend to name a new president. In addition, Michael W. Toner will take over Welch's position as president of Electric Boat, Groton, Ct.

16 Oct 2002

GD Reports 3Q Results

General Dynamics reported 2002 third quarter net earnings of $268 million, or $1.32 per share on a fully diluted basis, on sales of $3.3 billion. Before the impact of FAS 142, which changes the way companies account for goodwill in business combinations, earnings per share increased 13 percent over the third quarter of 2001, when net earnings were $230 million, or $1.13 per share, on sales of $3 billion. (Including the effects of FAS 142, earnings per share in the third quarter of 2002 increased 17 percent.) Net cash provided by operating activities totaled $254 million for the 2002 third quarter. The quarter ended on September 29, 2002. For the first nine months of 2002, sales were $9.9 billion, compared with $8.7 billion for the first nine months of 2001.