L-3 Communications Acquires PerkinElmer's Detection Systems
L-3 Communications has agreed to acquire the Detection Systems business of PerkinElmer, for approximately $100 million in cash. The acquisition is expected to close by the end of the first quarter of 2002 and is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions. Detection Systems is expected to be accretive to L-3's earnings in 2002. PerkinElmer's Detection Systems business offers X-ray screening for three major security applications: aviation systems for checked and oversized baggage, break bulk cargo and air freight; port and border applications including pallets, break bulk and air freight; and facility protection, such as parcels, mail and cargo.
L-3 Reports Good 1Q Results
Amid the doom and gloom which has become revenue reporting season, it is refreshing to note that L-3 Communications reports that first quarter of 2002, sales were $696.8 million, an increase of 50.9% over sales of $461.9 million in the first quarter of 2001. 52.0%. As a percentage of sales, operating income in the 2002 first quarter was 10.2%, compared with 10.1% in the first quarter of 2001. Net income for the 2002 first quarter was $29.3 million, an increase of 106.3% over net income of $14.2 million as reported in the first quarter of 2001. increase of 77.5%. In the 2002 first quarter, diluted shares outstanding increased approximately 15.1% to 41.2 million from 35.8 million in the first quarter of 2001…
L-3 to Acquire Westwood Corporation
L-3 Communications announced that it has entered into a definitive agreement to acquire all outstanding shares of common stock of Westwood Corporation, a leader in shipboard power control, switchgear and power distribution systems, for $2.30 per share in cash. The total value of the transaction is approximately $22 million, plus assumed debt. The transaction is subject to customary closing conditions, including approval by Westwood's stockholders, and is expected to close by the end of this year. The acquisition is expected to be slightly accretive to L-3's earnings. With headquarters in Tulsa, Oklahoma, Westwood is the premier niche provider of shipboard power distribution, machinery and automation systems to the United States Navy, Army, Air Force and Coast Guard.
