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Litton Industries News

24 Jun 2014

Lockheed Martin Awarded DoD Port Hueneme Test Ship Contract

Department of Defense inform that Lockheed Martin, Moorestown, New Jersey, is being awarded a $12,171,921 cost-plus-fixed-fee modification to a previously awarded contract (N00024-11-C-2300 CLIN 0012) to provide procurement and engineering efforts in support of the TRS-3D Radar installation for the Port Hueneme Test Ship. The work will be performed in San Diego, California (68 percent); Clearwater, Florida (12 percent); Moorestown, New Jersey (10 percent); Washington, District of Columbia (10 percent), and is expected to be completed by December 2018. Fiscal 2014 research, development, test and evaluation funding in the amount of $12,171,921 will be obligated at time of award. Contract funds will not expire at the end of the current fiscal year.

17 Sep 2003

CEO and President of Northrop Grumman to Assume Duties as Chairman

Northrop Grumman Corporation announced that its board of directors has elected Ronald D. Grumman's next chairman of the board. Effective Oct. officer and president. chairman since 1990, will retire on that date. 2003 as president and chief executive officer. boards," said Sugar. Grumman in September 2001 and its chief executive officer in April 2003. has served as a member of the Northrop Grumman board of directors since 2001. Industries, a company acquired by Northrop Grumman in April 2001. Information Systems and a member of the chief executive office of TRW Inc. global automotive electronics business. scientific, and commercial space and electronics programs. Aircraft Co., Argosystems Inc. and The Aerospace Corporation. (1969) and doctoral degrees (1971) in the same field.

07 Jan 2002

Sperry Marine Name Revived

Corporate consolidations have, in the last 10 years, effectively consumed a number of "household" brand names as efforts were made to streamline the acquirer's letterhead. In a reversal, of sorts, Northrop Grumman Corporation gave a rebirth to a well-respected name in the marine business, saying that its marine systems business unit has been renamed Sperry Marine, effective immediately. Formerly Litton Marine, this commercial and defense-related marine electronics business was acquired by Northrop Grumman in its purchase of Litton Industries Inc., last year. Sperry Marine remains a business unit of the Baltimore, Md.-based Electronic Systems sector of Northrop Grumman.

30 Jan 2002

Northrop Reports 4Q Results

Northrop Grumman Corporation reported 2001 fourth quarter economic earnings of $158 million, compared with $106 million for the same period of 2000. On a per share basis, the company reported 2001 fourth quarter economic earnings of $1.55 on average diluted shares outstanding of 98.0 million, compared with economic earnings of $1.46 on average diluted shares outstanding of 72.5 million for the fourth quarter of 2000. Under Generally Accepted Accounting Principles (GAAP), the company reported fourth quarter 2001 net income of $131 million, or $1.28 per share, compared with net income from continuing operations of $144 million, or $1.99 per share, for the same period of 2000.

17 Apr 2002

Northrop Grumman Reports 1Q Results

Northrop Grumman Corporation reported first quarter 2002 net income of $149 million, or $1.27 per share, compared with net income of $132 million, or $1.81 per share, for the same period of 2001, adjusted for SFAS No. 142 - Goodwill and Other Intangible Assets. The comparable per share decline reflects a substantial decrease in pension income and increases in interest expense and in the number of shares outstanding. On an economic earnings basis, the company reported increased earnings of $170 million, or $1.45 per share, compared with $101 million, or $1.39 per share, for the same period of 2001. 2002 earnings per share are based on average diluted shares outstanding of 112.8 million versus 72.8 million for the first quarter of 2001.

07 Jul 1999

FTC Waives Termination Avondale Takeover Wait

The Federal Trade Commission granted early termination of the waiting period required under federal law for its proposed sale of Avondale Industries Inc. to Litton Industries Inc. The $529 million merger of the two military shipbuilders is subject to approval by Avondale shareholders at a July 27 meeting, after which the deal is scheduled to close.

12 Jul 1999

Litton Shelves $1.8B Bid For Newport

Defense and electronics giant Litton Industries Inc. reportedly withdrew its $1.8 billion offer to buy Newport News Shipbuilding Inc. because of opposition from the U.S. government.

09 Jul 1999

Litton Withdraws Deal For Newport News

Litton Industries Inc. has reportedly withdrawn its $1.8 billion bid to buy Newport News Shipbuilding Inc., saying the deal was not likely to get the necessary government approval.

20 Apr 2000

Defense Companies Rebound

Defense companies, which have suffered mightily on the stock markets of late, took a sharp upturn, led by General Dynamics Corp., which posted strong earnings last Wednesday and was upgraded by brokerage SG Cowen Thursday. Shares of General Dynamics, builder of the Seawolf submarine and M-1 tank, as well as Gulfstream corporate jets, gained as much as 5-1/8 in morning trading on the New York Stock Exchange, before settling back to 55-3/4, up 3-3/4. Exchange. A spate of aerospace- and defense-related companies posted earnings that mostly beat Wall Street expectations Wednesday, including commercial aircraft and defense giant Boeing Co. and United Technologies Corp., which makes engines and helicopters, but also elevators and air conditioning systems.

02 Jun 2000

Litton Reports Good 3Q Results

Litton Industries, after seeing its shares drop more than 60 percent over the past 12 months (see chart, page 2), caught in a bearish defense industry down draft, reported great third quarter results last week. Litton Industries reported that diluted earnings per share rose 23% to $1.35 for the third quarter, compared with diluted earnings per share of $1.10 for the third quarter of fiscal 1999. Excluding a one-time gain on sale of businesses, third quarter diluted earnings per share increased 21% to $1.33. Net earnings for the third quarter were $61.8 million versus $50.9 million for the same period last year. Revenue for the third quarter increased 11% to $1.4 billion, compared with $1.26 billion for the comparable period of the prior year.

01 Jun 2000

Litton Awarded $477.7M Contract

Litton Avondale Industries, a division of Litton Industries, has been awarded a $477.7 million contract by the U.S. Navy for the construction of an additional ship in the Navy's newest class of amphibious assault ships. The cost reimbursable contract is for the construction of LPD 20, the fourth ship in a planned 12-ship program. The follow-on eight ships in the LPD 17 San Antonio Class program will be awarded over the next four years. As prime contractor for the LPD 17 program, Litton Avondale leads a team comprised of Bath Iron Works, Raytheon Electronic Systems and Intergraph Corporation. Design of the lead ship of the class is underway at Litton Avondale with actual production scheduled to begin this summer.

01 Jun 2000

Litton Reports FY2000 Third Quarter Results

Litton Industries, Inc. recently reported results for the third fiscal quarter ended April 30, 2000. Diluted earnings per share rose 23% to $1.35 for the third quarter, compared with diluted earnings per share of $1.10 for the third quarter of fiscal 1999. Excluding a one-time gain on sale of businesses, third quarter diluted earnings per share increased 21% to $1.33. Net earnings for the third quarter were $61.8 million versus $50.9 million for the same period last year. Revenue for the third quarter increased 11% to $1.4 billion, compared with $1.26 billion for the comparable period of the prior year. Revenue for the first nine months of fiscal 2000 was $4.1 billion, a 15% increase over the first nine months of fiscal 1999.

02 Jun 2000

Litton Awarded $477.7M Contract

Litton Avondale Industries, a division of Litton Industries, has been awarded a $477.7 million contract by the U.S. Navy for the construction of an additional ship in the Navy's newest class of amphibious assault ships. The cost reimbursable contract is for the construction of LPD 20, the fourth ship in a planned 12-ship program. The follow-on eight ships in the LPD 17 San Antonio Class program will be awarded over the next four years. As prime contractor for the LPD 17 program, Litton Avondale leads a team comprised of Bath Iron Works, Raytheon Electronic Systems and Intergraph Corporation. Design of the lead ship of the class is underway at Litton Avondale with actual production scheduled to begin this summer.

18 Aug 2000

News Briefs

The Delaware River Pilots Association recently contracted with Carey's Diesel to repower a vessel with a pair of Isotta Fraschini marine diesel engines, rated at 550 hp @ 2,400 rpm. This is the third vessel the Pilots Association has chosen to repower using Isotta Fraschini engines. The first Isotta Fraschini repowers were two 56,000-lb. vessels named Wilmington and Delaware. Wilmington's two 8V-72T Detroit Diesel two-cycle, eight cylinder engines were replaced with two V1308T2 MLH Isotta Fraschini four-stroke, V-8 cylinder marine diesel engines. Delaware's two 8V-92 Detroit Diesel two-cycle, eight cylinder engines were replaced with a pair of V1312T2 MLH Isotta Fraschini four-stroke, V-12 cylinder marine diesel engines.

26 Sep 2000

Litton Granted Engineering Support Contract

The U.S. Navy has awarded Litton Industries a five-year contract, valued at as much as $311 million, to its Ingalls Shipbuilding unit to provide engineering and technical services support. The contract, valued at about $57.6 million in fiscal year 2001, will benefit the Navy's fleet of Ticonderoga Class Aegis guided missile cruisers and Spruance Class multimission destroyers. Arlington, Va.-based Litton and its Ingalls Shipbuilding unit have been providing support and services for the two fleets since the early 1980s and have built many of the ships in the Aegis class.

06 Nov 2000

Litton To Sell Electronics Unit

Litton Industries Inc. plans to sell its defense electronics unit and focus on its shipbuilding, information security and telecommunications businesses. The Advanced Electronics unit, which specializes in navigation and electronic warfare, had $1.6 billion in revenues in fiscal 2000, or about 28 percent of Litton's total revenues of $5.6 billion. It has about 9,500 employees. The evaluation, Litton said, indicated that the defense electronics unit would produce more value in the hands of a company focusing on similar areas. Analysts had previously said the defense electronics unit was experiencing cost overruns on some contracts. After the divestiture…

13 Oct 2000

Avondale To Build Fourth DH Tanker

Litton Industries Inc. said Polar Tankers Inc. has exercised an option for a fourth double-hull crude oil carrier, valued at $197 million, to ship Alaskan crude oil. Under a contract awarded in 1997, Litton's Avondale Industries Inc. subsidiary has three 125,000 DWT crude oil carriers under construction. Delivery of the first ship is scheduled for January 2001. Long Beach, Calif.-based Polar Tankers, a subsidiary of Phillips Petroleum Co., Polar Tankers has an option with Litton Avondale for a fifth ship which could be exercised in the first quarter of calendar year 2001. The Millennium Class "next generation" tankers being built at Litton Avondale are the first new crude-oil carriers being built for the Alaskan trade in compliance with the Federal Oil Pollution Act of 1990.

16 Jan 2001

Northrop Grumman to Acquire Litton Industries for $5.1B

In a move which effectively creates a defense and marine naval construction giant, Northrop Grumman Corp. and Litton Industries jointly announced late last month that they have signed a definitive agreement under which Northrop Grumman will acquire for cash all of the outstanding shares of Litton for $80 per common share and $35 per Series B Preferred share. The transaction is valued at approximately $5.1 billion, which includes the assumption of Litton's $1.3 billion in net debt. Litton is a leading supplier of advanced electronics and information systems to the U.S. government and international customers and is the premier designer and builder of non-nuclear surface combatant ships for U.S. and foreign navies.

20 Feb 2001

People & Company News

Captain Marine Services, Inc. of Dana Beach, Fla. has been servicing the yachting and sport diving industries for the last nine years for all of their need above and below the waterline as well as, providing immediate procurement consolidation and delivery of marine parts, supplies, and diving equipment. President Capt. Thomas J. Dunzelman recently announced the opening of a new shipping, receiving and agents office in Turtle Cove Marina, Providenciales, Turks & Caicos Islands, BWI. With many years of experience in the Turks & Caicos Islands, they can advise your clients as well as your crew on what to do and see while visiting Providenciales. Captain Marine Services provides an office where a captain can talk to another captain/engineer about their equipment needs.

06 Dec 2000

Despite Low Earnings, Litton Surpasses NYSE Forecasts

Military shipbuilder Litton Industries Inc. on Wednesday reported lower fiscal first-quarter earnings, but surpassed Wall Street forecasts due to strength in its recently refocused core operations. Litton, the largest builder of non-nuclear ships for the U.S. Navy, reported a net profit of $44.9 million, or $.97 per share, for the quarter ended Oct. 31, down from $49.9 million, or $1.07 a share, a year earlier. Analysts had expected earnings of $.95 a share, according to tracking firm First Call/Thomson Financial. Excluding discontinued operations, Litton posted earnings of $34.4 million, or $.74 per share, versus $36.3 million, or $.78 per share, a year ago. Total sales and service revenues reached $1.08 billion in the quarter, up from $999.9 million in the same quarter last year.

22 Dec 2000

Northrop Grumman to Acquire Litton Industries for $80 Per Share Cash

Northrop Grumman Corp. and Litton Industries have jointly announced that they have signed a definitive agreement under which Northrop Grumman will acquire for cash all of the outstanding shares of Litton for $80 per common share and $35 per Series B Preferred share. The transaction is valued at approximately $5.1 billion, which includes the assumption of Litton's $1.3 billion in net debt. Northrop Grumman's and Litton's boards of directors have unanimously approved the transaction. Following the close of the transaction, it is Northrop Grumman's intention to raise additional capital through a stock offering. earnings per share in 2001. Northrop Grumman said it expects the acquisition to be double-digit accretive to both economic and GAAP earnings per share in 2002 and beyond.

12 Dec 2000

Navy Awards Litton $338M Contract

Litton Industries announced that its Ingalls Shipbuilding division has been awarded a $338.2 million contract to build DDG 100, an additional DDG 51 Class Aegis guided missile destroyer for the United States Navy. The contract, awarded late last Friday, represents the funding for a Fiscal Year 2001 ship included in a multi-year contract awarded to Litton Ingalls in March 1998. With the award of DDG 100, Litton Ingalls has been awarded contracts to build 24 Aegis destroyers, of which 13 ships have been delivered. A 14th ship, USS LASSEN (DDG 82), completed successful initial predelivery sea trials last month and will be commissioned in mid-2001. The Navy plans a total of 57 ships in the DDG 51 program, of which 51 have now been procured.

16 Jan 2001

Northrop May Amend Merger Agreement With Litton

Defense contractor Northrop Grumman Corp. on Tuesday said it was considering amending its merger agreement with Litton Industries Inc. to allow Litton shareholders to receive some Northrop stock instead of cash in the $3.8 billion deal. Northrop, the No. 5 U.S. defense firm, said it was holding talks with Litton and Litton's largest shareholder, Unitrin Inc., about the possible change. Any such amendment, if implemented, should not affect the current cash tender offer for all of Litton's outstanding stock, Northrop said. The tender offer started Jan. 5 and will expire on Feb. 2 unless extended. The possible change to the terms of the deal, announced in December, would include no more than 14 million common shares and about $350 million of new convertible preferred Northrop stock.