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Sunday, August 19, 2018

Newport News Shipbuilding Inc News

$200m in Funds for Newport News Shipbuilding

Huntington Ingalls Industries, Newport News Shipbuilding Inc., Newport News, Virginia, is awarded a not-to-exceed $200,446,196 undefinitized fixed-price, incentive firm target modification to a previously awarded contract (N00024-16-C-2116) for the purchase of additional long lead time material in support of USS Enterprise (CVN 80). Work will be performed in Newport News, Virginia, is expected to be completed by February 2027. Fiscal 2018 shipbuilding and conversion (Navy) funding in the amount of $200,446,196 will be obligated at the time of award and will not expire at the end of the current fiscal year. This contract was not competitively procured.

NNS Announces $100M Share Buyback

Military ship and submarine builder Newport News Shipbuilding Inc. approved a $100 million share buyback program. The amount of the buyback is equivalent to nearly 6 percent of its shares outstanding based on current market prices. The buyback comes on top of previous share repurchases that have totaled 5.6 million shares since mid-1999.

Newport News Reports Flat 4Q Earnings

Military ship and submarine builder Newport News Shipbuilding Inc. on Friday posted flat fourth-quarter earnings, but beat targets in part on a ramp-up in activity on the Virginia-class submarine and a stock buyback that cut the number of shares outstanding. For 2001, the company said revenues would be even with last year, as first-quarter revenues are hurt by submarine volume reported in the last quarter of 2000. Still, per-share profits should grow due to improved margins. Virginia-based Newport News, maker of the world's largest warships, reported fourth-quarter net income of $24 million, unchanged from a year ago. On a per share basis…

Newport News Wins $3.8B Carrier Contract

Newport News Shipbuilding Inc. won a $3.8 billion U.S. Navy contract to design and construct the 10th and last Nimitz-class nuclear aircraft carrier, CVN 77. The unnamed carrier is scheduled for delivery in 2008 and will serve as the first transition ship to a new class of carriers, Newport News said. The company will also be responsible for delivering the ship's warfare systems, which was a task previously performed by the Navy. That includes development and procurement of the warfare system through a subcontract to Lockheed Martin Corp. and overall integration of the system into the ship. The carrier's warfare system will incorporate a new multi-function radar system and an information network that allows new technology to be inserted in a cost-effective way, the company said.

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.

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.

Newport news to Record Second quarter Gains

Newport News Shipbuilding Inc. reportedly increased its second quarter earnings estimates by about 40 cents per share on stronger margins in its core business and $25 million in one-time pre-tax gains.

Newport News to Record Second Quarter Gains

Newport News Shipbuilding Inc. reportedly increased its second quarter earnings estimates by about 40 cents per share on stronger margins in its core business and $25 million in one-time pre-tax gains.

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.

NNS Merger Financials Released

Shipbuilding Inc. common stock not previously purchased in its tender offer that was completed on Nov. 29, 2001. Northrop Grumman's acquisition of Newport News was completed through a merger that closed on Jan. 18, 2002. Northrop Grumman said that 4,015,533 of the 4,419,623 shares for which an election was made in the merger elected to receive Northrop Grumman shares. An additional 404,090 elected to receive cash. Approximately 1,862,539 shares were surrendered in the merger without an election or were not surrendered in the merger. Each Newport News share electing stock in the merger will receive .7193 Northrop Grumman shares, excluding treatment of fractional shares. Newport News share electing to receive cash in the merger will receive $67.50 in cash.

Northrop Completes Merger With NNS

Northrop Grumman Corporation announced that it has completed the acquisition of the shares of Newport News Shipbuilding Inc. common stock not previously purchased in its tender offer that expired on Nov. 29, 2001. As a result of the statutory merger completed Friday, Northrop Grumman now owns 100 percent of Newport News. Newport News shareholders who surrendered their shares in the merger will receive either 0.7193 shares of Northrop Grumman common stock or $67.50 in cash, subject to proration procedures and other limitations described in documents previously provided to Newport News shareholders. Northrop Grumman will announce shortly the proration calculations in connection with the completion of the merger.

Northrop Grumman Completes Tender Offer for Newport News Shipbuilding

Northrop Grumman Corporation announced today the completion of its tender offer for all of the outstanding shares of Newport News Shipbuilding Inc., creating the world's largest naval shipbuilder. E.S.T. on November 29, 2001. exchange. The exchange agent for the offer has advised Northrop Grumman that a total of approximately 26,469,213 shares were tendered in the offer, including approximately 14,503,155 delivered through notice of guaranteed delivery. common stock. "Northrop Grumman is now a world-class, fully capable shipbuilding company with expertise in every class of nuclear and non-nuclear vessel," said Kent Kresa, Northrop Grumman's chairman and chief executive officer.

Northrop Grumman Announces Proration Calculation For NNS Tender Offer

Northrop Grumman Corporation announced the proration calculation in connection with the completion of its offer to acquire all outstanding shares (including asociated rights) of Newport News Shipbuilding Inc. ( NNS). The company said of the 26,241,019 shares tendered and accepted pursuant to the offer (14,274,961 of which were tendered by guaranteed delivery), 11,719,271 elected to receive cash, 14,495,896 elected to receive Northrop Grumman shares and 25,852 made no election. Pursuant to the proration provisions of the offer, each Newport News share electing cash in the offer will receive $43.63 in cash and 0.2544 Northrop Grumman shares (excluding treatment of fractional shares).

General Dynamics To Buy Newport News Shipbuilding

General Dynamics Corp. said it would buy rival Newport News Shipbuilding Inc. for $2.1 billion in cash, creating the only U.S. builder of aircraft carriers and submarines for the U.S. Navy. General Dynamics' bid comes amid renewed consolidation in the defense industry, following Northrop Grumman Corp.'s $3.8 billion purchase last year of shipbuilder Litton Industries. The deal, if approved by regulators, would leave only two major U.S. contractors for naval military ships. Under terms of the transaction, General Dynamics will pay $67.50 for each of Newport News' 31.9 million shares outstanding and assume about $500 million in Newport News debt. The offer represents a 23 percent premium to Newport News' closing stock price of $55.05 on Tuesday.

Pentagon Expected To OK NNS Deal

The Pentagon is widely expected to clear the proposed $2.1 billion merger between the two remaining U.S. builders of nuclear submarines and aircraft carriers, eliminating prospects of any future competition between former rivals. Defense Department officials recognize the peculiarities of the situation faced by General Dynamics Corp. and Newport News Shipbuilding Inc., according to antitrust lawyers, industry consultants and Wall Street analysts. With only one major customer -- the U.S. military -- and declining demand for nuclear submarines, there is simply not enough business to go around. "Let's face it, there's only one buyer in these kinds of situations," said Richard Steuer, chairman of the antitrust practices group at Kaye, Scholer, Fierman, Hays & Handler in New York.

Northrop Grumman Amends and Extends Offer for Newport News Shipbuilding

Northrop Grumman Corporation amended its offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. pursuant to an amended Registration Statement on Form S-4 filed with the Securities and Exchange Commission. Northrop Grumman also announced that it had extended the expiration date of its offer from Nov. 19, 2001, to Nov. 29, 2001, at midnight E.S.T. Although the prior expiration date would not have occurred until Nov. 19, 2001, approximately 3,210,997 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. E.S.T. on Nov. 12, 2001.

Northrop Grumman Settles Two Lawsuits

Northrop Grumman Corporation agreed to an $80 million joint settlement of two civil False Claims Act complaints filed by the U.S. Department of Justice. Of the $80 million, the government allocated $60 million to settle allegations that Newport News Shipbuilding, Inc., acquired by Northrop Grumman in December 2001, improperly charged certain independent research and development costs to its government contracts between 1994 and 1999. The suit was filed in February 2003 in the U.S. District Court for the Eastern District of Virginia. The case is United States of America v. Newport News Shipbuilding, Inc. #1:03CV142-A. The government allocated the balance of the $80 million to settle claims filed in May 1995 in the U.S.

Northrop Grumman, Newport News Shipbuilding Announce Definitive Merger Agreement

Northrop Grumman Corporation and Newport News Shipbuilding Inc. announced today that they have signed a definitive agreement under which Northrop Grumman will acquire Newport News Shipbuilding. The boards of directors of both companies approved the terms of the transaction in which Northrop Grumman will acquire all the outstanding shares of Newport News. $67.50, subject to certain limitations and proration procedures. Northrop Grumman expects to promptly amend its existing offer documents in order to reflect the merger agreement. Shipbuilding shareholders will have the same right to elect to receive cash or shares of Northrop Grumman stock as described above. Kent Kresa, Northrop Grumman chairman and chief executive officer.

Northrop Grumman Amends, Extends NNS Offer

Northrop Grumman Corporation amended its offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. pursuant to an amended Registration Statement on Form S-4 filed with the Securities and Exchange Commission. Northrop Grumman also announced that it has extended its amended offer from Nov. 8, 2001, to Nov. 19, 2001, at midnight E.S.T. Approximately 2,584,631 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. E.S.T. on Nov. 6, 2001.

Northrop Grumman Extends Tender Offer

Newport News Shipbuilding Inc. (NYSE: NNS) from Oct. 18, 2001, to Oct. 2001, at midnight E.D.T. had been tendered to Northrop Grumman as of 5:00 p.m. E.D.T. on Oct. guaranteed delivery. Northrop Grumman Corporation is a $15 billion, global aerospace and defense company with its worldwide headquarters in Los Angeles. solutions in defense and commercial electronics, systems integration, information technology and non-nuclear shipbuilding and systems. 80,000 employees and operations in 44 states and 25 countries, Northrop Grumman serves U.S.

General Dynamics Extends Tender Offer for all Outstanding Shares of Newport News

General Dynamics (NYSE: GD) today extended its pending tender offer for all outstanding shares of common stock (including associated rights) of Newport News Shipbuilding Inc. (NYSE: NNS) to midnight EDT on October 26, 2001. The offer was previously scheduled to expire at midnight EDT on October 19, 2001. The depositary for the General Dynamics tender offer reported that, as of 5 p.m. EDT on October 19, 2001, approximately 12,713,103 shares (including guaranteed delivery) of Newport News had been tendered.

Northrop Grumman Extends Offer

Northrop Grumman Corporation announced that it has extended its pending exchange offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. (NYSE: NNS) from Oct. 4, 2001, to Oct. 11, 2001, at midnight E.D.T. Approximately 6,948,883 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. E.D.T. on Oct. 4, 2001, including approximately 5,246,621 shares tendered pursuant to notices of guaranteed delivery.

Northrop Gruman Extends Offer

Northrop Grumman Corporation announced that it has extended its pending exchange offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. (NYSE: NNS) from Sept. 27, 2001, to Oct. 4, 2001, at midnight E.D.T.

Maritime Reporter Magazine Cover Aug 2018 - The Shipyard Edition

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