Marine Link
Thursday, March 28, 2024
SUBSCRIBE

William P Fricks News

24 Oct 2001

Newport News Shipbuilding Reports Third Quarter Results

Newport News Shipbuilding reported net earnings of $27 million for the third quarter of 2001. (EBIT) for the quarter were $57 million. Included in the third quarter results were approximately $4 million in merger related charges. Absent these non-operational expenses, the Company's earnings per share (EPS) were $0.93, up 39 percent from $0.67 per diluted share reported in the same period one year ago. Free cash flow for the quarter was $36 million bringing the year-to-date total to $153 million, or $4.87 per share. Revenues in the third quarter increased 17 percent to $578 million from $493 million reported in the prior year's quarter. The company reported favorable revenue comparisons across all business segments in the quarter.

09 May 2001

Northrop Grumman Launches Hostile Bid For NNS

Northrop Grumman has made the prospects of big defense consolidation a bit more interesting, offering to acquire Newport News Shipbuilding in what amounts to a hostile takeover attempt. Citing General Dynamics' proposed takeover of Newport News - a $2.6 billion deal which was announced last week - as "creating an unhealthy monopoly," Northrop Grumman has initiated its own takeover attempt. Specifically, Northrop Grumman's Board of Directors has authorized management to match General Dynamics' offer of $67.50 per share for all the outstanding shares of common stock of Newport News, payable 75 percent in Northrop Grumman stock, the remainder in cash. In a letter to Newport News Chairman and Chief Executive Officer William P.

09 May 2001

Dear Bill ...

Following is the full text of the letter submitted to William P. Fricks, Chairman and CEO of Newport News Shipbuilding, from Kent Kresa Chairman, President and CEO, Northrop Grumman Corporation, regarding the proposed takeover of Newport News Shipbuilding. Mr. William P. Newport News Shipbuilding Inc. We were disappointed by your April 25th announcement that Newport News had agreed to be acquired by General Dynamics for cash without exploring alternatives with Northrop Grumman. Moreover, we believe your proposed transaction with General Dynamics raises serious antitrust issues. As the Department of Defense previously noted, over 75%…

07 Sep 1999

Newport News Shipbuilding and Avondale Industries to Merge

The boards of directors of Newport News Shipbuilding (NNS) and Avondale Industries have approved a definitive agreement to combine the two companies. The transaction creates a leading, broad-based shipbuilding company with estimated 1999 revenues of $2.6 billion and nearly 24,000 employees. The combined company will be known as Newport News Avondale Industries. "The combination of Newport News and Avondale brings together two highly skilled and tremendously capable shipbuilding companies,'' said William P. Fricks, chairman and CEO of Newport News. Albert L. Bossier, Jr., chairman and CEO of Avondale, said, "This merger is about building a stronger combined company.

22 Oct 1999

NNS Earnings Per Share Up 26%

Newport News Shipbuilding reported net earnings of $20 million, or $.58 per diluted share for the third quarter of 1999. Earnings before interest and taxes (EBIT) for the quarter were $47 million, up nine percent from EBIT of $43 million in the same period last year. "This was another excellent quarter for Newport News. We were able to deliver solid earnings gains, exceed our cash flow target and negotiate a new five-year labor agreement," said William P. Fricks, chairman and CEO. "We also demonstrated our significant capabilities in fleet services with carrier life-cycle support activity in Newport News, San Diego and Seattle. Overall, we see our continued strong performance in 1999 as providing a solid foundation for 2000.