Newport News Second Quarter EPS Up

Maritime Activity Reports, Inc.

July 18, 2000

Newport News Shipbuilding (NNS) reported net earnings of $24 million, or $.074 per diluted share, for the second quarter of 2000. EBIT for the quarter was $54 million, up from an adjusted $47 million in last year's second quarter. Newport News posted second quarter revenues of $532 million versus $444 million the same time last year, reflecting gains in all business segments. The construction sector led the advance as revenues climbed to $227 million from $164 million. Increased construction work on the aircraft carrier Ronald Reagan and the Virginia-class submarines, combined with advanced procurement on CVN 77, accounted for higher volume. In addition, engineering revenues of $80 million reflected a $19 million gain over last year as this segment benefited from design work on a new propulsion plant for the next class of aircraft carriers.

EBIT in the quarter rose to $54 million from an adjusted $47 million in the second quarter of 1999. Volume gains across all segments and higher margins in Fleet Services drove the improvement.

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