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03 Feb 05. Raytheon Company (NYSE: RTN) reported fourth quarter 2004 income from continuing operations of $246m or $0.54 per diluted share compared to $217mor $0.52 per diluted share in the fourth quarter 2003. Non-cash pension expense (FAS/CAS Pension Adjustment) negatively affected the fourth quarter 2004 by $0.13 per diluted share on a year-over-year basis. Income from continuing operations for the fourth quarter of 2004 and 2003 included a net after-tax charge of $13m and $14m, respectively. The net charge in the fourth quarter 2004 consisted of an after-tax $55m charge ($85m pretax) from the early redemption of debt and a $42m benefit from the change in the tax law which extends the carry forward period of foreign tax credits. The net charge in the fourth quarter
2003 consisted of an after-tax $50 million charge ($77m pretax) from the early redemption of debt and an after-tax $36 million gain ($55m pretax) from the sale of the Company’s remaining investment in its former aviation support business. Fourth quarter 2004 net income, including the effects of discontinued operations, was $245m or $0.54 per diluted share compared to $205m or $0.49 per diluted share in 2003. Net sales for the fourth quarter 2004 were $5.7bn, up 12 percent from $5.1bn in the comparable period in 2003. Government and Defense
sales for the quarter (after the elimination of intercompany sales) increased 12 percent to $4.7bn from $4.2bn in the comparable quarter. Free cash flow from continuing operations for the fourth quarter was $712m versus $906m for the comparable period in 2003. Free cash flow is defined by the Company as operating cash flow less capital spending and internal use software spending. During the fourth quarter of 2004, the Company retired $1.2bn of debt, bringing the total year debt reduction to $2.2bn. Net debt was $4.6bn at the end of 2004 compared with $6.7bn at the end of 2003. Net debt is defined as total debt less cash and cash equivalents.

09 Feb 05. Finmeccanica is set to reach its target of €10bn ($12.7bn) in aerospace and defense turnover by 2006, the company announced Feb. 8 — a benchmark that will give it the necessary clout to be a prime contractor for integrated systems and a privileged supplier to American providers of systems of systems. Addressing an Italian parliamentary commission, Chief Executive Pierfrancesco Guarguaglini said that following its takeover of AgustaWestland and BAE SYSTEMS’ avionics and communications assets, as well as its space merger with Alcatel, Finmeccanica had reached pro-forma revenues of €9.7bn, with €10bn an easy target for 2006. Helicopters account for 26 percent of revenue, defense electronics accounted for 33 percent and aeronautical activity for 17 percent, according to company documents released after the hearing. Finmeccanica’s defense electronics revenue of €2.9bn is provided by its avionics activity (€1.57bn), communications activity (€777m) and Alenia Marconi Systems (€530m). The documents state that thanks to its strategy of growth, Finmeccanica “has laid the groundwork to take on a central role in further steps in the consolidation of the defense industry in Europe, such as those that could be prompted by the rationalization of France’s industry.” During the parliamentary hearing, Guarguaglini also referred to talks about possible cooperation with New York-based L3. After the hearing, asked by journalists what his ideal solution in the defense electronics field would be, Guarguaglini joked: “I’d buy Raytheon.” (Source: Defense News)

31 Jan 05. BT Group has scored a significant victory over rival France Telecom with the completion of a €50m ($65m) deal with Thales. The five-year deal, announced on Tuesday morning, involves the provision of all fixed voice and data networking services to Thales and its subsidiaries in 42 territories, including its domestic market. The Thales agreement comes after Wednesday’s announcement that it had won a contract believed to be

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