03 Aug 05. General Dynamics Corp. on Wednesday said it agreed to acquire Itronix Corp., a Spokane, Wash.-based provider of wireless mobile computing products, for an undisclosed amount. The acquisition is expected to immediately boost General Dynamics’ financial results, the company said. It reached the agreement with Itronix Holdings and Golden Gate Capital, a San Francisco-based private equity investment firm that acquired Itronix Corp. in 2003. General Dynamics said the purchase was approved by the boards of both companies and requires regulatory approval. The deal is expected to be completed in the third quarter. Itronix Corp. has about 450 employees in the United States, Canada, Europe and Asia, the company said. It will integrate the business with General Dynamics’ C4 systems unit, which employs more than 10,000 people worldwide. The unit integrates secure communication and information technology.
Comment: Rumours had been circulating of financial problems for Itronix during TechNet earlier this year; hence the financial details are slim. The Itronix acquisition will help GD compete with rival DRS in the rugged computer market after the former had made the significant purchase of WalkAbout last month.
01 Aug 05. Foster Miller, Inc., the U.S.-based engineering and technology development company which is part of the rapidly expanding QinetiQ North America group of companies, announced today that it is acquiring Planning Systems Inc. (PSI) for $42 million. PSI is a 350 employee, diversified high technology company based in Reston, Virginia. Founded in 1972, PSI provides applied science and systems engineering expertise; information technology applications and solutions; and custom products to the federal government and commercial clients. PSI’s revenues for fiscal year 2004 were $44.6 million.
03 Aug 05. Oshkosh Truck 3rd Quarter Earnings Rise 26 Percent. Oshkosh Truck Corp. on August 2 reported a 26 percent rise in quarterly profits on strong demand from defense and fire emergency customers, but said 2005 and 2006 earnings will be lower than analysts expect. The company also raised its dividend and announced a stock split. The maker of specialty commercial, fire, emergency and military trucks earned $38.7 million, or $1.05 per share, in its fiscal third quarter ended June 30, compared with $30.6 million, or 85 cents per share, in the year-ago quarter. The results include a $4.3 million, or 8 cents a share, pretax charge for work force reductions in Europe. Sales rose 36 percent to $819 million. Analysts on average had expected Oshkosh to earn $1.08 per share on sales of $801 million, according to Reuters Estimates. The company estimates full-year 2005 profits of $4.30 a share on sales of $2.96 billion, compared with Wall Street estimates of $4.38 and sales of $2.9 billion. It estimated 2006 earnings will be in a range of $4.80 to $5, below Wall Street forecasts of a $5.18 profit. (Source: REUTERS, NEW YORK)
28 Jul 05. Goodrich Corporation (NYSE: GR) announced results today for the second quarter 2005, and increased its full year 2005 outlook. The company reported second quarter 2005 net income of $76m, or $0.61 per diluted share, on sales of $1,353m. This compares to second quarter 2004 net income of $39m, or $0.32 per diluted share, on sales of $1,128m. The improved results were primarily due to increased sales for commercial aerospace original equipment and aftermarket products, as well as higher sales volume in all of the company’s other market channels and the favorable impact of the company’s enterprise initiatives, such as lean manufacturing and supply chain management. Income in the quarter was also affected by a number of additional items, including those discussed below:
04 Aug 05. Alliant Techsystems Inc. first-quarter profit rose 35 percent on its acquisition of PSI Group, and boosted its fiscal 2006 outlook. Net income rose percent to $37.2m, or 99 cents per share, from $27.6m, or 72 cents per shar