30 Oct 09. E2V Technologies, the maker of electronic components used in defence systems and medical equipment, suffered a 26 per cent fall in like-for-like sales in the first half to September 30. Keith Attwood, chief executive, said that such a decline had proved a challenge, given the high fixed-cost base. However, E2V has been well-supported by both its workforce and the shareholders. A placing at 70p, coupled with a 9-for-7 fully underwritten rights issue at 28p, will raise £56m. The proceeds will be used to halve the debt, which has already fallen £32m since March to £105m. (Source: FT.com)
29 Oct 09. e2v, has won contracts to support major naval defence countermeasures in the US and UK worth approximately £70 million over several years. The orders have been placed by BAE Systems and are for the provision of electron devices and microwave sub-systems that will ultimately be used to both thwart and enable guided missile attacks.The first order, worth £2.2m, is for the supply of radar components and subsystems for the radar platform on the Seawolf air defence system, a naval guided missile system. Further orders, worth $3.9m (£2.4m), have been made to provide elements to a guided missile decoy system for use on the US Navy’s F/A-18 Super Hornet aircraft. (Source: Google)
22 Oct 09. Raytheon Company(NYSE: RTN) reported third quarter 2009 income from continuing operations of $499m, up 14 percent compared to $437m in the third quarter 2008. EPS from continuing operations for the third quarter 2009 was $1.25, up 24 percent compared to $1.01 in the third quarter 2008. “Our continued solid performance and outlook for future growth demonstrate the strength of our Company,” said William H. Swanson, Raytheon’s Chairman and CEO. “Our technology and innovative solutions are well aligned with our U.S. and international customers’ evolving priorities.” Net sales for the third quarter 2009 were $6.2bn, up 6 percent from $5.9bn in the third quarter 2008. Operating cash flow from continuing operations in the third quarter 2009 was $749m compared to $758m in the third quarter 2008. In the third quarter 2009 the Company made $547m in cash contributions to its pension plans compared to $137m in the third quarter 2008. This substantially completed the Company’s planned cash contributions to its pension plans of approximately $1.1bn in 2009, consistent with the total cash contributions made in full-year 2008. The higher cash contributions in the third quarter 2009 were largely offset by a $397m improvement in working capital. In the third quarter 2009 the Company repurchased 6.4m shares of common stock for $300 million, as part of the Company’s previously announced share repurchase program. Year-to-date 2009, the Company repurchased 19.8m shares of common stock for $900m. The Company ended the third quarter 2009 in a net cash position of $149m ($2.4bn in cash and cash equivalents less total debt of $2.3bn). The Company reported total bookings for the third quarter 2009 of $5.1bn compared to $5.8bn in the third quarter 2008. The Company ended the third quarter 2009 with a backlog of $36.2bn compared to
$38.9bin at the end of 2008 and $37.0bn at the end of the third quarter 2008.
28 Oct 09. General Dynamics (NYSE: GD) today reported 2009 third-quarter earnings from continuing operations of $575m, or $1.48 per share on a fully diluted basis, compared to 2008 third-quarter earnings from continuing operations of $634m, or $1.59 per share fully diluted. Revenues rose to $7.7bn in the quarter, an 8.1 percent increase over third-quarter 2008 revenues of $7.1bn. Net earnings in the third quarter of 2009 were $572m. Financial performance in the quarter was impacted by a previously announced five-week production furlough in July and August at the company’s Gulfstream Aerospace subsidiary, taken in response to global economic conditions.
Net cash provided by operating activities from continuing operations was
$594m for the third