Qioptiq logo Raytheon

BUSINESS NEWS

18 Aug 11. IMI to be privatised after merger with Rafael abandoned. The Israeli Ministry of Defence (MoD) and Finance Ministry have abandoned plans to merge Israel Military Industries (IMI) with Rafael Advanced Defense Systems, deciding instead to privatise government-owned IMI. The decision was made by Defence Minister Ehud Barak and Finance Minister Yuval Steinitz. (Source: Jane’s Defence Industry)

23 Aug 11. Lockheed Martin Corporation (NYSE: LMT) announced that its Board of Directors has approved an interim increase to the amount available under the share repurchase program of up to $1bn. The new authorization increases the current share repurchase program initiated in October 2010, which is expected to reach its limit prior to the next scheduled review of share repurchase authority. A new share repurchase program is expected to be considered by the Board of Directors this fall. “We believe this additional share repurchase authorization is an effective way to deliver value back to our shareholders and is consistent with our commitment to return at least 50 percent of annual free cash to stockholders,” said Bob Stevens, Lockheed Martin chairman and chief executive officer. The dollar amount of shares purchased and the timing of purchases under the program are at the discretion of management. Shares may be purchased in the open market or in privately negotiated transactions.

22 Aug 11. Northstar Electronics, Inc. (OTCBB:NEIK), specializing in engineering and contract manufacturing for Aeronautics, Defense and Homeland Security announces its 2011 first quarter results. For the quarter ended June 30, 2011, the Company reported total revenues of USD$143,771 compared with USD$945,977 for the comparative quarter in 2010. A net loss of USD$471,426 or $0.01 per share was incurred compared to a net loss of USD$179,625 or $0.01 per share for the same period of 2010. The decrease in revenues was partially due to delays encountered with the release of new contract sales orders for the Lockheed Martin P-3 Mid Life Upgrade program. The orders were received subsequent to the quarter. Adding to the loss was a delay in certain contract increases for the L3 Frigate Console upgrade program, which were received subsequent to the quarter. (Source: Yahoo!/BUSINESS WIRE)

26 Aug 11. Manufacturer of sensors for the defence, aerospace and civil sectors reflects on a year of double-digit sales growth and new product launches, and targets more growth in 2012. Basingstoke-based Sherborne Sensors, a leading designer, developer and manufacturer of sensors for military, aerospace and industrial applications, has increased annual sales by 15% for its fiscal year ending 30th June. Sales to the North American market have grown by about 13% in the same period. The company has also launched several new products in the past 12 months, including the DSIC series Digital Servo Inclinometer, and the WTS Wireless Tilt System. Meanwhile, the firm continues the revamping of its manufacturing processes and facilities to increase capability, efficiency and throughput.
“We are extremely pleased with our performance in the past fiscal year,
especially given the global economic challenges that exist in almost all of the segments and markets that we service,” said managing director, Mike Baker. “We saw expansion both with existing customers and new ones, helped in part by the successful launch and adoption of the DSIC and WTS products.”
Global demand for high performance inertial and force products continues to increase, with worldwide military applications for such sensors as well as civil engineering applications such as bridge building. For example, Sherborne Sensors has sold inclinometers to Chinese customers for constructing span bridges. Mr Baker says that investment in facilities, personnel and product portfolio has been essential to the growth push. “We know from years of past experience that product availability from stock, improvements in product p

Back to article list