25 Apr 06. Boeing Co. (NYSE:BA – News) and U.S. prosecutors have reached a preliminary agreement to resolve two criminal investigations, but the aircraft company is resisting federal calls for about $750m in fines and penalties as part of a settlement, the Wall Street Journal said on Tuesday. “The company has signaled that it may be willing to pay about $500 million to simultaneously settle related civil claims,” the report said, citing people familiar with the details. The investigations involve allegations Boeing improperly acquired proprietary Lockheed Martin Corp. (NYSE:LMT – News) documents about the rival company’s rocket programs and illegally recruited a U.S. Air Force acquisition official while she still had oversight of billions of dollars in other Boeing contracts, the Journal said. With a deadline looming to move the investigations forward, a foundation for a compromise between Boeing and prosecutors appears to be in place, the report said, with both sides eager to avoid a protracted courtroom battle. (Source: WSJ)
Apr 06. Caterpillar Inc. (NYSE: CAT) reported record first quarter 2006 sales and revenues of $9.392bn and record first-quarter profit of $840m, or $1.20 per share. Sales and revenues increased 13 percent, and profit per share was up 48 percent compared with the first quarter of 2005. “I’m very pleased with our performance in the first quarter; it’s a great beginning to the year,” said Caterpillar Chairman and Chief Executive Officer Jim Owens. “Our operating profit continues to improve as material costs were relatively flat, and we’re realizing the cumulative benefit of price actions implemented over the last 18 months. Further, we are working to improve our production capability with better material flow from suppliers and a steady reduction in supply chain bottlenecks. Collectively, Caterpillar people are focused on execution in the areas of safety, product quality and inventory turns, and we’re leveraging 6 Sigma in order to realize significant gains in these areas.”
25 Apr 06. General Dynamics has extended the deadline for completing its proposed acquisition of Anteon International because the federal government has not completed a review of the $2.2bn transaction. The deadline was April 30. It’s now July 31, Fairfax-based Anteon says in a statement. However, Anteon executives say they expect the acquisition will be completed by June 30. Last December, the government contractors entered into a definitive agreement for Falls Church-based General Dynamics (NYSE: GD – News) to acquire Anteon (NYSE: ANT – News). The companies are working with the Department of Justice while federal regulators complete their review of the proposed transaction. Anteon has 9,500 employees and reported 2005 revenue of about $1.5bn.
20 Apr 06. Armor Holdings, Inc. (NYSE: AH)announced financial results for the first quarter ended March 31, 2006. For the first quarter ended March 31, 2006, the Company reported revenue of $445.4m, an increase of 22.1% compared to $365.0m in the first quarter last year. Net income for the first quarter was $41.4m, or $1.11 per diluted share, versus $31.0m, or $0.87 per diluted share in the first quarter last year. Pre-tax integration charges of $470,000, or $0.01 per diluted share on an after-tax basis, are included in the first quarter of 2006, compared to $800,000, or $0.01 per diluted share on an after- tax basis in the same period last year. There is also a $700,000 pre and net of tax gain included in other income, or $0.02 per diluted share, resulting from of the expiration of 1 million unexercised put option contracts sold against the Company’s stock. Included in the first quarter of 2005 is a $1.1 million pre and net of tax charge for the decline in the fair market value of put option contracts or $0.03 per diluted share. Internal revenue growth, assuming that businesses acquired after December 31, 2004, were owned effective January 1, 2005, was 20%, including (0.4%) for foreig