04 Aug 06. DRS Technologies, Inc. (NYSE: DRS) today announced that its board of directors has declared a quarterly cash dividend of $.03 per share on the company’s common stock. The dividend is payable on September 29, 2006 to stockholders of record as of the close of business on September 15, 2006.
10 Aug 06. U.S. Reviews Payment To Boeing Of $412m Tied To C-17 Plane
Despite paying $615 million recently to resolve a web of criminal and civil investigations, Boeing still faces an Air Force review of a tainted cargo-plane contract stretching back to 2000, according to a document that is part of the settlement. A letter to military officials from Boeing shows that the Air Force continues to review a $412m contract adjustment that Boeing received on the C-17 aircraft program in November 2000. If the Air Force determines that the payment was excessive, Boeing could be required to renegotiate or even return a portion of that payment, the letter indicated. A Boeing spokesman said that, depending on the Air Force’s review, the entire $412m could be subject to renegotiation. (Source: WSJ)
04 Aug 06. Senior, the manufacturer of parts such as flexible joints and air ducts for aircraft, saw its half-year profit rise by a fifth after a jump in orders for commercial aircraft. The manufacturer lifted revenues at its aerospace division by more than a quarter to £95.3m (£74.5m) as aircraft makers stepped up production. Graham Menzies, chief executive, said the group’s prospects were “very encouraging” with production of parts for heavy-duty diesel engines starting in the second half of the year. Half-year revenues at its industrial and automotive division expanded at the more modest rate of 8.5 per cent. Forthcoming changes in US emission standards for diesel engines and power plants would be a significant driver of sales, Mr Menzies added. Pre-tax profit rose from £7.2m to £8.7m on turnover of £195.6m (£166.9m). Earnings per share increased to 2.2p (1.9p). (Source: FT)
08 Aug 06. Cisco Systems, Inc., reported its fourth quarter and fiscal year results for the periods ended July 29, 2006. Net sales for the fourth quarter of fiscal 2006 were $7.98bn, (2005: $6.6bn) and compared with $7.3bn for the third quarter of fiscal 2006. Scientific-Atlanta, Inc., acquired during Cisco’s third quarter of fiscal 2006 on February 24, 2006, contributed $582m to net sales for the fourth quarter of fiscal 2006. Net income for the fourth quarter of fiscal 2006, on a generally accepted accounting principles (GAAP) basis, was $1.5bn or $0.25 per share, which includes stock-based compensation expense related to employee stock options and employee stock purchases of $152m, net of tax, or $0.02 per share. Net income prior to fiscal 2006 did not include stock-based compensation expense related to employee stock options and employee stock purchases. Including the pro forma stock-based compensation expense previously disclosed in Cisco’s financial statements footnotes, net income for the fourth quarter of fiscal 2005 was $1.3bn or $0.20 per share. Net income for the third quarter of fiscal 2006, on a GAAP basis, was $1.4bn or $0.22 per share, which includes stock-based compensation expense related to employee stock options and employee stock purchases of $188m, net of tax, or $0.03 per share. Refer to the table on page 10 for a comparison of net income, including the effect of stock-based compensation expense. Net income on a GAAP basis, which does not include the effect of stock-based compensation expense, for the fourth quarter of fiscal 2005 was $1.5bn or $0.24 per share. Non-GAAP net income for the fourth quarter of fiscal 2006 was $1.9bn or $0.30 per share, (2005: $1.6bn or $0.25), $1.8bn or $0.29 per share for the third quarter of fiscal 2006. Net sales for fiscal 2006 were $28.5bn (2005: $24.8bn). Scientific-Atlanta contributed $989m to net sales for fiscal 2006. Net income for fiscal 2006, on a GAAP basis, was $5.6bn purchases of $75m, net of tax, or