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NEWS IN BRIEF

23 Oct 02. Australia has sealed its terms for joining the U.S. F-35 JSF project, committing $150m over 10 years. Australia decided in June to join several other countries pooling funds to help develop the $200bn project, but it took four months of negotiations before cabinet this week officially approved signing a contract with Washington. Whether this announcement will deter Australia from a possible Typhoon buy is yet to be confirmed.

23 Oct 02 BAE SYSTEMS PLC (London:BA.L – News) agreed to buy Condor Pacific Industries Inc. for $58.5m, strengthening its business in missile systems guidance and control. BAE said it will fund the acquisition using existing cash resources. In 2001, BAE Systems posted sales of $12.87bn.

21 Oct 02. The U.S. Army’s Bat submunition, supplied by Northrop Grumman Corporation(NYSE: NOC), scored four hits in four attempts against an array of moving armored targets following dispense from a Hunter unmanned aerial vehicle in tests conducted Oct. 9 and 11.

24 Oct 02. United Defense Industries, Inc. (NYSE: UDI – News) today reported higher revenues and earnings for the third quarter ended Sept. 30, 2002, resulting from the Company’s acquisition of United States Marine Repair (USMR) on July 2, 2002 and from growth in revenue and improved profitability for the
remainder of the Company. Third-quarter revenue rose 93 percent to $529.7m (2001: $275.1m). Nine-month revenue rose 32 percent to $1.2bn, (2001: $913.9m). Excluding sales from USMR, revenue increased 54 percent for the quarter and 20 percent for the nine-month period. Third-quarter net income rose to $45.1m, or $0.88 per basic share, (2001($18.1m, or $0.44). The loss in the third quarter of 2001 included costs associated with a recapitalization of debt.

21 Oct 02. Thales SA said Monday that it has signed a contract worth about EUR35m to equip the French navy with its SIGLE logistic information and management system. Thales Navel France and Thales Information Systems are working with partners Cisia Ingenierie and Egide SA to complete the contract, Thales said.

23 Oct 02. Alenia Marconi Systems Team 45 has recently achieved several significant design milestones for their scope of supply to the T45 Destroyer project. The AMS scope covers the following equipment: Combat Management System (CMS) and Data Transfer System (DTS) common outfit; Electro Optical Gun Control System (EOGCS) (partnered with Radamec); METOC system; and provision of various Support Environments to the PCO and their principal suppliers.

24 Oct 02. Ball Corporation (NYSE: BLL – News) today reported third quarter earnings attributable to common shareholders of $50m, or 87 cents per diluted share, on sales of $1.039bn, (2001: $35.7m, or 61 cents per diluted share, on sales of $1bn).

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