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NEWS IN BRIEF

20 Mar 03. Harris Corporation (NYSE:HRS – News) has expanded its Washington D.C. area operations with the opening of a new 30,000 square-foot, state-of-the-art facility in Annapolis Junction, Maryland.

19 Mar 03. German Defense Minister Peter Struck said on Wednesday the countries planning to build the A400M military transport plane were likely to use Antonov rather than Boeing Co. (NYSE:BA – News) planes until the new aircraft were ready.

18 Mar 03. The U.S. Navy has resumed test flights of its V-22 Osprey aircraft after a 10-day suspension. The V-22 completed a 20-minute flight at the
Patuxent River Air Station on Monday, after flights were halted due to problems with the hydraulic system, the New York Times reported. A Pentagon panel will decide in May on the future of the Osprey, which is built by Boeing Co. (NYSE:BA – News) and Textron Inc. (NYSE:TXT – News) unit Bell Helicopters Textron.

17 Mar 03. On March 17, 2003, the U.S. Court of Appeals for the Federal Circuit vacated the U.S. Court of Federal Claims’ judgment in favor of the government in the A-12 case and remanded the case to the trial court for further proceedings. The Court of Appeals found that the trial court misapplied the controlling legal standard in concluding that the termination for default could be sustained solely on the basis of the contractors’ inability to complete the first flight of the first test aircraft by December 1991. Rather, the Court of Appeals held that in order to uphold a termination for default the trial court would have to determine that there was no reasonable likelihood that the contractors could perform the entire contract effort within the time remaining for performance.

20 Mar 03. Cobham reported a strong rise in profits, as some of the many weapons programmes for which it makes components went into action in the war on Iraq.
Pre-tax profits had risen 13 per cent to £99.4m ($155m). Military sales during 2002 had grown more than 10 per cent to almost half of the group total. Growth had been driven by another strong performance from avionics, the only division to increase sales, partly by spending £32.8m on buying two businesses producing communications systems and stealth technology, from BAE Systems and Saab. Sales rose from £751m to £768m. The order book was flat at £1.2bn. The dividend is 18p (16.33p), taking the total to 25.6p (23.23p). Earnings per share rose from 54.9p to 70.4p.

19 Mar 03. Miltope Group Inc., (Nasdaq: MILT – News) reported sales and earnings for the thirteen and fifty-two weeks ended December 31, 2002. For the thirteen weeks ended December 31, 2002, Miltope reported net earnings of $2,688,000, or $0.46 per share basic and $.44 per share on a fully diluted basis, (2001: loss ($1,090,000), or $0.18 per share). Net sales for the thirteen weeks ended December 31, 2002 were $15,279,000, (2001: $11,318,000). For the fifty-two weeks ended December 31, 2002, Miltope reported net earnings of $4,663,000, or $0.79 per share basic and $.77 per share on a fully diluted basis, (2001: loss ($2,277,000, or $0.39 per share). Net sales for the fifty-two weeks ended December 31, 2002 were $48,470,000, (2001: $45,249,000).

17 Mar 03. Transas has commercially released its Navi-Radar 3000 product, which is a PC-based radar display system with advanced ARPA and chart facilities and extended integration capabilities. The unique advantage of Navi-Radar 3000 is its easy integration with other navigation products from Transas, including Navi-Sailor 3000 ECDIS or ECS, Navi-Fisher 3000 and Navi-Conning 3000. Installed on a single PC, these three systems form a highly efficient multi-purpose navigation tool.

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