| 2008-02-18 | Contract/Agreements | Contract Extends Production through Shuttle Retirement
MINNEAPOLIS, Feb. 18 /PRNewswire FirstCall/ Alliant Techsystems received a contract modification from NASA valued at $812.5 million for the continued production and refurbishment of four segment reusable solid rocket motors (RSRM) for the space shuttle program.
The modified contract covers the production and refurbishment of flight and ground test RSRMs.
"ATK's solid rocket motors prove their reliability and performance on each space shuttle mission," said Ron Dittemore, president, ATK Launch Systems. "With this contract extension we will continue to support NASA and the space shuttle program through 2010 when it is scheduled to retire, and are looking forward to continuing our legacy with a five segment booster for Ares I, NASA's new crew launch vehicle."
The contract is the seventh in a series of contracts awarded to ATK for the design, development, production and refurbishment of RSRMs for the space shuttle program.
ATK is an advanced weapon and space systems company with annual revenues in excess of $4.1 billion that employs approximately 17,000 people in 21 states. News and information can be found on the Internet at http://www.atk.com.
Certain information discussed in this press release constitutes forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those factors are: changes in governmental spending, budgetary policies and product sourcing strategies; the company's competitive environment; the terms and timing of awards and contracts; and economic conditions. ATK undertakes no obligation to update any forward looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK's most recent Annual Report on Form 10 K and any subsequent quarterly reports on Form 10 Q and current reports on Form 8 K filed with the U.S. Securities and Exchange Commission.
Media Contact: Investor Contact:
George Torres Steve Wold
Phone: 801 699 2637 Phone: 952 351 3056
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| 2008-01-31 | Earnings/Dividends | Organic Sales Up 13 percent Third Quarter Net Income Rises 14 Percent to $58 million
ATK Increases FY08 Full Year EPS Guidance to Range of $6.25 $6.35 ATK Establishes FY09 EPS Range of $7.10 $7.30 a 12 17 percent Increase
Over Anticipated FY08 Results
FY09 Sales Expected to Reach Approximately $4.5 Billion
MINNEAPOLIS, Jan. 31 /PRNewswire FirstCall/ Alliant Techsystems reported today that earnings per share (EPS) in the third quarter of fiscal year 2008 (FY08), which ended on December 30, 2007, were $1.65. EPS was up 16 percent compared to the prior year quarter, excluding an 11 cent benefit recorded in the prior year quarter due to the extension of the Federal research and development tax credit (see reconciliation table).
Sales in the quarter rose 17 percent to $1.1 billion. Organic sales in the quarter were up 13 percent. The company reported net income of $58 million, a 14 percent increase over the prior year period, and continued margin improvements to 10.5 percent versus 10.2 percent in the prior year. Orders in the quarter were $670 million, bringing year to date orders to $4.3 billion compared to $2.4 billion at this time a year ago. The company continues to expect FY08 orders of approximately $6.0 billion.
"Our shareholders enjoyed another exceptional quarter and the company is well positioned to deliver the results they have come to expect double digit EPS growth and strong organic sales growth," said Dan Murphy, Chairman and CEO. "Looking ahead to FY09, our strategy of affordable innovation for our customers will continue to deliver on these expectations."
Earnings per share for the first nine months of FY08 rose 23 percent to $4.60 versus $3.74 in the prior year. Sales for the first nine months rose 19 percent to slightly more than $3.0 billion compared to $2.56 billion in the prior year. Net income was $162 million, a 25 percent increase over the prior year period, and operating margins were 10.4 percent versus 9.9 in the prior year. Year to date free cash flow generated was $133 million compared to $106 million used in the prior year (see reconciliation table). The improvement in free cash flow reflects the company's prior year decision to prefund its pension plan, and increased profitability in the current year.
SUMMARY OF REPORTED RESULTS
The following table presents the company's results for the year to date and third quarter ending December 30, 2007 (in thousands).
External Sales:
Quarters Ended
December 30, December 31, %
2007 2006 $ Change Change
ATK Ammunition Systems $381,313 $330,549 $50,764 15.4%
ATK Launch Systems 307,758 273,779 33,979 12.4%
ATK Mission Systems 365,794 299,475 66,319 22.1%
Total external sales $1,054,865 $903,803 $151,062 16.7%
Nine Months Ended
December 30, December 31, %
2007 2006 $ Change Change
ATK Ammunition Systems $1,071,512 $900,136 $171,376 19.0%
ATK Launch Systems 931,074 800,637 130,437 16.3%
ATK Mission Systems 1,039,996 855,898 184,098 21.5%
Total external sales $3,042,582 $2,556,671 $458,911 19.0%
Income before Interest, Income Taxes, and Minority Interest (Operating Profit):
Quarters Ended
December 30, December 31, %
2007 2006 $ Change Change
ATK Ammunition Systems $37,261 $32,536 $4,725 14.5%
ATK Launch Systems 43,317 34,611 8,706 25.2%
ATK Mission Systems 36,666 30,054 6,612 22.0%
Corporate (6,688) (4,775) (1,913)
Total $110,556 $92,426 $18,130 19.6%
Nine Months Ended
December 30, December 31, %
2007 2006 $ Change Change
ATK Ammunition Systems $98,320 $78,550 $19,770 25.2%
ATK Launch Systems 131,469 107,684 23,785 22.1%
ATK Mission Systems 105,171 83,545 21,626 25.9%
Corporate (17,825) (16,056) (1,769)
Total $317,135 $253,723 $63,412 25.0%
SEGMENT RESULTS
ATK operates three principal business groups: Ammunition Systems, Launch Systems, and Mission Systems.
ATK AMMUNITION SYSTE |
| 2008-01-31 | Merger/Acquisition | Alliant Techsystems announced today that it will file an Investment Canada Act (ICA) Registration relating to its planned acquisition of the Information Systems and Geospatial Businesses of MacDonald Dettwiler and Associates (TSX: MDA). The company expects the acquisition to close in the first quarter of its fiscal year, after ICA review, regulatory approval and MDA shareholder approval.
"ATK welcomes a thorough review of its acquisition plan by industry officials and will work closely with the Canadian government throughout the review process," said Chairman and CEO Dan Murphy. "We believe this acquisition will strengthen the Canadian aerospace industry, grow Canada's world class aerospace expertise, and open new doors for MDA's proven high performance technology to U.S. and international markets."
Once the acquisition is closed, ATK will merge its existing satellite assets with the MDA space business to form ATK Space Systems. The Canadian based facilities and workforce will remain in Canada, preserving the company's unique and complementary strengths, and drive much of the group's growth profile.
The Investment Canada Act review will run concurrently with a U.S. Hart Scott Rodino review. The transaction is also subject to MDA shareholder approval. ATK now expects to complete all reviews and approvals by late May or early June. |
| 2008-01-30 | Contract/Agreements | Year Modernization Program Modernization will Assure Lake City Plant Remains Primary Source of
Ammunition for Decades to Come
MINNEAPOLIS, Jan. 30 /PRNewswire FirstCall/ Alliant Techsystems , the largest supplier of small caliber ammunition to the United States military, has received an additional $52.2 million in funding to modernize and enhance manufacturing capability for the production of ammunition. The contract was issued by the U.S. Army Sustainment Command, Rock Island, Ill.
Working in partnership with the Army, ATK has modernized equipment, production lines and facilities dating to the 1940s and 1970s and increased the plant's production from 400 million rounds in 2000 to 1.4 billion in 2007. This ongoing modernization effort will ensure that Lake City remains a dependable source of more affordable, reliable, high quality ammunition for decades to come.
The Lake City Army Ammunition Plant is located in Independence, Missouri. It was originally constructed in 1941 by the U.S. Government as one of several government owned ammunition plants. The plant is the nation's primary production source for small caliber rifle ammunition. At this plant, ATK produces a mix of 5.56mm, 7.62mm, .50 caliber and 20mm cartridges. Currently, 1.4 billion cartridges are produced per year with the capability to provide up to 1.6 billion rounds should that capacity be needed.
ATK is an advanced weapon and space systems company with annual revenues in excess of $4.1 billion that employs approximately 17,000 people in 21 states. News and information can be found on the Internet at http://www.atk.com.
Certain information discussed in this press release constitutes forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those factors are: changes in governmental spending, budgetary policies and product sourcing strategies; the company's competitive environment; the terms and timing of awards and contracts; and economic conditions. ATK undertakes no obligation to update any forward looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK's most recent Annual Report on Form 10 K and any subsequent quarterly reports on Form 10 Q and current reports on Form 8 K filed with the U.S. Securities and Exchange Commission.
Media Contact: Investor Contact:
Brian Grace Steve Wold
Phone: 952 351 5574 Phone: 952 351 3056
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| 2008-01-11 | Contract/Agreements | The Value of the Initial Design and Development Contract is Expected to Exceed $50 Million
ATK Anticipates Solar Array Production to Continue Through 2020
MINNEAPOLIS, Jan. 11 /PRNewswire FirstCall/ Alliant Techsystems has been selected by Lockheed Martin Space Systems Company, a division of Lockheed Martin Corporation to design, develop and build UltraFlex solar arrays for NASA's next generation Orion crew exploration vehicle. The value of the initial design and development contract is expected to exceed $50 million. Program management, design, engineering, analysis, manufacturing, assembly and test work for the solar arrays will be conducted at ATK's facility in Goleta, CA. Because the flight solar array system is expendable for each Orion mission, ATK expects continuous production through 2020 and beyond.
Powered by ATK's solar arrays, Orion is being designed to carry astronauts to the moon. It also will transport crew and cargo to the International Space Station.
ATK's UltraFlex disk shaped solar arrays, each measuring greater than 5 meters in diameter, will track the sun and provide power for Orion during its mission. ATK's UltraFlex arrays offer superior performance characteristics and mission enabling features, including ultra lightweight, high strength, high stiffness, and compact stowage volume. The UltraFlex solar array configured for Orion will provide over twenty five times the strength and ten times the stiffness of ATK's conventional rigid panel solar arrays, at less than one fourth the weight.
"We are very excited to play such a key partner role on Lockheed Martin's team supporting NASA's Orion crew exploration vehicle," said Mike Cerneck, Vice President and General Manager of ATK Space, headquartered in Beltsville, MD. "ATK is a leader in the development and supply of mission enabling deployable space systems and we look forward to supporting NASA's new era of space exploration."
ATK is an industry leader in solar array systems engineering competencies. It offers a broad range of technologies, skills and products, and a proven production and test capability for solar array systems. To date the company has delivered over 70 solar array wing systems.
ATK is an advanced weapon and space systems company with annual revenues in excess of $4.1 billion that employs more than 17,000 people in 21 states. News and information can be found on the Internet at http://www.atk.com.
Certain information discussed in this press release constitutes forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those factors are: the challenges of developing advanced space exploration technologies, changes in governmental spending, budgetary policies and product sourcing strategies; the company's competitive environment; the terms and timing of awards and contracts; and economic conditions. ATK undertakes no obligation to update any forward looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK's most recent Annual Report on Form 10 K and any subsequent quarterly reports on Form 10 Q and current reports on Form 8 K filed with the U.S. Securities and Exchange Commission.
Media Contact: Investor Contact:
Tracy Imm Steve Wold
Phone: 410 864 4824 Phone: 952 351 3056
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| 2008-01-08 | Merger/Acquisition | Alliant Techsystems announced today that it has negotiated definitive agreements with Canadian based MacDonald, Dettwiler and Associates (TSX: MDA), to acquire its Information Systems and Geospatial Information Services businesses for $1.325 billion (CDN). The company expects that this acquisition will provide a higher growth and earnings profile, and be neutral to earnings per share (EPS) in fiscal year 2009 (FY09) and accretive thereafter.
With more than 1,900 employees and estimated FY09 revenues of approximately $500 million (U.S.), the MDA business ATK is acquiring is a global leader in space based radar systems, space robotics, satellite systems, and imaging satellite ground stations and processing; with additional world class capabilities in satellite payloads, C4ISR, and geospatial services.
The transaction, which is subject to regulatory and MDA shareholder approval, is expected to close early in the first quarter of the company's FY2009. ATK has arranged committed financing to support the proposed acquisition. However, there can be no assurance that the transaction will be completed.
This acquisition will establish ATK as a full spectrum international space company, providing launch services, next generation satellites, robotics, and the ground systems that will process and deliver mission critical information solutions. It will also provide an entry point for MDA's proven high performance technology to the U.S. market, creating significant sales growth opportunities. Further, it will diversify ATK's portfolio into non U.S. and commercial space markets, nearly doubling the company's international revenues. The transaction will also enhance ATK's existing and potential content in space exploration, Operationally Responsive Space, and C4ISR; while adding satellite ground station and geospatial imagery content.
"The welcome addition of MDA's Information Systems and Geospatial Information Services, and their talented workforce substantially grows our market position in space systems, both domestically and internationally," said Dan Murphy, ATK Chairman and CEO. "ATK has enjoyed a close working relationship with MDA for many years. Like ATK, its business model is one of low cost innovation. Together we will make a significant contribution to the global space industry."
"We believe that this transaction provides an excellent home for our Information Systems and Geospatial Services business as it is highly complementary to ATK's business," said MDA President and CEO, Daniel Friedmann. "ATK is committed to realize the inherent value in the U.S. market of the many accomplishments of our employees."
Beginning April 1, 2008, ATK will establish a fourth business group, ATK Space Systems. Carl Marchetto, formerly Executive Vice President and General Manager of Orbital Sciences Corporation's Space Systems Group, will become President, ATK Space Systems. With operations in four Canadian Provinces and across the United States, ATK Space Systems is expected to generate FY09 sales of approximately $900 million. It will be a full spectrum satellite and space systems business building markets in North America and around the world.
The combined value of ATK Launch Systems and the new Space Systems group will make ATK the fifth largest space systems company in North America. |
| 2007-12-19 | Contract/Agreements | New Contract Extends ATK's Operating Authority at Lake City by Four Years Contract Award Secures ATK's Position as the Nation's Largest provider of
Military Small Caliber Ammunition
MINNEAPOLIS, Dec. 19 /PRNewswire FirstCall/ Alliant Techsystems has been notified by the U.S. Army of its intent to award the company a contract to operate the Lake City Army Ammunition Plant for an additional four years. The new contract covers government small caliber ammunition orders through September 2012, with deliveries on these orders scheduled for up to 18 months after receipt of the order.
ATK has operated the Lake City facility since April 1, 2000. During this time, the company has delivered more than 6.8 billion rounds of 5.56mm, 7.62mm, and 50 caliber ammunition. Working in tandem with the U.S. government, ATK has increased annual plant production from 350 million rounds per year to over 1.4 billion rounds annually. The ammunition produced by ATK at Lake City is an essential element of the nation's efforts in the global war on terror.
"ATK is extremely proud of our stewardship of this national asset at such a critical time," said Mark DeYoung, President, ATK Ammunition Systems. "We have worked with the Army to successfully meet the nation's increased need for small caliber ammunition, while simultaneously developing and executing a plan to modernize the Lake City facility. This effort assures that Lake City remains a viable and dependable source of ammunition for decades to come,"
The Lake City Army Ammunition Plant is located in Independence, Missouri. It was originally constructed in 1941 by the U.S. Government as one of several government owned ammunition plants. The plant is the nation's primary production source for small caliber rifle ammunition.
ATK is an advanced weapon and space systems company with annual revenues in excess of $4.1 billion that employs approximately 17,000 people in 21 states. News and information can be found on the Internet at http://www.atk.com.
Certain information discussed in this press release constitutes forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those factors are: the successful conclusion of contract negotiations, changes in governmental spending, budgetary policies and product sourcing strategies; the company's competitive environment; the terms and timing of awards and contracts; and economic conditions. ATK undertakes no obligation to update any forward looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK's most recent Annual Report on Form 10 K and any subsequent quarterly reports on Form 10 Q and current reports on Form 8 K filed with the U.S. Securities and Exchange Commission.
Media Contact: Investor Contact:
Bryce Hallowell Steve Wold
Phone: 952 351 3087 Phone: 952 351 3056
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