SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 18, 1997
NEWPORT NEWS SHIPBUILDING INC.
(Exact name of registrant as specified in its charter)
Delaware 1-12385 74-1541566
(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
4101 Washington Avenue, Newport News, Va. 23607-2770
(Address of principal executive offices) (Zip Code)
(757) 380-2000
(Registrant's telephone number, including area code)
<PAGE>
ITEM 5. Other Events.
The information contained in the Registrant's News
Release of December 18, 1997, set forth as Exhibit 20.1 to this Current Report
on Form 8-K, is hereby incorporated into this Item 5 by reference.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits
See page 2 of this Report.
20.1 News Release of Newport News Shipbuilding Inc. dated December 18, 1997
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
December 19, 1997 NEWPORT NEWS SHIPBUILDING INC.
/s/ Stephen B. Clarkson
- - - - - - - - - - - - - - - - -
By: Stephen B. Clarkson
Vice President, General Counsel and
Secretary
NEWPORT NEWS
SHIPBUILDING
[LOGO] NEWS RELEASE
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CONTACTS: Chuck Wingfield-Investor Relations Jerri Fuller Dickseski-Media
(757) 380-7170 (757) 380-2341
NEWPORT NEWS SHIPBUILDING COMPLETES
CONTINENTAL MARITIME INDUSTRIES ACQUISITION
o Newport News has completed the purchase of Continental Maritime,
a San Diego, Calif. ship repair yard.
o The acquisition was overwhelmingly approved by the employee owners
of Continental Maritime.
o Continental Maritime provides a base to expand Newport News'
aircraft carrier support services to the West Coast.
NEWPORT NEWS, VA., December 18, 1997 - Newport News Shipbuilding (NYSE:
NNS) announced today that it has completed the purchase of Continental Maritime
Industries of San Diego, Calif. The transaction received final approval
by regulatory authorities this week and was overwhelmingly approved by
a vote of Continental's Employee Stock Ownership Plan participants on December
15, 1997. As previously announced, Continental Maritime will operate as a
wholly owned subsidiary of Newport News Shipbuilding focused on repair programs
for the U.S. Navy's West Coast fleet.
This strategic acquisition will allow Newport News to expand its world class
maintenance and support operations for the Navy's nuclear powered aircraft
carrier fleet. Continental provides Newport News with an established presence on
the West Coast in preparation for the relocation of three nuclear powered
carriers to San Diego, the Navy's primary homeport on the West Coast.
Newport News Shipbuilding is America's premier shipbuilding company with
annual revenues of approximately $1.8 billion and 18,000 employees. The company
is the leader in the design and construction of nuclear powered aircraft
carriers and submarines for the U.S. Navy and produces a variety of ships for
domestic and international customers.
Continental Maritime is a qualified master ship repair company based in
San Diego, Calif., and is primarily engaged in ship repair programs for the
U.S. Navy. The company has average annual revenues of approximately $40 million
and 350 employees.
