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):
June 10, 1999
NEWPORT NEWS SHIPBUILDING INC.
(Exact name of registrant as specified in its charter)
Delaware 1-12385 74-1541566
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
4101 Washington Avenue, Newport News, VA 23607
(Address of principal executive offices) (zip code)
(757) 380-2000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
The information contained in the Company's Release of June 10, 1999, set
forth as Exhibit 99.1 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
Exhibit 99.1 Press Release
2
<PAGE>
SIGNATURE
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.
NEWPORT NEWS SHIPBUILDING INC.
Date: June 10, 1999 By: /s/ Peter A.V. Huegel
---------------------------------
Name: Peter A.V. Huegel
Title: Assistant Secretary
<PAGE>
Exhibit Index
Exhibit No. Description of Exhibit Sequential Page
Number
Exhibit 99.1 Press Release 5
[NEWPORT NEWS
SHIPBUILDING LOGO]
NEWS RELEASE
CONTACT: Investors: Joe Fernandes Media: Jerri Fuller Dickseski
(757) 688-6400 (757) 380-2341
NEWPORT NEWS SHIPBUILDING ANNOUNCES
$100 MILLION SHARE REPURCHASE PROGRAM
NEWPORT NEWS, Va., June 10, 1999 - Newport News Shipbuilding (NYSE:
NNS) announced today that its Board of Directors has approved a $100 million
share repurchase program. This new program is expected to be implemented over
the 1999-2000 time period and will be accomplished through open market and
privately negotiated transactions.
"Over the next few years, we expect to generate significantly
increasing cash flows due to the strength of our core programs and our focus on
operations and cash initiatives," said Bill Fricks, Chairman and Chief Executive
Officer. "We believe a substantial share repurchase program represents the best
use of this cash. At the current trading ranges buying back stock is accretive
to earnings and should enhance shareholder value."
The current Board action will give the Company the ability to
repurchase approximately ten percent of its currently outstanding shares. This
program follows the successful implementation of prior buybacks under which the
Company repurchased 2.7 million shares.
Newport News Shipbuilding designs and constructs nuclear powered
aircraft carriers and submarines for the U.S. Navy and provides lifecycle
maintenance services for ships in the Navy fleet. The Company employs more than
18,000 people, and has annual revenues of approximately $1.8 billion.
