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):
February 1, 2000
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 February 1, 2000, set
forth as Exhibit 99.1 to this Current Report on Form-8K, 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: February 2, 1999 By: /s/ Stephen B. Clarkson
--------------------------------
Name: Stephen B. Clarkson
Title: Vice President, General
Counsel and Secretary
<PAGE>
Exhibit Index
Exhibit No. Description of Exhibit Sequential Page
Number
Exhibit 99.1 Press Release 5
[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 AND REGULAR DIVIDEND
NEWPORT NEWS, Va., February 1, 2000 - Newport News Shipbuilding (NYSE:
NNS) announced today that its Board of Directors has approved a $100 million
share repurchase program to supplement the $100 million program authorized in
June 1999. The new authorization will be implemented over the 2000 - 2001 time
period through open market and privately negotiated transactions and will give
the company the ability to repurchase ten percent of its currently outstanding
shares. The Company has repurchased almost three million shares under the prior
authorization.
"We continue to believe that buying back stock represents a smart and
effective use of cash," said William P. Fricks, Chairman and Chief Executive
Officer. "Our goal is to redeploy cash to enhance shareholder value, and our
repurchase program certainly meets that test as it is significantly accretive to
earnings. We are fortunate to have strong and predictable cash flows that allow
us to successfully engage in share repurchase programs."
In addition to the repurchase program, the Board of Directors declared
a dividend of $0.04 per share on the issued and outstanding common stock of the
company. The dividend will be paid on or about February 21, 2000 to shareholders
of record as of February 11, 2000. This is the thirteenth consecutive regular
dividend declared since Newport News became an independent company in December
1996.
* * * * * * * * * * * * * * * * * * *
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 17,300
people, and has annual revenues of approximately $1.9 billion.
