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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 20, 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)
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Item 5. Other Events
As previously reported, during the first quarter of 1999, the Company
received a letter from the U.S. Navy Supervisor of Shipbuilding forwarding a
Defense Contract Audit Agency ("DCAA") final audit report questioning
approximately $83 million of costs allocated to U.S. Government contracts as
Independent Research and Development ("IR&D"). The letter requested additional
comments regarding why the Company considers its existing cost accounting
practice to be compliant with the Cost Accounting Standards. The Company
provided such comments in the second quarter of 1999.
On June 20, 2000, the Company received a subpoena with respect to this
matter from the Department of Defense Inspector General for documents and other
information. The Company is in the process of responding to that subpoena.
Management believes that the final resolution of this matter will not have a
material impact on the financial position, results of operations, or cash
flows of the Company.
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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 22, 2000 By: /s/ Stephen B. Clarkson
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Name: Stephen B. Clarkson
Title: Vice President, General
Counsel and Secretary
