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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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) August 29, 1999
GENERAL DYNAMICS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-3671 13-1673581
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
3190 Fairview Park Drive, Falls Church, Virginia 22042-4523
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(Address of principal executive offices) (Zip Code)
(703) 876-3000
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Registrant's telephone number, including area code
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Item 5. Other Events
On July 30, 1999, General Dynamics Corporation acquired Gulfstream
Aerospace Corporation (Gulfstream) through a merger of a subsidiary of the
company into Gulfstream. The acquisition was accounted for as a pooling of
interests.
Combined net sales and net earnings for the month ended August 29, 1999
were $737 million and $125 million, respectively. Both basic and diluted
earnings per share for this period were 62 cents. Included in the results of
operations was income of $81 million, or 40 cents per share, related to
previously deferred gains on General Dynamics' commercial pension plan. The
results also included a charge of $23 million, or 11 cents per share, related to
direct acquisition transaction costs and a charge of $4 million, or 2 cents per
share, related to the write-off of unamortized debt costs associated with the
repayment of certain of Gulfstream's debt instruments on July 30, 1999.
In addition to the acquisition of Gulfstream, on September 1, 1999,
General Dynamics completed the previously announced acquisition of GTE
Government Systems Corporation for $1.03 billion, bringing the total value of
acquisitions in the third quarter to $5.8 billion. Concurrently, management is
reevaluating future investment in its coal operations, particularly the
investment required to mine owned but undeveloped high sulfur coal reserves.
Should management conclude not to make these additional investments, the value
of these coal reserves and related mining assets will be written down and
associated previously contingent liabilities recorded, totaling approximately
$65 million.
Results of operations for the one-month period ended August 29, 1999, are
not necessarily indicative of the results that may be expected for the quarter
ending October 3, 1999. This Form 8-K should be read in conjunction with the
supplemental consolidated financial statements for the year ended December 31,
1998 and the notes thereto in the Current Report on Form 8-K filed on August 11,
1999.
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.
GENERAL DYNAMICS CORPORATION
by /s/ John W. Schwartz
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John W. Schwartz
Vice President and Controller
(Authorized Officer and Chief Accounting Officer)
Dated: September 13, 1999
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