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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) February 26, 1999
GENERAL DYNAMICS CORPORATION
(Exact name of registrant as specified in charter)
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<S> <C> <C>
Delaware 1-3671 13-1673581
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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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 February 26, 1999, General Dynamics (the registrant)
was notified that the Joint Committee on Taxation
approved the settlement of the company's tax refund
claims for research and experimentation tax credits for
1987 through 1989. The company expects to net
approximately $250 million in after-tax cash during the
second quarter of 1999, including settlement amounts
carried forward from tax years 1981 through 1986. The
company is presently evaluating the income effect of
these settlements, and expects to recognize substantial
income from the event in the first quarter of 1999.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99 - Press Release
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 hereunto duly authorized.
GENERAL DYNAMICS CORPORATION
(Registrant)
By /s/ John W. Schwartz
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John W. Schwartz
Vice President and Controller
(Principal Accounting Officer)
Dated: March 5, 1999
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GENERAL DYNAMICS
3190 Fairview Park Drive
Falls Church, VA 22042-4523
www.generaldynamics.com NEWS
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March 2, 1999
Contact: Norine Lyons
Tel 703 876 3190
Fax 703 876 3186
[email protected]
GENERAL DYNAMICS TO RECEIVE
TAX REFUND IN SECOND QUARTER
FALLS CHURCH, VA. - General Dynamics (NYSE:GD) was notified today that the Joint
Committee on Taxation has approved the settlement of the company's tax refund
claims for research and experimentation tax credits for 1987 through 1989. The
company expects to net approximately $250 million in after-tax cash during the
second quarter of 1999; this includes settlement amounts carried forward from
tax years 1981 through 1986. General Dynamics is determining the income effect
of these settlements and expects to recognize substantial income from the event
in the first quarter of 1999.
General Dynamics had announced in the third quarter of 1998 that it received
approximately $20 million in tax refunds, and that it anticipated approximately
$300 million to follow this year. The company still has a $78 million refund
claim pending before the Internal Revenue Service related to research and
experimentation tax credits for 1990.
General Dynamics, headquartered in Falls Church, Virginia, supplies
sophisticated defense systems to the United States and its allies. The company
has 31,000 employees and had 1998 sales of $5 billion.
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