ALLIANT TECHSYSTEMS INC
10-Q, 2000-08-15
ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES)
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

 
 /x/		  
 Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended July 2, 2000

or

/ / Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                to                

Commission file number 1-10582

ALLIANT TECHSYSTEMS INC.
(Exact name of registrant as specified in its charter)

DELAWARE
(State or other jurisdiction of
incorporation or organization)		   41-1672694
(I.R.S. Employer
Identification No.)
 
 600 SECOND STREET N.E.
HOPKINS, MINNESOTA
(Address of principal executive office)		  
 		  
 55343-8384
(Zip Code)

(952) 931-6000
(Registrant's telephone number, including area code)

NOT APPLICABLE
(Former name, former address and former fiscal year
if changed from last report)

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes /x/  No / /

    As of July 31, 2000, the number of shares of the registrant's common stock, par value $.01 per share, outstanding was 9,077,601 (excluding 4,789,012 treasury shares).


PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Consolidated Income Statements (Unaudited)

 
   Quarters Ended
  
(In thousands except per share data)
   July 2, 2000
   July 4, 1999
  
Sales   $ 270,084   $ 272,721  
Cost of sales     216,491     217,835  
   
 
 
Gross margin     53,593     54,886  
Operating expenses:              
  Research and development     1,533     1,887  
  Selling     6,737     5,995  
  General and administrative     14,086     15,094  
  Other operating activities     —     3,650  
   
 
 
  Total operating expenses     22,356     26,626  
   
 
 
Income before interest and income taxes     31,237     28,260  
  Interest expense     (8,708 )   (9,155 )
  Interest income     214     107  
   
 
 
Income from continuing operations before income taxes     22,743     19,212  
Income tax provision     7,778     4,611  
   
 
 
Net income   $ 14,965   $ 14,601  
       
 
 
Basic earnings per common share:   $ 1.65   $ 1.43  
       
 
 
Diluted earnings per common share:   $ 1.62   $ 1.39  
       
 
 
Average number of common shares (thousands)     9,048     10,226  
       
 
 
Average number of common and dilutive shares (thousands)     9,215     10,487  
       
 
 

See Notes to Consolidated Financial Statements


Consolidated Balance Sheets (Unaudited)

 
   July 2, 2000
   March 31, 2000
  
(In thousands except share and per share data)

    
    
  
Assets              
Current assets:              
  Cash and cash equivalents   $ 24,027   $ 45,765  
  Receivables     260,364     244,881  
  Net inventory     49,908     53,629  
  Deferred income tax asset     5,480     5,480  
  Other current assets     7,719     1,295  
   
 
 
    Total current assets     347,498     351,050  
Net property, plant, and equipment     331,736     335,628  
Goodwill     123,733     124,718  
Prepaid and intangible pension assets     84,517     80,877  
Other assets and deferred charges     15,830     13,711  
   
 
 
    Total assets   $ 903,314   $ 905,984  
       
 
 
Liabilities and Stockholders' Equity              
Current liabilities:              
  Current portion of long-term debt   $ 59,038   $ 55,650  
  Line of credit borrowings     69,000     49,000  
  Accounts payable     65,633     77,982  
  Contract advances and allowances     65,003     71,682  
  Accrued compensation     25,596     32,969  
  Accrued income taxes     14,561     7,430  
  Other accrued liabilities     58,032     61,880  
   
 
 
    Total current liabilities     356,863     356,593  
Long-term debt     259,809     277,109  
Post-retirement and post-employment benefits liability     115,831     118,137  
Other long-term liabilities     42,263     39,198  
   
 
 
  Total liabilities     774,766     791,037  
Contingencies              
Common stock—$.01 par value              
  Authorized—20,000,000 shares              
  Issued and outstanding 9,063,112 shares at July 2, 2000 and 9,073,752 at March 31, 2000     139     139  
Additional paid-in-capital     235,070     236,416  
Retained earnings     212,225     197,259  
Unearned compensation     (2,137 )   (2,520 )
Pension liability adjustment     (3,768 )   (3,768 )
Common stock in treasury, at cost (4,800,501 shares held at July 2, 2000 and 4,789,861 at March 31, 2000)     (312,981 )   (312,579 )
   
 
 
    Total stockholders' equity     128,548     114,947  
   
 
 
    Total liabilities and stockholders' equity   $ 903,314   $ 905,984  
       
 
 

See Notes to Consolidated Financial Statements


Consolidated Statements of Cash Flows (Unaudited)

 
   Quarters Ended
  
 
   July 2, 2000
   July 4, 1999
  
(In thousands)

    
    
  
Operating activities              
Net income   $ 14,965   $ 14,601  
Adjustments to net income to arrive at cash used for operations:              
  Depreciation     9,355     10,578  
  Amortization of intangible assets and unearned compensation     1,844     2,653  
  Loss on disposal of property     508     270  
  Changes in assets and liabilities:              
    Receivables     (15,483 )   (13,799 )
    Inventory     3,721     506  
    Accounts payable     (12,349 )   (33,182 )
    Contract advances and allowances     (6,679 )   (5,844 )
    Accrued compensation     (7,373 )   (7,987 )
    Accrued income taxes     7,131     4,064  
    Pension and post-retirement benefits     (2,306 )   (2,113 )
    Other assets and liabilities     (13,843 )   (10,619 )
   
 
 
Cash used for operations     (20,509 )   (40,872 )
   
 
 
Investing activities              
Capital expenditures     (5,491 )   (6,549 )
   
 
 
Cash used for investing activities     (5,491 )   (6,549 )
   
 
 
Financing activities              
Net borrowings on line of credit     20,000     47,000  
Payments made on bank debt     (13,912 )   (7,500 )
Proceeds from issuance of long-term debt     —     29,000  
Net purchase of treasury shares     (3,043 )   (6,308 )
Proceeds from exercised stock options     1,217     1,242  
   
 
 
Cash provided by financing activities     4,262     63,434  
   
 
 
Increase (decrease) in cash and cash equivalents     (21,738 )   16,013  
Cash and cash equivalents—beginning of period     45,765     21,078  
   
 
 
Cash and cash equivalents—end of period   $ 24,027   $ 37,091  
       
 
 

See Notes to Consolidated Financial Statements

Notes to Financial Statements (Unaudited)

1.
During the three months ended July 2, 2000, the Company made principal payments on its bank term debt of $13.9 million. As of July 2, 2000, the Company had borrowings of $69.0 million against its $250.0 million bank revolving credit facility. Additionally, the Company had outstanding letters of credit of $48.8 million, which further reduced amounts available on the revolving facility to $132.2 million at July 2, 2000.
2.
The major categories of current and long-term accrued liabilities are as follows (in thousands):
 
   Quarter Ended
 
  
  
 		  
July 2, 2000
  
 		  
March 31, 2000
Employee benefits and insurance   $ 25,490   $ 28,804
Legal accruals     5,673     5,897
Other accruals     26,869     27,179
   
 
Other accrued liabilities-current   $ 58,032   $ 61,880
     
 
Environmental remediation liability   $ 16,798   $ 16,529
Deferred tax liability     10,802     10,802
Supplemental employee retirement plan and deferred compensation     14,663     11,867
   
 
Other long-term liabilities   $ 42,263   $ 39,198
     
 

3.
Tax payments of $0.6 million and $0.5 million were paid for the periods ended July 2, 2000 and July 4, 1999, respectively.
4.
Contingencies:
 
   Accrued
Environmental Liability
   Environmental Costs—
Reimbursement Receivable
  
Amounts (Payable)/Receivable   $ (35,861 ) $ 10,144  
Unamortized Discount     8,133     (2,136 )
   
 
 
Present Value Amounts (Payable)/Receivable   $ (27,728 ) $ 8,008  
     
 
 
5.
Net interest paid during the three-month periods ended July 2, 2000, and July 4, 1999, totaled $8.2 million and $8.7 million, respectively. Interest charges under the Company's revolving credit facility are primarily at the London Inter Bank Offering Rate (LIBOR), plus 1.75 percent (which totaled 8.5 percent at July 2, 2000), and will be subject to change in the future, as changes occur in market conditions and in the Company's financial performance and leverage ratios.

6.
The Company conducts its business primarily in three operating segments: Conventional Munitions, Aerospace, and Defense Systems. These operating segments are defined based on product similarity and end-use functionality. The following summarizes the Company's results, by operating segment for the current periods:
 
   Quarter Ended
  
 
  
  
 		  
July 2, 2000
  
 		  
July 4, 1999
  
 
Sales from External Customers              
  Conventional Munitions   $ 116,957   $ 89,042  
  Aerospace     100,304     118,145  
  Defense Systems     52,823     65,534  
  Corporate     —     —  
   
 
 
Total External Sales   $ 270,084   $ 272,721  
       
 
 
Intercompany Sales              
  Conventional Munitions     699     137  
  Aerospace     —     234  
  Defense Systems     5,978     2,047  
  Corporate     (6,677 )   (2,418 )
   
 
 
Total Intercompany Sales   $ —   $ —  
       
 
 
Total Sales   $ 270,084   $ 272,721  
       
 
 
Earnings before Income Taxes (EBT)              
  Conventional Munitions   $ 9,377   $ (34 )
  Aerospace     11,729     19,566  
  Defense Systems     (1,534 )   (1,993 )
  Corporate     3,171     1,673  
   
 
 
Total Earnings before income taxes   $ 22,743   $ 19,212  
       
 
 

7.
Basic "Earnings Per Share" (EPS) is computed based upon the weighted average number of common shares outstanding for each period presented. Diluted EPS is computed based on the weighted
 
   Quarter Ended
 
   July 2, 2000
   July 4, 1999
Basic EPS:        
  Average Shares Outstanding   9,048   10,226
       
 
Diluted EPS:        
  Average Shares Outstanding   9,048   10,226
  Dilutive effect of options and redeemable common shares   167   261
   
 
Diluted EPS Shares Outstanding   9,215   10,487
       
 
8.
The figures set forth in this quarterly report are unaudited but, in the opinion of the Company, include all adjustments necessary for a fair presentation of the results of operations for the three-month periods ended July 2, 2000, and July 4, 1999. The Company's accounting policies are described in the notes to financial statements in its fiscal 2000 Annual Report on Form 10-K.

9.
Certain reclassifications have been made to the fiscal 2000 financial statements, as previously reported, to conform to current classification. These reclassifications did not change the net income from operations as previously reported.

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

Sales

    In the quarter ended July 2, 2000, the Company's sales were $270.1 million, compared to $272.7 million for the comparable quarter in the prior year.

    Conventional Munitions segment sales were $117.7 million, an increase of $28.5 million, or 32.0 percent, compared to $89.2 million for the comparable quarter of the prior year. The increase was primarily attributable to $43 million in small caliber ammunition sales as the Company started production at its Lake City Army and Ammunition Plant in April 2000. This ten-year contract was awarded to the Company in late fiscal 2000. Total revenues from this contract and other Lake City sales are expected to approximate $125 million per year. Partially offsetting this increase was a decrease in sales of $18 million on medium caliber ammunition programs due to technical issues which caused a delay in shipments. Aerospace segment sales were $100.3 million, a decrease of $18.1 million, or 15.3 percent, from $118.4 million for the comparable quarter in the prior year. The decrease is attributable to lower volume from solid propulsion programs, down $19 million compared to the same quarter of the prior year. This decrease is primarily driven by decreased sales on the Titan program as it is in the wind-down phase and reduced Delta propulsion sales. Defense Systems segment sales were $58.8 million, a decrease of $8.8 million, or 13.0 percent, from $67.6 million for the comparable quarter in the prior year. The decrease was driven primarily by reduced volume on anti-tank munitions programs.

    Company sales for fiscal 2001 are expected to be approximately $1.1 billion.

Gross Margin

    The Company's gross margin in the quarter ended July 2, 2000, was $53.6 million or 19.8 percent of sales, compared to $54.9 million, or 20.1 percent of sales for the comparable quarter of the prior year. While the Company's overall gross margin in the current year period was comparable with that of the prior year period, the current year included a lower gross margin rate in the Defense Systems segment due to approximately $4 million of cost growth on various fuzing programs. Offsetting this was a higher gross margin at the Company's Conventional Munitions segment due primarily to the absence of prior year costs of approximately $5.0 million associated with ordnance reclamation projects.

    Fiscal 2001 gross margin, as a percent of sales, is expected to be in the 20.0 - 20.5 percent range.

Operating Expenses

    The Company's operating expenses for the quarter ended July 2, 2000, totalled $22.4 million, or 8.3 percent of sales, compared to $26.6 million, or 9.8 percent of sales for the comparable quarter of the prior year. The current period decrease was driven primarily by a prior year one-time $3.7 million charge associated with non-recurring costs to revalue certain assets to their net realizable value.

    Fiscal 2001 operating expenses (research and development, selling, and general and administrative), stated as a percent of sales, are expected to be in the 8.5 to 9.0 percent range.

Interest Expense

    The Company's net interest expense for the quarter ended July 2, 2000, was $8.5 million, compared to $9.0 million for the comparable quarter in the prior year. The decrease was driven by lower average outstanding debt during the current quarter.

Income from Continuing Operations before Income Taxes

    The Company's income from continuing operations before income taxes (earnings before taxes, or "EBT") for the quarter ended July 2, 2000 was $22.7 million, compared to $19.2 million for the comparable quarter of the prior year, the result of lower operating expenses.

    Conventional Munitions segment EBT for the quarter ended July 2, 2000, was $9.4 million, compared to a break-even EBT for the comparable quarter of the prior year. The increase is primarily reflective of increased sales and margins on small caliber ammunition and propellant and the absence of approximately $5.0 million of prior year costs associated with ordnance reclamation contracts partially offset by reduced current year medium caliber ammunition margins due to lower sales. Aerospace segment EBT for the quarter ended July 2, 2000, was $11.7 million, a decrease of $7.9 million, compared to $19.6 million for the comparable quarter of the prior year. The decrease was driven primarily due to lower current quarter incentives on the Titan program and reduced Delta propulsion sales. Defense Systems segment EBT for the quarter ended July 2, 2000 was $(1.5) million, compared to $(2.0) million for the comparable quarter of the prior year. The current year improvement is due to higher prior year operating expenses and the absence of a non-recurring $3.7 million charge to revalue certain long-term assets (primarily fixed assets) to the estimated net realizable value, as the Group's management elected to pursue disposal by sale of certain assets no longer deemed critical to the business. The current year results include charges of approximately $4.0 million due to cost growth on various fuzing programs.

Income Taxes

    Income tax expense was $7.8 million for the three-month period ended July 2, 2000, compared to $4.6 million for the comparable prior period, representing an effective tax rate of 34.2% and 24.0% for the periods ended July 2, 2000 and July 4, 1999, respectively. Income tax provisions for interim periods are based on estimated effective annual income tax rates. The estimated effective tax rate for the current fiscal year ending March 31, 2001, is reflective of the Company's best estimate of the fiscal 2001 tax implications associated with its business strategies, as well as the resolution of tax contingencies during the year.

Net Income

    Net income reported for the quarter ended July 2, 2000, was $15.0 million, compared to $14.6 million for the comparable quarter of the prior year. The overall increase is due to decreased operating and interest expense, partially offset by increased income tax expense.

LIQUIDITY, CAPITAL RESOURCES, AND FINANCIAL CONDITION

    Cash used by operations totaled $20.5 million for the quarter ended July 2, 2000, representing an improvement in cash used of $20.4 million, compared to $40.9 million used in the comparable quarter of the prior year. The improved level of cash usage during the quarter was primarily driven by reduced payments made for payables during the current year quarter.

    Cash used by investing activities for the quarter ended July 2, 2000, was $5.5 million, a $1.0 million improvement in cash used, compared to $6.5 million used in the comparable quarter of the prior year. This improvement primarily represents reduced capital expenditures in the current year quarter. Capital expenditures in fiscal 2001 are expected to be down approximately $10 million, compared to fiscal 2000 expenditures of $45.6 million. This decrease primarily represents the absence of move and facilitization costs incurred in fiscal 2000.

    As of July 2, 2000, the Company had borrowings of $69.0 million against its $250.0 million bank revolving credit facility. Additionally, the Company has outstanding letters of credit of $48.8 million, which further reduced amounts available on the revolving credit facility to $132.2 million at July 2, 2000. Scheduled minimum loan payments on the Company's outstanding long-term debt are $41.7 million for the remainder of fiscal 2001, and $69.2 million in each of fiscal years 2002 through 2005. Final debt payment will be made in fiscal 2005. The Company's total debt (line of credit borrowings, current portion of

long-term debt, and long-term debt) as a percentage of total capitalization, was 75 percent on July 2, 2000 and 77 percent on March 31, 2000.

    As of July 2, 2000, repurchases of approximately 1.5 million shares have been made under the Company's currently authorized share repurchase programs, aggregating approximately $98.1 million. Any repurchases made under this plan would be subject to market conditions and the Company's compliance with its debt covenants. As of July 2, 2000, the Company's debt covenants permit the Company to make restricted payments (as defined in the Company's debt covenants) of up to an additional $41.1 million, which would allow for payment of future stock repurchases. While it is currently the Company's intention to make stock repurchases under this program, there can be no assurance that the Company will purchase all or any portion of the remaining shares, or as to the timing or terms thereof.

    Based on the financial condition of the Company at July 2, 2000, the Company believes that future operating cash flows, combined with the availability of funding, if needed, under its bank revolving credit facilities, will be adequate to fund future growth of the Company as well as service its long-term obligations.

Contingencies

    Environmental Matters—The Company is subject to various local and national laws relating to protection of the environment and is in various stages of investigation or remediation of potential, alleged, or acknowledged contamination. At July 2, 2000, the accrued liability for environmental remediation of $27.7 million represents management's best estimate of the present value of the probable and reasonably estimable costs related to the Company's known remediation obligations. It is expected that a significant portion of the Company's environmental costs will be reimbursed to the Company. As collection of those reimbursements is estimated to be probable, the Company has recorded a receivable of $8.0 million, representing the present value of those reimbursements at July 2, 2000. Such receivable primarily represents the expected reimbursement of costs associated with the Aerospace operations acquired from Hercules in the Aerospace acquisition, whereby the Company generally assumed responsibility for environmental compliance at Aerospace facilities. It is expected that much of the compliance and remediation costs associated with these facilities will be reimbursable under U.S. Government contracts, and that those environmental remediation costs not covered through such contracts will be covered by Hercules under various indemnification agreements, subject to the Company having appropriately notified Hercules of issues identified prior to the expiration of the stipulated notification periods (March 2000 or March 2005, depending on site ownership). The Company performed environmental condition evaluations and notified Hercules of its findings prior to the expiration of the March 31, 2000 deadline. The Company's accrual for environmental remediation liabilities and the associated receivable for reimbursement thereof, have been discounted to reflect the present value of the expected future cash flows, using a discount rate, net of estimated inflation, of approximately 4.5 percent. The following is a summary of the Company's amounts recorded for environmental remediation at July 2, 2000: (in thousands)

 
   Accrued
Environmental Liability
   Environmental Costs—
Reimbursement Receivable
  
Amounts (Payable)/Receivable   $ (35,861 ) $ 10,144  
Unamortized Discount     8,133     (2,136 )
   
 
 
Present Value Amounts (Payable)/Receivable   $ (27,728 ) $ 8,008  
     
 
 

    At July 2, 2000, the estimated discounted range of reasonably possible costs of environmental remediation is between $27 and $43 million. The Company does not anticipate that resolution of the environmental contingencies in excess of amounts accrued, net of recoveries, will materially affect future operating results.

    In future periods, new laws or regulations, advances in technologies, outcomes of negotiations/litigations with regulatory authorities and other parties, additional information about the ultimate remedy selected at new and existing sites, the Company's share of the cost of such remedies, changes in the extent and type of site utilization, the number of parties found liable at each site and their ability to pay are all

factors that could significantly change the Company's estimates. It is reasonably possible that management's current estimates of liabilities for the above contingencies could change in the near term, as more definitive information becomes available.

    Legal Matters—As a U.S. Government contractor, the Company is subject to defective pricing and cost accounting standards non-compliance claims by the Government. Additionally, the Company has substantial Government contracts and subcontracts, the prices of which are subject to adjustment. The Company believes that resolution of such claims and price adjustments made or to be made by the Government for open fiscal years (1995 through 2000) will not materially exceed the amount provided in the accompanying balance sheets.

    The Company is a defendant in a number of lawsuits that arise out of, and are incidental to, the conduct of its business. Such matters arise out of the normal course of business and relate to product liability, intellectual property, government regulations, including environmental issues, and other issues. Certain of the lawsuits and claims seek damages in very large amounts. In these legal proceedings, no director, officer, or affiliate is a party or a named defendant.

    While the results of litigation cannot be predicted with certainty, management believes, based upon the advice of counsel, that the actions seeking to recover damages against the Company either are without merit, are covered by insurance and reserves, do not support any grounds for cancellation of any contract, or are not likely to materially affect the financial condition or results of operations of the Company, although the resolution of any such matters during a specific period could have a material adverse effect on the quarterly or annual operating results for that period.

INFLATION

    In the opinion of management, inflation has not had a significant impact upon the results of the Company's operations. The selling prices under contracts, the majority of which are long term, generally include estimated cost to be incurred in future periods. These cost projections can generally be negotiated into new buys under fixed-price government contracts, while actual cost increases are recoverable on cost-type contracts.

RISK FACTORS

    Certain of the statements made and information contained in this report, excluding historical information, are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include those relating to fiscal 2001 sales, gross margin, operating expenses, tax payment and capital expenditures. Also included are statements relating to the realization of net deferred tax benefits, the repurchase of Company common stock, the funding of future growth, long-term debt repayment, environmental remediation costs and reimbursement prospects, and in general, the financial and operating impact of the resolution of environmental and litigation contingencies. Such forward-looking statements involve risks and uncertainties that could cause actual results or outcomes to differ materially. Some of these risks and uncertainties are set forth in connection with the applicable statements. Additional risks and uncertainties include, but are not limited to, changes in government spending and budgetary policies, government laws and other rules and regulations surrounding various matters such as environmental remediation, contract pricing, changing economic and political conditions in the United States and in other countries, commercial space launch manifest, international trading restrictions, outcome of union negotiations, customer product acceptance, the Company's success in program pursuits, program performance, continued access to technical and capital resources, and supply and availability of raw materials and components. All forecasts and projections in this report are "forward-looking statements," and are based on management's current expectations of the Company's near-term results, based on current information available pertaining to the Company, including the aforementioned risk factors. Actual results could differ materially.


PART II—OTHER INFORMATION

ITEM 2. LEGAL PROCEEDINGS

    As a U.S. Government contractor, the Company is subject to defective pricing and cost accounting standards non-compliance claims by the Government. Additionally, the Company has substantial Government contracts and subcontracts, the prices of which are subject to adjustment. The Company believes that resolution of such claims and price adjustments made or to be made by the Government for open fiscal years (1994 through 1999) will not materially exceed the amount provided in the accompanying balance sheets.

    The Company is a defendant in a number of lawsuits that arise out of, and are incidental to, the conduct of its business. Such matters arise out of the normal course of business and relate to product liability, intellectual property, government regulations, including environmental issues, and other issues. Certain of the lawsuits and claims seek damages in very large amounts. In these legal proceedings, no director, officer, or affiliate is a party or a named defendant.

    While the results of litigation cannot be predicted with certainty, management believes, based upon the advice of counsel, that the actions seeking to recover damages against the Company either are without merit, are covered by insurance and reserves, do not support any grounds for cancellation of any contract, or are not likely to materially affect the financial condition or results of operations of the Company, although the resolution of any such matters during a specific period could have a material adverse effect on the quarterly or annual operating results for that period.

    Incorporated herein by reference is note 5 of Notes to Financial Statements included in Item 1 of Part I of this report.

ITEM 5. OTHER INFORMATION

    Attached to this report as Exhibit 99 is a list of the registrant's directors and executive officers, as of the date of this report, which reflects the following changes since June 1, 2000: new titles: Robert E. Gustafson, Vice President, Compensation, Benefits and Talent Management; Scott S. Meyers, Executive Vice President and Chief Financial Officer; and Paula J. Patineau, Senior Financial Officer and Vice President, Human Resources. Scott S. Meyers was elected to the additional position as Director.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K


Exhibit No.
   Description
   Method of Filing
10.1   Amendment 1 to Alliant Techsystems Inc.
Management Compensation Plan		   Filed herewith electronically
 
10.2		  
 		  
First Amendment to Employment Agreement between the Registrant and Paul David Miller		  
 		  
Filed herewith electronically
 
10.3		  
 		  
Addendum to First Amendment to Employment Agreement		  
 		  
Filed herewith electronically
 
10.4		  
 		  
Form of Performance Share Agreement		  
 		  
Filed herewith electronically
 
27		  
 		  
Financial Data Schedule		  
 		  
Filed herewith electronically
 
99		  
 		  
Alliant Techsystems Inc. Directors and Executive Officers		  
 		  
Filed herewith electronically
 
 		  
 		  
 		  
 		  
 

    During the quarterly period ended July 2, 2000, the registrant filed the following reports on Form 8-K:

Date of Report
   Items Reported
May 16, 2000   Item 5. Other Events


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 thereunto duly authorized.

    ALLIANT TECHSYSTEMS INC.
 
Date: August 15, 2000		  
 		  
By:		  
 		  
/s/ DARYL L. ZIMMER   
    Name:   Daryl L. Zimmer
    Title:   Vice President, General Counsel and Secretary
(On behalf of the registrant)
 
Date: August 15, 2000		  
 		  
By:		  
 		  
/s/ SCOTT S. MEYERS   
    Name:   Scott S. Meyers
    Title:   Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

ALLIANT TECHSYSTEMS INC.
FORM 10-Q
EXHIBIT INDEX

Exhibit No.
   Description
   Method of Filing
10.1   Amendment 1 to Alliant Techsystems Inc. Management Compensation Plan   Filed herewith electronically
10.2   First Amendment to Employment Agreement between the Registrant and Paul David Miller   Filed herewith electronically
10.3   Addendum to First Amendment to Employment Agreement   Filed herewith electronically
10.4   Form of Performance Share Agreement   Filed herewith electronically
27   Financial Data Schedule   Filed herewith electronically
99   Alliant Techsystems Inc. Directors and Executive Officers   Filed herewith electronically

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PART I—FINANCIAL INFORMATION
Consolidated Income Statements (Unaudited)
Consolidated Balance Sheets (Unaudited)
Consolidated Statements of Cash Flows (Unaudited)
PART II—OTHER INFORMATION
SIGNATURES
ALLIANT TECHSYSTEMS INC. FORM 10-Q EXHIBIT INDEX


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