|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: FIRST TRUST COMBINED SERIES 250, 485BPOS, 1999-10-27 |
Next: PUTNAM CONVERTIBLE OPPORTUNITIES & INCOME TRUST, NSAR-A, 1999-10-27 |
<PAGE>
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) - October 27, 1999
____________
LOCKHEED MARTIN CORPORATION
(Exact name of registrant as specified in its charter)
Maryland 1-11437 52-1893632
(State or other jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
6801 Rockledge Drive, Bethesda, Maryland 20817
(Address of principal executive offices) (Zip Code)
(301) 897-6000
(Registrant's telephone number, including area code)
____________
Not Applicable
(Former name or address, if changed since last report)
===============================================================================
<PAGE>
Item 5. Other Events
Lockheed Martin Corporation ("Corporation") is filing this Current Report
on Form 8-K in relation to its September 27, 1999 announcement of the results of
the strategic and organizational review that began in June 1999. As a result of
this review, the Corporation has implemented a new organizational structure,
effective October 1, 1999, that realigns its core lines of business into four
principal business segments. All other activities of the Corporation fall
within the Corporate and Other segment. Following is a brief description of the
activities of each business segment:
. Systems Integration - Includes missiles and fire controls, naval systems,
platform integration, and command, control, communications, computers and
intelligence (C4I) lines of business.
. Space Systems - Includes space launch, commercial and government satellites,
and strategic missiles lines of business.
. Aeronautical Systems - Includes tactical aircraft, airlift, and aeronautical
research and development lines of business.
. Technology Services - Includes federal services, energy programs and
aeronautical services lines of business.
. Corporate and Other - Includes commercial information technology and state
and local government services lines of business. Also includes Lockheed
Martin Global Telecommunications, Inc., a wholly-owned subsidiary of the
Corporation, which was formed effective January 1, 1999 from the combination
of investments in several existing joint ventures and certain other elements
of the Corporation. Such investments were transferred from the Systems
Integration and Space Systems segments. The prior period amounts related to
these joint ventures and elements transferred were not material to the
respective segments and, therefore, segment information in prior periods was
not restated to conform with the 1999 presentation. In addition, this segment
includes the Corporation's investments in certain other joint ventures and
businesses.
<PAGE>
The following amounts, which are unaudited, have been adjusted to reflect
the new organizational realignment for the periods indicated.
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, December 31,
1999 1998 1998 1997
---- ---- ---- ----
(In millions)
<S> <C> <C> <C> <C>
Selected Financial Data by Business Segment
Net sales
- ---------
Systems Integration $ 5,272 $ 5,191 $10,895 $10,853
Space Systems 2,945 3,718 7,039 7,931
Aeronautical Systems 2,766 2,474 5,459 5,319
Technology Services 985 939 1,935 1,989
Corporate and Other 423 415 938 1,977
------- ------- ------- -------
$12,391 $12,737 $26,266 $28,069
======= ======= ======= =======
Operating profit (loss)
- -----------------------
Systems Integration $ 416 $ 450 $ 949 $ 843
Space Systems 167 494 954 1,090
Aeronautical Systems 46 307 649 561
Technology Services 68 63 135 187
Corporate and Other 53 12 (165) 98
------- ------- ------- -------
$ 750 $ 1,326 $ 2,522 $ 2,779
======= ======= ======= =======
Intersegment revenue/(a)/
- -------------------------
Systems Integration $ 336 $ 347 $ 692 $ 548
Space Systems 40 26 44 35
Aeronautical Systems 43 28 60 73
Technology Services 301 221 507 445
Corporate and Other 30 29 46 96
------- ------- ------- -------
$ 750 $ 651 $ 1,349 $ 1,197
======= ======= ======= =======
Amortization of intangible assets
- ---------------------------------
Systems Integration $ 151 $ 151 $ 304 $ 308
Space Systems 14 14 29 29
Aeronautical Systems 40 40 80 80
Technology Services 9 9 18 17
Corporate and Other 1 4 5 12
------- ------- ------- -------
$ 215 $ 218 $ 436 $ 446
======= ======= ======= =======
Nonrecurring and unusual items - profit (loss)
- ----------------------------------------------
Systems Integration $ -- $ -- $ -- $ (71)
Space Systems -- -- -- (87)
Aeronautical Systems -- -- -- (20)
Technology Services -- -- -- (24)
Corporate and Other 114 -- (233) 56
------- ------- ------- -------
$ 114 $ -- $ (233) $ (146)
======= ======= ======= =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
June 30, December 31,
1999 1998 1997
---- ---- ----
(In millions)
Selected Financial Data by Business Segment
(continued)
<S> <C> <C> <C>
Backlog
- -------
Systems Integration $15,136 $14,025 $14,126
Space Systems 13,876 15,829 16,380
Aeronautical Systems 8,652 10,265 13,019
Technology Services 4,584 3,503 2,107
Corporate and Other 2,713 1,723 1,427
------- ------- -------
$44,961 $45,345 $47,059
======= ======= =======
Assets
- ------
Systems Integration $13,385 $13,435 $13,968
Space Systems 4,928 5,228 4,599
Aeronautical Systems 3,402 3,593 3,507
Technology Services 1,464 1,421 1,284
Corporate and Other 5,203 5,067 5,003
------- ------- -------
$28,382 $28,744 $28,361
======= ======= =======
</TABLE>
(a) Intercompany transactions between segments are eliminated in consolidation,
and excluded from the net sales and operating profit (loss) amounts
presented above.
<PAGE>
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.
Lockheed Martin Corporation
/s/ Todd J. Kallman
------------------------------
Todd J. Kallman
Vice President and Controller
(Chief Accounting Officer)
October 27, 1999
|
|