<PAGE>
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 29, 1999
Lockheed Martin Corporation
(Exact name of registrant as specified in its charter)
Maryland 1-11437 52-1893632
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification Number)
incorporation)
6801 Rockledge Drive
Bethesda, Maryland 20817
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (301) 897-6000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
- --------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
------------
Lockheed Martin Corporation is filing this Current Report on Form 8-K in
order to provide the information contained in Lockheed Martin's press releases
(and the financial tables attached thereto) dated October 29, 1999 which are
included as Exhibits 99.1, 99.2 and 99.3 to this Current Report on Form 8-K.
Item 7. Financial Statements and Exhibits.
----------------------------------
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------------------- -----------------------------------------------------------------------
<S> <C>
99.1 Lockheed Martin Corporation Press Release (and the financial tables
attached thereto) dated October 29, 1999.
99.2 Lockheed Martin Corporation Press Release dated October 29, 1999.
99.3 Lockheed Martin Corporation Press Release dated October 29, 1999.
</TABLE>
-2-
<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 thereunto duly authorized.
Date: October 29, 1999
LOCKHEED MARTIN CORPORATION
By: /s/ Marian S. Block
---------------------------------
Marian S. Block
Vice President, Associate General
Counsel and Assistant Secretary
-3-
<PAGE>
EXHIBIT INDEX
-------------
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------------------- -----------------------------------------------------------------------
<S> <C>
99.1 Lockheed Martin Corporation Press Release (and the financial tables
attached thereto) dated October 29, 1999.
99.2 Lockheed Martin Corporation Press Release dated October 29, 1999.
99.3 Lockheed Martin Corporation Press Release dated October 29, 1999.
</TABLE>
<PAGE>
Exhibit 99.1
For Immediate Release
---------------------
. LOCKHEED MARTIN REPORTS THIRD QUARTER NET EARNINGS OF $0.57 PER SHARE
. REAFFIRMS 1999 EARNINGS AND CASH GENERATION OUTLOOK
. SUBSTANTIALLY REDUCES YEAR 2000 EARNINGS AND CASH GENERATION OUTLOOK
BETHESDA, Maryland, October 29, 1999 - Lockheed Martin Corporation (NYSE: LMT)
today reported third quarter 1999 net earnings per share of $.57 on a diluted
basis, compared to third quarter 1998 diluted earnings per share of $.83. Net
earnings for the third quarter 1999 totaled $217 million. In the comparable
period of 1998, net earnings were $318 million. Third quarter pretax earnings
for 1999 included a gain of $34 million associated with the sale of the
Corporation's interest in Airport Group International as well as a $24 million
gain associated with the sale of certain surplus real estate. The combination
of these items contributed $35 million to net earnings, or $0.09 per diluted
share. No gains or losses related to transactions of a similar nature were
included in the comparable 1998 period.
The Corporation reaffirmed its 1999 earnings outlook of at least $1.50 per
diluted share, excluding the effects of nonrecurring and unusual items, and its
1999 free cash flow outlook of $500 million. However, due to changes in market
conditions, timing of events, new business losses and program performance
issues, Lockheed Martin now expects 2000 earnings per diluted share, excluding
nonrecurring and unusual items, of approximately $1.00. Free cash flow
estimates for 2000 are under review, but are expected to be less than $500
million. Previous guidance released on June 9, 1999 estimated 2000 earnings per
diluted share of at least $2.15 and free cash flow of $900 million.
Chairman and CEO Vance Coffman stated that "We are deeply disappointed with this
reduced outlook for our company. This level of earnings and cash generation is
unacceptable for Lockheed Martin which has premier technology, world class
people and one of the broadest
<PAGE>
portfolios of businesses in the industry."
The principal reasons for the revised financial outlook are:
. Softness in commercial space business due to industry-wide concerns over
recent launch vehicle failures and delays in the start of satellite
constellations. The result has been a reduced number of opportunities for, and
delays and cancellations of, launch vehicles and satellites, as well as
increased pressure on pricing and profit margins.
. Performance in commercial space.
. Increased investments in new advanced launch vehicles and related facilities.
. Program delays in the System Integration business area.
. Failure to win contracts in such programs as Future Imagery Architecture,
Astor and Wedgetail.
. Satellite and launch delays for LMGT satellite ventures.
"As we announced on Sept. 27, we have put in place a new organizational
structure to facilitate our ability to aggressively pursue the reduction of
capital expenditures, to reduce overhead expenses, and to consolidate and
rationalize facilities and headcount. In light of our revised financial
outlook, we must redouble our efforts to restore the value and reputation of
this great company," Coffman stated.
THIRD QUARTER 1999 REVIEW
Sales for third quarter of 1999 were $6.2 billion, compared with third quarter
1998 sales of $6.3 billion. Sales for the first nine-months of 1999 were $18.5
billion, down 3 percent when compared to the same period of 1998. The
Corporation's backlog totaled $44.2 billion at quarter's end compared with $45.3
billion at year-end 1998.
Reported net earnings for the first nine months of 1999 were $89 million, or
$0.23 per diluted share, compared to $876 million, or $2.30 per diluted share,
for the same period in 1998. Reported 1999 net earnings were reduced by $355
million, or $0.93 per diluted share, related to the cumulative effect of
adopting a new accounting standard for start-up costs. Pretax earnings for the
first nine months of 1999 included the previously-
-2-
<PAGE>
mentioned gains on the sales of the Corporation's interest in Airport Group
International and surplus real estate of $58 million, a $20 million write-down
of the Corporation's investment in Iridium LLC, and a $114 million gain
resulting from the sale of 4.5 million shares of stock in L-3 Communications
Corporation (L-3). The combination of these items contributed $97 million to net
earnings, or $0.25 per diluted share. Pretax earnings for the first nine months
of 1998 included a gain of $18 million related to an Initial Public Offering of
L-3's common stock. This item contributed $12 million to net earnings, or $0.03
per diluted share.
Free cash flow generated during the quarter was approximately $700 million,
bringing the year to date free cash flow to approximately $325 million. During
the quarter, total debt increased by $1 billion, reflecting the completion of
the tender offer for 49% of Comsat for $1.2 billion.
Systems Integration earnings before interest and taxes (EBIT) for the third
quarter of 1999 were $296 million on sales of $2.7 billion, compared with $273
million on sales of $2.5 billion in 1998. EBIT for the 1999 quarter was higher
reflecting performance on the THAAD test program and other missile and fire
control programs. Partially offsetting these increases was an arbitration
decision of approximately $15 million recorded in the third quarter of 1998.
Sales increased 8 percent over the comparable 1998 period due to volume
increases in several programs including missiles and fire control activities,
tactical training systems and surface ship systems, and increased electronics
systems activities in the United Kingdom. The operating margin in the quarter
was flat with the year-ago period at 10.9%. For the first nine months of 1999,
earnings were $712 million on $8.0 billion of sales, compared with EBIT of $723
million on $7.7 billion of sales in the year-ago period.
Space Systems EBIT was $101 million on sales of $1.4 billion for the third
quarter compared to $256 million on $1.6 billion in sales during the same period
of last year. EBIT was lower due to the expensing of start-up costs associated
with the advanced launch vehicle program, lower classified volume, commercial
satellite performance and a charge related to a launch vehicle contract
cancellation. Partially offsetting these items was the previously mentioned real
estate
-3-
<PAGE>
gain that is reflected in this segment. In addition, there was an adjustment on
the Atlas II program of $120 million recorded in the year-ago period. Sales
decreased 13 percent due to a decline in volume in classified and military
satellites as well as other activities. The operating margin in the third
quarter of 1999 was 7.2 percent, down from 15.9 percent in the third quarter of
1998. In the quarter, launch vehicles successfully returned to flight with one
Atlas, one Athena and one Proton launch. For the first nine months of 1999, EBIT
was $268 million on sales of $4.3 billion, compared to $750 million on sales of
$5.3 billion in the same period in 1998. In addition to the items mentioned for
the third quarter, earnings are lower due to a $90 million charge related to a
change in estimate on the Titan IV program recorded in the second quarter as
well as the $20 million write-down of the Iridium investment and reduced Fleet
Ballistic Missiles activities.
Aeronautical Systems EBIT for the third quarter of 1999 was $105 million on
sales of $1.2 billion, compared with EBIT of $164 million in 1998 on sales of
$1.5 billion. Earnings for the third quarter of 1999 reflect the impact of cost
growth and reduced production rates related to the C-130J program as well as
lower F-16 deliveries. Sales decreased 19 percent in the 1999 period due to
reduced F-16 deliveries. In the current quarter, there were twenty-eight F-16
and eight C-130J aircraft deliveries compared to thirty-nine F-16 and four C-
130J deliveries in the third quarter of 1998. The operating margin in the third
quarter of 1999 was 8.6 percent versus 10.9 percent in the year-ago period. For
the first nine months of 1999, EBIT was $151 million on $4.0 billion of sales,
compared to $471 million on $4.0 billion of sales in 1998. The EBIT reduction
reflects the $210 million change in estimate recorded in the second quarter on
the C-130J program as well as lower F-16 aircraft deliveries.
Technology Services EBIT was $29 million on sales of $584 million in the third
quarter of 1999, compared to $39 million on $469 million in sales for the same
period in 1998. Sales for the quarter were higher due to volume on the
Consolidated Space Operations Contract awarded in September 1998 as well as
increased aircraft services activities. The segment operating margin for the
third quarter 1999 was 5.0 percent compared with 8.3 percent in 1998. The
decline in margin was due to expiration of the U.S. Enrichment Corp. services
contract, as well as timing and lower award fees on certain other Department of
Energy management contracts. For the first nine months of 1999, Technology
Services EBIT was $97 million on $1.6 billion of sales
-4-
<PAGE>
compared to $102 million EBIT on $1.4 billion of sales through the first nine
months of 1998.
The Corporate and Other segment, which includes certain information services and
telecommunications businesses, reported EBIT of $27 million on $251 million in
sales in the third quarter of 1999. This compares to an EBIT loss of $2 million
on sales of $255 million in the comparable period in 1998. Sales were lower by
2 percent due to CalComp sales recorded in the third quarter of 1998, with none
in the comparable 1999 period. Operations at CalComp ceased in 1999. EBIT for
the third quarter of 1999 is higher than the year-ago period due to the gain on
the sale of the Corporation's interest in Airport Group International and the
absence in 1999 of a CalComp operating loss. Partially offsetting these items
is $27 million of operating expenses for Lockheed Martin Global
Telecommunications. For the first nine months of 1999, Corporate and Other
EBIT was $80 million on sales of $674 million compared to EBIT of $10 million on
sales of $670 million in 1998. In addition to the sale of the Corporation's
interest in Airport Group International, the year-to-date EBIT includes a $114
million pretax gain on the sale of L-3 Communications stock and $74 million of
Lockheed Martin Global Telecommunications operating expenses.
In reporting on the Corporation's financial performance for the quarter, Coffman
highlighted a series of recent contract wins, milestones and business actions in
traditional and new business areas with long-term benefits to Lockheed Martin:
. Under terms of the Comsat - Lockheed Martin merger agreement, Lockheed Martin
completed its tender for 49 percent of Comsat's outstanding stock.
. The Theater High Altitude Area Defense (THAAD) missile achieved its second
consecutive intercept of a ballistic missile target during the quarter.
. The PAC-3 Missile achieved its second successful intercept of a tactical
ballistic missile target during the quarter, and the fourth successful
engineering and manufacturing development test flight for the missile.
. The Corporation delivered 8 C-130J aircraft during the quarter.
-5-
<PAGE>
. The Corporation delivered 28 F-16s during the quarter.
. The Corporation received orders for 74 F-16 fighters during the quarter - 50
from Israel and 24 from Egypt.
. The C-27J transport aircraft achieved its first flight on September 24th.
. One Atlas, one Athena and one Proton launch occurred during the quarter.
. A Lockheed Martin Athena rocket successfully launched the Lockheed Martin-
built IKONOS commercial space imaging satellite.
. Teledesic awarded Lockheed Martin a contract for at least six Proton/Atlas
launches.
. Lockheed Martin received a three-year, $45.6 million contract to provide
research and engineering services to support development of information
warfare systems for the U.S. Navy's Information Warfare Mission Support
program.
. Lockheed Martin earned further recognition as the world's most capable
software engineering enterprise, with its third operating company attaining
the highest level of achievement in an independent assessment of software
design and integration competency. Lockheed Martin now has three of only
eight companies in the world to have qualified for Level 5 of the Carnegie
Mellon Software Engineering Institute (SEI)(TM) Capability Maturity Model
(CMM)(TM) for Software.
. Lockheed Martin was selected to provide information management and systems
integration services for three General Motors organizations. The awards
provide the initial opportunity for Lockheed Martin to incorporate its
processes, capabilities and technologies into the automotive industry's
information systems environment.
. Postal Systems received a U.S. Postal Service contract for a system to
automate airline
-6-
<PAGE>
assignment operations for sacks, pouches, trays and other mail pieces that
cannot be processed by existing machines.
Headquartered in Bethesda, Maryland, Lockheed Martin is a global enterprise
principally engaged in the research, design, development, manufacture and
integration of advanced-technology systems, products and services. The
Corporation's core businesses are systems integration, space, aeronautics, and
technology services. Lockheed Martin had 1998 sales surpassing $26 billion.
###
NEWS MEDIA CONTACT: James Fetig, 301/897-6352
INVESTOR RELATIONS CONTACT: James Ryan, 301/897-6584or
Randa Middleton, 301/897-6455
Web site: www.lmco.com
------------
NOTE: Statements in this press release are considered forward-looking
statements under the federal securities laws, including the Private
Securities Litigation Reform Act of 1995, including the statements relating
to projected future financial performance. Sometimes these statements will
contain words such as "believes," "expects," "intends," "plans" and other
similar words. These statements are not guarantees of our future
performance and are subject to risks, uncertainties and other important
factors that could cause our actual performance or achievements to be
materially different from those we may project.
As for the forward-looking statements that relate to future financial
results and other projections, actual results will be different due to the
inherent nature of projections and may be better or worse than projected.
Given these uncertainties, you should not place any reliance on these
forward-looking statements. These forward-looking statements also represent
our estimates and assumptions only as of the date that they were made. We
expressly disclaim a duty to provide updates to these forward-looking
statements, and the estimates and assumptions associated with them, after
the date of this press release to reflect events or circumstances or
changes in expectations or the occurrence of anticipated events.
In addition to the factors set forth in our filings with the Securities and
Exchange Commission (www.sec.gov), the following factors could affect the
-----------
forward-looking statements: continued difficulties during space launches;
the ability to achieve or quantify savings for our customers or ourselves
in our global cost-cutting program or as a result of our reorganization
efforts; the ability to obtain or the timing of obtaining future government
awards; the availability of government funding and customer requirements;
economic conditions, competitive environment, international business and
political conditions, timing of awards and contracts; timing of product
delivery and launches; customer acceptance and the outcome of contingencies
including completion of acquisitions and divestitures, litigation and
environmental remediation, Year 2000 remediation, program performance, and
our ability to consummate the Comsat transaction. These are only some of
the numerous factors which may affect the forward-looking statements in
this press release.
-7-
<PAGE>
LOCKHEED MARTIN CORPORATION
Segment Results
(In millions, except for percentages)
<TABLE>
<CAPTION>
QUARTER ENDED SEPTEMBER 30, YEAR TO DATE SEPTEMBER 30,
--------------------------------- ------------------------------
1999 1998 % Change 1999 1998 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
Systems Integration
- -------------------
Net Sales $2,708 $2,511 8 % $7,980 $7,702 4 %
Segment EBIT $293 $273 7 % $712 $723 (2)%
Margins 10.8% 10.9% 8.9% 9.4%
Amortization of Goodwill and Contract Intangibles $76 $76 $227 $227
Space Systems
- -------------
Net Sales $1,400 $1,614 (13)% $4,345 $5,332 (19)%
Segment EBIT $104 $256 (59)% $268 $750 (64)%
Margins 7.4% 15.9% 6.2% 14.1%
Amortization of Goodwill and Contract Intangibles $8 $8 $22 $22
Aeronautical Systems
- --------------------
Net Sales $1,214 $1,500 (19)% $3,980 $3,974 - %
Segment EBIT $104 $164 (37)% $151 $471 (68)%
Margins 8.6% 10.9% 3.8% 11.9%
Amortization of Goodwill and Contract Intangibles $20 $20 $60 $60
Technology Services
- -------------------
Net Sales $584 $469 25 % $1,569 $1,408 11 %
Segment EBIT $30 $39 (23)% $97 $102 (5)%
Margins 5.1% 8.3% 6.2% 7.2%
Amortization of Goodwill and Contract Intangibles $4 $5 $13 $14
Corporate and Other*
- --------------------
Net Sales $251 $255 (2)% $674 $670 1 %
Segment EBIT $28 ($2) 1,500 % $80 $10 700 %
Margins N/M N/M N/M N/M
Amortization of Goodwill and Contract Intangibles - $1 $1 $5
</TABLE>
* 1999 and 1998 results include the operations of commercial information
technology and state and local government services lines of business. 1999
results include the operations of LM Global Telecommunications, Inc. 1998
results include the operations of CalComp Technology, Inc., which is currently
executing a timely non-bankruptcy shutdown of its operations.
<PAGE>
LOCKHEED MARTIN CORPORATION
Other Financial Information
(In millions, except for per share amounts and percentages)
RECONCILIATION OF PRO FORMA NET EARNINGS
<TABLE>
<CAPTION>
QUARTER ENDED SEPTEMBER 30, YEAR TO DATE SEPTEMBER 30,
---------------------------- ----------------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net Earnings - As Reported $217 $318 $89 $876
After Tax Gain on L3 Disposition - - ($74) ($12)
After Tax Gain on AGI Disposition ($21) - ($21) -
After Tax Gain on Sale of Surplus Real Estate ($14) - ($14) -
After Tax Write-Down of Iridium Investment - - $12 -
Cumulative Effect of Change in Accounting - - $355 -
------- -------- --------- --------
Pro Forma Net Earnings $182 $318 $347 $864
Diluted Earnings Per Share - As Reported $0.57 $0.83 $0.23 $2.30
After Tax Gain on L3 Disposition - - ($0.19) ($0.03)
After Tax Gain on AGI Disposition ($0.05) - ($0.05) -
After Tax Gain on Sale of Surplus Real Estate ($0.04) - ($0.04) -
After Tax Write-Down of Iridium Investment - - $0.03 -
Cumulative Effect of Change in Accounting - - $0.93 -
------- -------- --------- --------
Pro Forma Diluted Earnings Per Share $0.48 $0.83 $0.91 $2.27
OTHER FINANCIAL INFORMATION
<CAPTION>
QUARTER ENDED SEPTEMBER 30, YEAR TO DATE SEPTEMBER 30,
---------------------------- ----------------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
EBIT to Sales Margin 9.1% 11.5% 7.1% 10.8%
Amortization of Goodwill and Contract Intangibles
Resulting from Prior Acquisitions (pretax) $108 $110 $323 $328
Depreciation and Amortization $134 $140 $382 $416
EBITDA $800 $980 $2,013 $2,800
</TABLE>
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1999 1998
---------------- ----------------
<S> <C> <C>
Total Backlog $44,174 * $45,345
- ------------- -------- -------
Systems Integration $14,179 * $14,025
Space Systems $13,806 * $15,829
Aeronautical Systems $8,497 * $10,265
Technology Services $4,532 * $3,503
Corporate and Other $3,160 * $1,723
Total Debt $12,033 * $10,886
- ---------- -------- -------
Long-term (including current maturities) $10,810 * $9,843
Short-term $1,223 * $1,043
Cash and Cash Equivalents - * $285
Stockholders' Equity $6,126 * $6,137
Total Debt-to-Capital 66% * 64%
</TABLE>
* Preliminary data
<PAGE>
LOCKHEED MARTIN CORPORATION
Operating Data
<TABLE>
<CAPTION>
QUARTER ENDED SEPTEMBER 30, YEAR TO DATE SEPTEMBER 30,
----------------------------- ------------------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Deliveries
- ----------
F-16 28 39 86 109
C-130J 8 4 18 4
Launches
- --------
Atlas 1 - 3 4
Proton 1 1 5 2
Athena 1 - 3 1
Titan II - - 1 1
Titan IV - 1 3 2
</TABLE>
<PAGE>
Exhibit 99.2
For Immediate Release
---------------------
Lockheed Martin President and COO Peter B. Teets to Retire
BETHESDA, Maryland, October 29, 1999: Peter B. Teets, 57, Lockheed Martin
President and Chief Operating Officer (COO) has announced he will retire from
the company and resign from its Board of Directors. Effective immediately,
Chairman and CEO Vance Coffman will also assume COO duties.
"Pete Teets has had an outstanding 37-year career," said Coffman. "We thank him
for his contributions through what we all can agree has been an exceptionally
difficult period for the company. He has been an important part of our team and
he will be missed. We wish him well."
"I am extremely proud of my long and cherished association with the men and
women who make up this great company of Lockheed Martin, "said Teets. "The
difficult times we have seen are not indicative of the company's real potential
and I feel I must step up to being accountable for our disappointing financial
outlook for 2000."
Coffman and Board member Eugene Murphy will co-chair a COO search committee,
which will include other members of the Board.
Teets joined Martin Marietta in 1962 as an engineer and held progressively
responsible positions throughout his career. In 1985, he was named President of
Martin Marietta Denver Aerospace which became Martin Marietta Astronautics Group
in 1987. He was appointed President and COO of Lockheed Martin in July 1997
after serving as President and COO of the Corporation's Information and Services
Sector, a post he held since the Lockheed - Martin Marietta merger in 1995.
Headquartered in Bethesda, Maryland, Lockheed Martin is a global enterprise
principally engaged in the research, design, development, manufacture and
integration of advanced-technology systems, products and services. The
Corporation's core businesses are systems integration, space, aeronautics, and
technology services. Lockheed Martin had 1998 sales surpassing $26 billion.
###
CONTACT: James Fetig, 301-897-6352
WEB SITE: www.lmco.com
<PAGE>
Exhibit 99.3
For Immediate Release
---------------------
JAMES A. "MICKY" BLACKWELL TO RETIRE FROM LOCKHEED MARTIN
BETHESDA, Md., Oct. 29, 1999 -- James A. "Micky" Blackwell, executive vice
president of Lockheed Martin's aeronautical systems business area, announced
today that he will retire after 30 years of service.
Dain M. Hancock, president of the company's Tactical Aircraft Systems unit in
Ft. Worth, Texas, will succeed Blackwell as executive vice president of the
aeronautical systems business area effective Nov. 5. A successor to Hancock
will be named in the near future.
"Micky Blackwell has made innumerable contributions to our company during his
career," said Chairman and CEO Vance D. Coffman. "Among the most prominent of
Micky's many accomplishments is his role in the development of the F-22 fighter.
We wish him all the best in his retirement."
Blackwell joined the former Lockheed Corporation in 1969 as a research engineer.
Following a series of promotions, he became president of Lockheed Aeronautical
Systems Company in April 1993 and, following the formation of Lockheed Martin
Corporation in March 1995, president and chief operating officer of the
Aeronautics Sector. He became Executive Vice President of the corporation for
aeronautical systems business area October 1, 1999, as the result of the
corporate reorganization announced September 27, 1999. He holds a bachelor's
degree in aeronautical engineering from the University of Alabama and a master's
degree in the same discipline from the University of Virginia.
Hancock joined the Fort Worth division of General Dynamics in 1966 as an
engineer working in thermodynamics and aerodynamics on the F-111 and special
projects. He held increasingly responsible positions through the former
Lockheed Corporation's acquisition of the Fort Worth unit from General Dynamics
in 1993 and the strategic combination that created Lockheed Martin in 1995, when
he was named president of the Tactical Aircraft Systems unit. Hancock holds
bachelor's and master's degrees in mechanical engineering from Texas Tech
University.
Headquartered in Bethesda, Maryland, Lockheed Martin is a global enterprise
principally engaged in the research, design, development, manufacture and
integration of advanced-technology systems, products and services. The
Corporation's core businesses are systems integration, space, aeronautics, and
technology services. Lockheed Martin had 1998 sales surpassing $26 billion.
###
CONTACT: James Fetig, 301-897-6352
WEB SITE: www.lmco.com
