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Exhibit 99.1
[LOGO OF LOCKHEED MARTIN]
Information
For Immediate Release
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. LOCKHEED MARTIN INCREASES FREE CASH FLOW ESTIMATES FOR 2000
. REAFFIRMS 2000 EARNINGS PER SHARE OUTLOOK
. INCREASES 2001 EPS GUIDANCE
BETHESDA, MD, September 20, 2000 - Lockheed Martin (NYSE: LMT) Chairman and CEO
Vance Coffman today announced that he expects an increase in the Corporation's
estimated year 2000 free cash flow to at least $1.5 billion versus the previous
estimate of at least $900 million. The Corporation also estimates it will
generate at least $2.3 billion in free cash flow during the two years 2000 and
2001 combined versus previous estimates of $1.7 billion.
"We have made free cash flow generation a top priority," Coffman said. "Our
working capital performance has improved across all of our business areas which
is the primary basis for our strong cash flow performance to-date. These
benefits are the direct result of the strategy we announced last September to
focus on our core aerospace and defense customers, divest certain noncore
businesses, and restore our balance sheet."
Coffman, while reaffirming the 2000 Earnings Per Share (EPS) outlook at $1.05,
said he projects 2001 EPS to increase approximately 20 percent over the 2000
estimate, or about $1.25. He also reaffirmed the Corporation's longer term
annual 15 - 25 percent EPS growth expectations. These estimates exclude
nonrecurring and unusual items.
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 1999 sales surpassing $25 billion.
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Media Contact: James Fetig, 301-897-6352; e-mail, [email protected]
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Investor Contact: Randa Middleton, 301-897-6455; e-mail,
[email protected]
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For additional information, visit our website:
www.lockheedmartin.com
NOTE: Statements in this press release, including the statements relating
to projected future financial performance, are considered forward-looking
statements under the federal securities laws. Sometimes these statements will
contain words such as "believes," "projects," "expects," "intends," "plans,"
"estimates," "outlook," "forecast," and other similar words. These statements
are not guarantees of our future performance and are subject to risks and
uncertainties. Numerous factors could cause our actual performance or
achievements to differ materially from those we project.
Actual results will be different from projected future financial results
due to the inherent nature of projections and may be better or worse than
projected. Given these uncertainties, you should not rely on forward-looking
statements. These forward-looking statements 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
subsequent events.
In addition to the factors set forth in our filings with the Securities and
Exchange Commission (available for review at www.sec.gov), the following factors
could affect the forward-looking statements: the ability to achieve or quantify
savings for our customers or ourselves through business area streamlining, staff
reductions, global cost-cutting program and other financial management programs;
program performance; the ability to obtain or the timing of obtaining future
government awards; the availability of government funding and customer
requirements; difficulties in developing and making operational advanced
technology systems in space and other business areas; economic conditions;
competition; international business and political conditions domestically and
internationally; timing of awards and contracts; timing and customer acceptance
of product delivery and launches; the outcome of contingencies (including the
completion of divestitures, litigation and environmental remediation). These are
only some of the numerous factors which may affect the forward-looking
statements in this press release.
