The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

ATK Reports Fourth Quarter and FY13 Full-Year Operating Results

Thursday, May 02, 2013

ATK Reports Fourth Quarter and FY13 Full-Year Operating Results

07:00 EDT Thursday, May 02, 2013

Full-Year Sales Were $4.4 Billion
Full-Year Fully Diluted EPS Was $8.34
Cash Provided by Operating Activities Was $274 Million
The Company Completed $60 Million of Share Repurchases in FY13
ATK Establishes FY14 Financial Guidance

ARLINGTON, Va., May 2, 2013 /PRNewswire/ -- ATK (NYSE: ATK) today reported operating results for the fourth quarter and Fiscal Year 2013, which ended on March 31, 2013. 

FOURTH QUARTER

Fourth quarter orders were $2.5 billion, mostly driven by strong orders in ATK's Sporting Group. Fourth quarter sales of $1.2 billion were down 12 percent from the prior-year quarter, primarily driven by lower sales in the Defense Group.

Fourth quarter margins of 10.5 percent were up compared with the prior-year quarter of 8.6 percent. Excluding sales and associated profit from contracts at the Radford Army Ammunition Plant (RFAAP) and a prior-year accrual regarding a previously disclosed settlement related to the LUU flares litigation (LUU flares accrual), FY13 fourth quarter margins as adjusted were 10.5 percent compared to 8.0 percent in FY12 (see reconciliation table for details). The increase was driven primarily by higher sales and profit in the Sporting Group, partially offset by lower sales and the absence of profit from the completion of international contracts in the Defense Group, and the absence of restructuring charges taken in the prior year. Fully diluted earnings per share (EPS) in the quarter were $2.23 compared to $1.86 in the prior-year period. As adjusted fully diluted EPS was $2.22 compared to $1.69 (see reconciliation table for details). Fourth quarter EPS benefited from reduced interest expense and a lower tax rate due to the retroactive extension of the Federal R&D tax credit in the current quarter. Please see segment and corporate results below.

"The company recorded strong year-over-year performance for the fourth quarter," said Mark DeYoung, ATK President and Chief Executive Officer. "During the period, the Sporting Group achieved strong orders, record sales volume and improved operating margins. Our Aerospace and Defense Groups reached significant milestones in our rocket motor, precision weapon, missile warning and special mission aircraft programs. These accomplishments confirm our ability to deliver highly engineered, mission-critical capabilities to our customers, whose requirements are changing and where affordability is paramount."

While the Company is pleased with the strong orders volume in both the fourth quarter and FY13, ATK believes the increase in Sporting Group orders, which account for approximately half of the orders, may not be indicative of future sales, as there may have been a number of ammunition orders placed that may have exceeded actual customer requirements.

FISCAL YEAR 2013

Orders for the year were $6.3 billion, bringing the full-year book-to-bill ratio to 1.4.  Approximately half of the orders came from within the Sporting Group.  The company achieved full-year sales of $4.4 billion, down 5 percent from the prior year, largely driven by the sales decline in the Defense Group.  Full-year operating margins were 10.8 percent, up slightly compared to the prior year. Excluding sales and profit from RFAAP, a tax settlement, the prior-year favorable contract resolution, and the absence of the LUU flares accrual, as adjusted margins were 9.8 percent, driven by lower sales and the absence of profit from the completion of international contracts in the Defense Group (see reconciliation table for details). For the full year, net income was up 3 percent to $272 million, compared to $263 million in the prior year. Full-year EPS was $8.34, compared to $7.93 in the prior year. Adjusted EPS decreased from $7.69 to $7.10 driven by lower sales and the absence of profit from the completion of international contracts in the Defense Group (see reconciliation table for details).

"The company secured strategic contracts ? such as the operation and maintenance of the Lake City Army Ammunition Plant, AARGM and the A400M ? and achieved significant milestones on NASA's Space Launch System and the Airbus A350," said DeYoung. "We also delivered improved earnings and working capital, strengthened the corporation through our commitment to execution excellence and announced a change to the pension formula that will allow the company to have more competitive, predictable and sustainable benefit costs in the future. While the company, like others in our industry, faces federal budget uncertainties and questions regarding sequestration, our three-group operating structure enabled ATK to realize its intended cost reductions, efficiency gains and overall agility within our markets. The pension plan changes and retirement of debt strengthen our balance sheet. All of these achievements, along with increasing the dividend and share repurchases, have delivered ATK shareholder value."

SUMMARY OF REPORTED RESULTS

ATK operates in a three business group structure: the Aerospace Group, the Defense Group and the Sporting Group.  The following table presents the company's results for fiscal year 2013 and the fourth quarter ended March 31, 2013 (in thousands).

 

Sales:

Quarter Ended

Year Ended

March 31, 2013

March 31, 2012

$ Change

% Change

March 31, 2013

March 31,2012

$Change

%Change

Aerospace Group

$

342,368

$

359,655

$

(17,287)

(4.8)%

$

1,248,446

$

1,347,802

$

(99,356)

(7.4)%

Defense Group

491,562

669,744

(178,182)

(26.6)%

1,957,650

2,262,777

(305,127)

(13.5)%

Sporting Group

319,945

281,843

38,102

13.5%

1,156,049

1,002,820

153,229

15.3%

Total sales

$

1,153,875

$

1,311,242

$

(157,367)

(12.0)%

$

4,362,145

$

4,613,399

$

(251,254)

(5.4)%

 

 

Income before Interest, Income Taxes, and Noncontrolling Interest (Operating Profit):

Quarter Ended

Year Ended

March 31, 2013

March 31, 2012

$Change

% Change

March 31, 2013

March 31, 2012

$Change

% Change

Aerospace Group

$

34,886

$

28,758

$

6,128

21.3%

$

144,392

$

143,817

$

575

0.4%

Defense Group

61,202

77,733

(16,531)

(21.3)%

270,498

319,428

(48,930)

(15.3)%

Sporting Group

42,183

15,797

26,386

167.0%

118,325

91,234

27,091

29.7%

Corporate

(16,734)

(10,074)

(6,660)

66.1%

(63,572)

(58,893)

(4,679)

7.9%

Total operating profit

$

121,537

$

112,214

$

9,323

8.3%

$

469,643

$

495,586

$

(25,943)

(5.2)%

AEROSPACE GROUP

Fourth quarter sales were down 5 percent at $342 million compared to $360 million in the prior-year quarter, primarily reflecting lower sales in NASA human spaceflight programs.

Operating profit in the quarter increased 21 percent to $35 million compared to $29 million in the prior-year quarter, primarily due to a gain from the sale of a non-essential parcel of land to the State of Utah.

Full-year sales in the Aerospace group were down 7 percent to $1.2 billion, compared to $1.3 billion in the prior year. The decrease reflects lower sales in NASA human spaceflight programs and the timing of commercial aerospace structures  programs.

For the full year, operating profit was flat at $144 million driven by higher award fees and reduced LUU flare warranty and settlement expense in the Space Systems Operations division, offset by the lower sales volume noted above.

DEFENSE GROUP

Sales in the fourth quarter decreased 27 percent to $492 million compared to $670 million in the prior-year quarter. Absent sales related to RFAAP, adjusted sales were $490 million compared to $621 million in the prior-year quarter (see reconciliation table for details). The decrease was driven by lower domestic and international sales in the Small Caliber Systems division and the prior-year completion of international contracts in the Armament Systems division.

Operating profit for the quarter was 21 percent lower at $61 million compared to $78 million in the prior-year quarter. Absent RFAAP operating results, adjusted profit was down 4 percent (see reconciliation table for details), driven by lower sales  as noted above and prior-year completion of international contracts, partially offset by higher profit rate in the Small Caliber Systems division.

For the full year, sales in the Defense Group declined 14 percent to $2.0 billion, compared to $2.3 billion in the prior year. Absent operating results related to RFAAP and the prior-year favorable contract resolution, sales were $1.9 billion compared to $2.1 billion in the prior-year (see reconciliation table for details). The decrease reflects lower sales in the Small Caliber Systems and Armament Systems divisions.

Operating profit for the year decreased 15 percent to $270 million from $319 million in the prior year.  Adjusted profit was down 15 percent (see reconciliation table for details). The decrease was driven by the prior-year completion of  international contracts in the Armament Systems division, lower sales as noted above and cost growth on a program in the Missile Products division, partially offset by a higher profit rate in the Small Caliber Systems division.

SPORTING GROUP

Fourth quarter sales increased by 14 percent to $320 million compared to $282 million in the prior-year quarter. The increase in sales was driven primarily by higher unit volume and a previously announced June 2012 price increase for ammunition.

Operating profit in the fourth quarter increased by 167 percent to $42 million compared to $16 million in the prior-year quarter, driven by the price increase as noted above, product mix, and additional sales volume.

For the full year, the Sporting Group achieved record sales of $1.2 billion, compared to $1.0 billion in the prior year, an increase of 15 percent. The increase reflects stronger demand and a previously announced June 2012 price increase for ammunition.

Full-year operating profit increased 30 percent to $118 million, compared to $91 million in the prior year, primarily reflecting increased sales as noted above, the previously announced price increase, product mix, and lower commodities costs partially offset by higher incentive compensation expense in the current year driven by improved performance from the prior year.

CORPORATE AND OTHER

In the fourth quarter, corporate and other expenses totaled $17 million compared to $10 million in the prior-year quarter, reflecting higher pension expense, intercompany profit eliminations, and other miscellaneous corporate expenses, partially offset by the absence of the restructuring charges in the prior year. The tax rate for the quarter was 32.4 percent compared to 33.8 percent in the prior year. The lower tax rate is primarily due to the absence of the impact of the non-deductible portion of the LUU flares accrual from the prior year and the retroactive extension of the Federal R&D tax credit in the current year, partially offset by a lower Domestic Manufacturing Deduction. Interest expense was $14 million compared to $19 million in the prior-year quarter, primarily reflecting the benefit of reduced debt.

For the full year, corporate and other expenses increased to $64 million, compared to $59 million in the prior year, primarily driven by higher pension expense and intercompany profit eliminations, partially offset by the absence of the LUU flares accrual and restructuring charges in the prior year. The company generated free cash flow of $177 million compared to $250 million in the prior year (see reconciliation table for details), reflecting collection of a significant receivable and lower capital expenditures, partially offset by higher pension contributions and tax payments.

Capital expenditures for the year were $97 million. The effective tax rate for the year was 30.6 percent, compared to 35.3 percent in FY12. The decrease reflects the favorable settlement of the IRS audit of the company's tax returns in the current year and the absence of the non-deductible portion of the LUU flares accrual recorded in the prior year.

During the fourth quarter, ATK announced it is changing the pension formula for affected employees who currently earn a benefit under ATK's defined benefit pension plans. Effective July 1, 2013, affected employees will earn benefits under a new cash balance pension formula and will also be eligible for an enhanced company match under the ATK 401(k) Plan. All of the changes are prospective and all benefits earned through June 30, 2013, will remain unchanged.

In FY13, the company completed $60 million of share repurchases.

OUTLOOK

ATK is establishing initial FY14 financial guidance.  The company expects FY14 sales in a range of $4.05 billion to $4.15 billion, and EPS in a range of $7.50 to $7.90.  The company expects capital expenditures of approximately $125 million and free cash flow in a range of $150 million to $175 million (see reconciliation table for details). Average share count is expected to be approximately 31.5 million.  ATK remains committed to the share repurchase program and has purchased $9 million of shares since the end of FY13. With these purchases, there is up to approximately $130 million available for repurchase under the share repurchase program. The effective tax rate for the year is expected to be approximately 34.5 percent. Pension expenses are expected to be approximately $130 million compared to $168 million in the prior year. This decrease is due to the pension plan design changes as noted above, partially offset by a change in the discount rate. ATK also expects additional defined contribution expense to increase by approximately $10 million.

ATK's FY14 guidance assumes that an appropriations bill or continuing resolution for Government Fiscal Year 2014 will continue to support and fund ATK's programs. FY14 guidance also assumes no disruption or shutdown of government operations resulting from a federal government debt ceiling breach and no cancellation or termination of any of our significant programs.

"ATK is committed to delivering shareholder value through improved operating performance, an increase in year-over-year adjusted earnings, enhanced free cash flow, and strategic cash deployment," said ATK Executive Vice President and Chief Financial Officer Neal Cohen. "The Company has strong orders, a healthy balance sheet and potential for modest growth in new markets. Although we remain positive regarding our FY14 outlook, ATK is operating in a constrained government budget environment."

Reconciliation of Non-GAAP Financial Measures

Sales, Margins, and Earnings Per Share

The Sales, Margins, and EPS excluding the results of RFAAP, the tax settlement, the prior-year favorable contract resolution, and the prior-year LUU flares accrual are non-GAAP financial measures that ATK defines as Sales, Margins, and EPS excluding the impact of these items.  ATK management is presenting these measures so a reader may compare Sales, Margins, and EPS excluding these items as the measures provide investors with an important perspective on the operating results of the Company. ATK management uses these measurements internally to assess business performance, and ATK's definition may differ from those used by other companies.

Total ATK for the Quarter Ending

March 31, 2013:

Sales

EBIT

Margin

Taxes

After-tax

EPS

As reported

$

1,153,875

$

121,537

10.5

%

$

34,913

$

72,898

$

2.23

Radford

(2,058)

(507)

(198)

(309)

(0.01)

As adjusted

$

1,151,817

$

121,030

10.5

%

$

34,715

$

72,429

$

2.22

March 31, 2012:

Sales

EBIT

Margin

Taxes

After-tax

EPS

As reported

$

1,311,242

$

112,214

8.6

%

$

31,454

$

61,642

$

1.86

Radford

(48,349)

(14,310)

(5,581)

(8,729)

(0.26)

LUU Flare Accrual

3,000

5

2,995

0.09

As adjusted

$

1,262,893

$

100,904

8.0

%

$

25,878

$

55,684

$

1.69

 

 

Total ATK for the Year Ending

March 31, 2013:

Sales

EBIT

Margin

Taxes

After-tax

EPS

As reported

$

4,362,145

$

469,643

10.8

%

$

120,243

$

272,241

$

8.34

Radford

(73,967)

(48,200)

(18,798)

(29,402)

(0.90)

Tax Settlement

11,123

(11,123)

(0.34)

As adjusted

$

4,288,178

$

421,443

9.8

%

$

112,568

$

231,280

$

7.10

March 31, 2012:

Sales

EBIT

Margin

Taxes

After-tax

EPS

As reported

$

4,613,399

$

495,586

10.7

%

$

143,762

$

263,204

$

7.93

Radford

(188,674)

(41,325)

(16,117)

(25,208)

(0.76)

LUU Flare Accrual

36,305

8,070

28,235

0.85

Contract Resolution

(17,975)

(17,975)

(7,010)

(10,965)

(0.33)

As adjusted

$

4,406,750

$

472,591

10.7

%

$

128,705

$

254,674

$

7.69

 

 

Defense Group for the Quarter Ending

March 31, 2013:

Sales

EBIT

Margin

As reported

$

491,562

$

61,202

12.5

%

Radford

(2,058)

(507)

As adjusted

$

489,504

$

60,695

12.4

%

March 31, 2012:

Sales

EBIT

Margin

As reported

$

669,744

$

77,733

11.6

%

Radford

(48,349)

(14,310)

As adjusted

$

621,395

$

63,423

10.2

%

 

 

Defense Group for the Year Ending

March 31, 2013:

Sales

EBIT

Margin

As reported

$

1,957,650

$

270,498

13.8

%

Radford

(73,967)

(48,200)

As adjusted

$

1,883,683

$

222,298

11.8

%

March 31, 2012:

Sales

EBIT

Margin

As reported

$

2,262,777

$

319,428

14.1

%

Radford

(188,674)

(41,325)

Contract Resolution

(17,975)

(17,975)

As adjusted

$

2,056,128

$

260,128

12.7

%

 

Free Cash Flow

Free cash flow is defined as cash provided by operating activities less capital expenditures.  ATK management believes free cash flow provides investors with an important perspective on the cash available for debt repayment, cash dividends, share repurchases and acquisitions after making the capital investments required to support ongoing business operations.  ATK management uses free cash flow internally to assess both business performance and overall liquidity.

 

Year ended March31, 2012

Year ended March 31, 2013

Projected Year EndingMarch 31, 2014

Cash provided by operating activities

$ 372,307

$ 273,592

$ 275,000?$300,000

Capital expenditures

(122,292)

(96,889)

~(125,000)

Free cash flow

$ 250,015

$ 176,703

$ 150,000?$175,000

 

ATK is an aerospace, defense, and commercial products company with operations in 21 states, Puerto Rico, and internationally. News and information can be found on the Internet at www.atk.com, on Facebook at www.facebook.com/atk, or on Twitter @ATK.

Certain information discussed in this press release constitutes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends, and uncertainties that could cause actual results to differ materially from those projected. Among these factors are: assumptions related to the profitability of commercial aerospace structures programs; uncertainties related to the development of NASA's new Space Launch System; demand for commercial and military ammunition; changes in federal and state firearms and ammunition regulation; changes in governmental spending, budgetary policies, including the impacts of  sequestration under the Budget Control Act of 2011, and product sourcing strategies; the company's competitive environment; risks inherent in the development and manufacture of advanced technology; risks associated with diversification into new markets, including international markets; assumptions regarding the company's long-term growth strategy; assumptions regarding growth opportunities in international and commercial markets; increases in commodity costs, energy prices, and production costs; assumptions regarding orders; the terms and timing of awards and contracts; program performance; program terminations; changes in cost estimates related to relocation of facilities; the outcome of contingencies, including litigation and environmental remediation; cybersecurity and other industrial and physical security threats; actual pension asset returns and assumptions regarding future returns, discount rates and service costs; capital market volatility and corresponding assumptions related to the company's shares outstanding; the availability of capital market financing; changes to accounting standards or policies; changes in tax rules or pronouncements; economic conditions; and the company's capital deployment strategy, including debt repayment, dividend payments, share repurchases, pension funding, mergers and acquisitions ? including the related costs and any integration thereof. ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK's most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.

 

 

 

ALLIANT TECHSYSTEMS INC.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(preliminary and unaudited)

QUARTERS ENDED

YEARS ENDED

(Amounts in thousands except per share data)

March 31, 2013

March 31, 2012

March 31, 2013

March 31, 2012

Sales

$

1,153,875

$

1,311,242

$

4,362,145

$

4,613,399

Cost of sales

910,523

1,068,630

3,421,276

3,618,503

Gross profit

243,352

242,612

940,869

994,896

Operating expenses:

Research and development

20,810

24,692

64,678

66,403

Selling

40,689

48,563

162,359

169,984

General and administrative

60,316

57,143

244,189

262,923

Income before interest, loss on extinguishment of debt, income taxes, and noncontrolling interest

121,537

112,214

469,643

495,586

Interest expense

(13,938)

(19,363)

(65,924)

(89,296)

Interest income

212

245

538

676

Loss on extinguishment of debt

?

?

(11,773)

?

Income before income taxes and noncontrolling interest

107,811

93,096

392,484

406,966

Income tax provision

34,913

31,454

120,243

143,762

Net income

72,898

61,642

272,241

263,204

Less net income attributable to noncontrolling interest

160

224

436

592

Net income attributable to Alliant Techsystems Inc.

$

72,738

$

61,418

$

271,805

$

262,612

Alliant Techsystems Inc.'s earnings per common share:

Basic

$

2.25

$

1.87

$

8.38

$

7.99

Diluted

$

2.23

$

1.86

$

8.34

$

7.93

Cash dividends paid per share

$

0.26

$

0.20

$

1.04

$

0.80

Alliant Techsystems Inc.'s weighted-average number of common shares outstanding:

0

32874

Basic

32,335

32,769

32,447

32,874

Diluted

32,633

32,970

32,608

33,112

Net income (from above)

72,898

61,642

272,241

263,204

Other comprehensive income (loss) net of tax:

Pension and other postretirement benefit liabilities:

Reclassification of prior service credits for pension and postretirement benefit plans recorded to net income, net of tax benefit of $841, $838, $3,366, and $3,370

(1,352)

(1,353)

(5,406)

(5,392)

Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income, net of tax expense of $(12,295), $(9,337), $(49,192), and $(38,042)

19,503

15,389

78,062

60,864

Valuation adjustment for pension and postretirement benefit plans, net of tax (expense) benefit of $(8,842), $94,968, $(9,575), and $94,968

14,188

(152,066)

15,456

(152,066)

Change in fair value of derivatives, net of tax (expense) benefit of $2,052, $(3,435), $3,586, and $17,060, respectively

(3,209)

5,373

(5,608)

(26,683)

Change in fair value of available-for-sale securities, net of tax benefit of $12, $122, $135, and $156, respectively

(20)

(190)

(210)

(244)

Total other comprehensive income(loss)

$

29,110

$

(132,847)

$

82,294

$

(123,521)

Comprehensive income

102,008

(71,205)

354,535

139,683

Less comprehensive income attributable to noncontrolling interest

160

224

436

592

Comprehensive income attributable to Alliant Techsystems Inc.

$

101,848

$

(71,429)

$

354,099

$

139,091

 

ALLIANT TECHSYSTEMS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(preliminary and unaudited)

(Amounts in thousands except share data)

March 31, 2013

March 31, 2012

Assets

Current assets:

Cash and cash equivalents

$

417,289

$

568,813

Net receivables

1,312,573

1,341,998

Net inventories

315,064

258,495

Income tax receivable

22,066

?

Deferred income tax assets

106,566

101,720

Other current assets

45,174

51,512

Total current assets

2,218,732

2,322,538

Net property, plant, and equipment

602,320

604,498

Goodwill

1,251,536

1,251,536

Noncurrent deferred income tax assets

95,007

134,719

Deferred charges and other non-current assets

215,415

228,455

Total assets

$

4,383,010

$

4,541,746

LIABILITIES AND EQUITY

Current liabilities:

Current portion of long-term debt

$

50,000

$

30,000

Accounts payable

337,713

333,980

Contract advances and allowances

119,491

119,824

Accrued compensation

137,630

121,901

Accrued income taxes

?

6,433

Other accrued liabilities

262,021

307,642

Total current liabilities

906,855

919,780

Long-term debt

1,023,877

1,272,002

Postretirement and postemployment benefits liabilities

94,087

111,392

Accrued pension liability

719,172

878,819

Other long-term liabilities

126,458

123,002

Total liabilities

$

2,870,449

$

3,304,995

Commitments and contingencies

Common stock?$.01 par value:

Authorized?180,000,000 shares

Issued and outstanding?32,318,295 shares at March 31, 2013 and 33,142,408 shares at March 31, 2012

323

332

Additional paid-in-capital

534,137

537,921

Retained earnings

2,483,483

2,241,711

Accumulated other comprehensive loss

(828,304)

(910,598)

Common stock in treasury, at cost?9,237,154 shares held at March 31, 2013 and 8,413,041 shares held at March 31, 2012

(687,470)

(642,571)

Total Alliant Techsystems Inc. stockholders' equity

1,502,169

1,226,795

Noncontrolling interest

10,392

9,956

Total equity

1,512,561

1,236,751

Total liabilities and equity

$

4,383,010

$

4,541,746

 

 

ALLIANT TECHSYSTEMS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(preliminary and unaudited)

Years Ended March 31

(Amounts in thousands)

2013

2012

Operating activities

Net income

$

272,241

$

263,204

Adjustments to net income to arrive at cash provided by operating activities:

Depreciation

94,903

98,037

Amortization of intangible assets

11,159

10,848

Amortization of debt discount

6,875

12,293

Amortization of deferred financing costs

3,847

4,764

Deferred income taxes

(16,592)

7,518

Loss on the extinguishment of debt

11,773

?

Gain on disposal of property

(1,613)

(2,928)

Share-based plans expense

12,025

6,724

Excess tax benefits from share-based plans

(2)

(23)

Changes in assets and liabilities:

Net receivables

34,602

(207,451)

Net inventories

(56,569)

(16,466)

Accounts payable

4,160

42,557

Contract advances and allowances

(333)

(2,103)

Accrued compensation

13,200

(25,063)

Accrued income taxes

(26,042)

19,801

Pension and other postretirement benefits

(33,438)

37,547

Other assets and liabilities

(56,604)

123,048

Cash provided by operating activities

273,592

372,307

Investing Activities

Capital expenditures

(96,889)

(122,292)

Acquisition of business, net of cash acquired

?

?

Proceeds from the disposition of property, plant, and equipment

172

7,335

Cash used for investing activities

(96,717)

(114,957)

Financing Activities

Payments made on bank debt

(35,000)

(20,000)

Payments made to extinguish debt

(409,000)

(300,000)

Proceeds from issuance of long-term debt

200,000

?

Payments made for debt issue costs

(1,458)

?

Purchase of treasury shares

(58,371)

(49,991)

Dividends paid

(30,033)

(26,552)

Proceeds from employee stock compensation plans

5,461

5,709

Excess tax benefits from share-based plans

2

23

Cash used for financing activities

(328,399)

(390,811)

Decrease in cash and cash equivalents

(151,524)

(133,461)

Cash and cash equivalents at beginning of year

568,813

702,274

Cash and cash equivalents at end of year

$

417,289

$

568,813

 

Media Contact:

Investor Contact:

Amanda Covington

Steve Wold

Phone: 703-412-3231

Phone: 952-351-3056

E-mail: amanda.covington@atk.com

E-mail: steve.wold@atk.com

SOURCE ATK

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

Digital Business Solutions
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections