Vance Coffman
Vance Coffman
aerospace business consistent core defense deliver focused june outlook performance released results revised strong
These results are consistent with the revised performance outlook we released June 9. We are focused on our core aerospace and defense business to deliver strong performance.
aircraft below commercial delays earnings growth issues military overall performance reflecting sales space
Overall sales and earnings growth were below our expectations, reflecting performance issues as well as delays of commercial space launches and military aircraft deliveries from 1998 into 1999.
acceptable combined concern inability litigation principal reach
Our inability to reach an acceptable solution, combined with our concern over the litigation with our principal customer, necessitates this decision.
announced change consistent focus prudent reducing
Consistent with our previously announced focus on reducing debt, it is prudent to change the dividend at this time.
activities advances both businesses common enhancing ongoing positive reduction step thereby transfer
This transaction is a positive step for both companies. The transfer of businesses to GE advances Lockheed Martin's ongoing portfolio-shaping activities and accomplishes a significant reduction in outstanding common shares, thereby enhancing shareholder value.
cash deeply earnings generation level outlook reduced
We are deeply disappointed with this reduced outlook for our company. This level of earnings and cash generation is unacceptable for Lockheed Martin.
achieved believe customers improving meaningful pleased progress quarter strides toward value
We are pleased with the progress achieved in the first quarter and believe we have made meaningful strides toward improving value for our customers and shareholders.