Northrop Grumman (ticker: NOC, exchange: New York Stock Exchange (.N))
News Release -
30-Jan-2002
Northrop Grumman Corrects EBITDAP Numbers
LOS ANGELES, Jan. 30 /PRNewswire-FirstCall/ -- The below financial
highlights table corrects the 2000 fourth quarter EBITDAP and EBITDAP per
share numbers which were included in the company's 2001 fourth quarter and
year-end results which were released earlier today.
NORTHROP GRUMMAN CORPORATION
FINANCIAL HIGHLIGHTS
($ in millions, except per share)
FOURTH QUARTER TOTAL YEAR
2001 2000 2001 2000
FINANCIAL METRICS (Other Data)
Economic earnings(see Reconciliation) $158 $106 $517 $429
Economic earnings per share $1.55 $1.46 $5.85 $6.05
Net cash provided by
operating activities $405* $379 $597* $975
EBITDAP(See Reconciliation) $407 $221 $1,347 $942
EBITDAP per share $4.14 $3.03 $15.79 $13.29
DEC. 31 DEC. 31
2001 2000
Cash and cash equivalents $464 $319
Accounts receivable 2,522 1,557
Inventoried costs 1,525 585
Property, plant and equipment, net 2,767 1,015
Total debt 5,495 1,615
Net debt(1) 5,031 1,296
Mandatorilly redeemable preferred stock 350 --
Shareholders' equity 7,408 3,919
Total assets $21,081 $9,622
Debt to capitalization ratio(2) 41% 29%
FOURTH QUARTER TOTAL YEAR
Reconciliations from GAAP to 2001 2000 2001 2000
financial metrics
Economic earnings
Income from continuing operations
before taxes $214 $219 $699 $975
Amortization of goodwill and
purchased intangibles 101 58 379 206
Pension income (88) (128) (337) (538)
Income tax (69) (43) (224) (214)
Economic earnings 158 106 517 429
Preferred dividend (6) -- (18) --
Economic earnings available to
Common shareholders $152 $106 $499 $429
Diluted weighted average common
shares outstanding (in Millions) 98.04 72.50 85.26 70.90
Calculation of EDITDAP
Income from continuing operations
before taxes $214 $219 $699 $975
Net interest expense 103 31 340 145
Depreciation 77 41 266 154
Amortization of goodwill and
purchased intangibles 101 58 379 206
Pension income (88) (128) (337) (538)
EBITDAP $407 $221 $1,347 $942
(1) Total debt less cash and cash equivalents
(2) Total debt divided by the sum of shareholders' equity, mandatorilly
redeemable preferred stock and total debt
Northrop Grumman Corporation is an $18 billion, global defense company
with its worldwide headquarters in Los Angeles. Northrop Grumman provides
technologically advanced, innovative products, services and solutions in
defense and commercial electronics, systems integration, information
technology and nuclear and non-nuclear shipbuilding and systems. With nearly
100,000 employees and operations in 44 states and 25 countries, Northrop
Grumman serves U.S. and international military, government and commercial
customers.
| Note: |
Certain statements and assumptions in this release contain or are |
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based on "forward-looking" information (that the company believes to be within |
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the definition in the Private Securities Litigation Reform Act of 1995) and |
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involve risks and uncertainties. Such "forward-looking" information includes |
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the statements above as to future impacts on revenues and earnings. Such |
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statements are subject to numerous assumptions and uncertainties, many of |
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which are outside the company's control. These include the company's ability |
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to successfully integrate its acquisitions, assumptions with respect to future |
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revenues, expected program performance and cash flows, the outcome of |
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contingencies including litigation, environmental remediation, divestitures of |
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businesses, and anticipated costs of capital investments. The company's |
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operations are subject to various additional risks and uncertainties resulting |
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from its position as a supplier, either directly or as subcontractor or team |
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member, to the U.S. Government and its agencies as well as to foreign |
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governments and agencies; actual outcomes are dependent upon factors, |
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including, without limitation, the company's successful performance of |
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internal plans; government customers' budgetary restraints; customer changes |
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in short-range and long-range plans; domestic and international competition in |
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both the defense and commercial areas; product performance; continued |
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development and acceptance of new products; performance issues with key |
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suppliers and subcontractors; government import and export policies; |
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acquisition or termination of government contracts; the outcome of political |
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and legal processes; legal, financial, and governmental risks related to |
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international transactions and domestic and global needs for ships, military |
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aircraft, military and civilian electronic systems and support, information |
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technology and other products; as well as other economic, political and |
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technological risks and uncertainties and other risk factors set out in the |
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company's filings from time to time with the Securities and Exchange |
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Commission, including, without limitation, the company's reports on Form 10-K |
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and Form 10-Q. |
SOURCE Northrop Grumman Corporation
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CONTACT: media, Frank Moore, +1-310-201-3335, or investors, Gaston Kent,
+1-310-201-3423, both of Northrop Grumman Corporation /
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Northrop Grumman
