This document is the annual report summary for L-3 Communications for 2003. It highlights the company's financial performance for the year, including record sales of $5.06 billion, operating income of $581 million, and free cash flow of $377 million. It discusses the company's role in supporting the US military and homeland security efforts. It also summarizes several acquisitions L-3 made in 2003 to expand its capabilities in secure communications, intelligence surveillance and reconnaissance, training and simulation, and aviation products. The summary concludes by noting it was a strong year for orders, with $5.48 billion in funded backlog.
- AMD performed relatively well in 2001 despite a difficult market, with annual sales declining only 16% compared to a 32% decline for the overall semiconductor industry.
- AMD gained over 4 percentage points of market share for PC processors despite a 6% decline in overall PC unit sales for the industry.
- AMD plans to introduce new processors using 130nm and smaller process technologies, transition production to 300mm wafers, and challenge Intel's leadership in both PC processors and flash memory.
- Total revenue for the company increased 47% in the first half of the fiscal year compared to the same period last year, driven by growth in the customer services and Indonet business units.
- Profit before tax was up 36% for the half year despite pressure on margins in tough market conditions.
- The company focused on improving productivity and manpower utilization, increasing net value added per employee by 5% and profit per employee by 28%.
Petrobras is a large, integrated Brazilian oil and gas company. It aims to achieve self-sufficiency in oil production and consumption for Brazil by increasing its investments in renewable fuels like ethanol and biodiesel. Petrobras plans to invest over $780 million in renewable energy sources between 2007-2011, including expanding Brazil's domestic biodiesel production and ethanol exports. The company sees opportunities to apply its expertise in Brazilian ethanol to expand global distribution networks and break into new markets like Japan.
Burlington Northern Santa Fe Corporation (BNSF) reported its 2005 revenue statistics by commodity. Total freight revenue for 2005 was $12.6 billion, a 1.6% increase from 2004. Domestic intermodal revenue was the largest segment at $2.4 billion, growing 5.7% over 2004. Coal was the second largest segment, generating $2.4 billion in revenue. Overall, BNSF transported 10 billion revenue ton miles of freight in 2005, a 4.3% increase compared to 2004.
The document discusses whether the European Monetary Union (EMU) constitutes an Optimum Currency Area (OCA) based on OCA theories. It analyzes three key conditions: 1) synchronization of business cycles between core and periphery regions, finding their cycles are not well aligned; 2) labor mobility, noting immigration flows are low; and 3) intra-trade within the EMU, which is high but mostly within core countries rather than between core and periphery. Based on the analysis, the document concludes the EMU only partially meets OCA criteria and is therefore not a full OCA due to lack of complete economic integration and fiscal integration between members.
New Developments & Future Trends in Microfinance for Rural BanksJohn Owens
This presentation was given on November 11, 2011 during the 54th Annual Rural Bankers Association of the Philippines Charter Symposium at the Manila Hotel. It covers the progress of the RBAP-MABS program as well as new developments and trends in microfinance that rural bankers should consider as they move forward.
- The document provides an overview of Newmont Mining Corporation's 2008 strategic priorities and financial outlook.
- Key priorities include ongoing project execution like the Nevada power plant and Yanacocha gold mill. Exploration and development activities at projects like Conga and Akyem are also emphasized.
- Financial guidance for 2008 includes equity gold sales of 5.1-5.4 million ounces at costs of $425-450 per ounce, and capital expenditures of $1.8-2 billion.
Shakira is praised in this short document. In just a few repetitive sentences, the document expresses that Shakira rules or is in a position of authority. The overall message conveyed is that the author believes Shakira to be worthy of acclaim.
- AMD performed relatively well in 2001 despite a difficult market, with annual sales declining only 16% compared to a 32% decline for the overall semiconductor industry.
- AMD gained over 4 percentage points of market share for PC processors despite a 6% decline in overall PC unit sales for the industry.
- AMD plans to introduce new processors using 130nm and smaller process technologies, transition production to 300mm wafers, and challenge Intel's leadership in both PC processors and flash memory.
- Total revenue for the company increased 47% in the first half of the fiscal year compared to the same period last year, driven by growth in the customer services and Indonet business units.
- Profit before tax was up 36% for the half year despite pressure on margins in tough market conditions.
- The company focused on improving productivity and manpower utilization, increasing net value added per employee by 5% and profit per employee by 28%.
Petrobras is a large, integrated Brazilian oil and gas company. It aims to achieve self-sufficiency in oil production and consumption for Brazil by increasing its investments in renewable fuels like ethanol and biodiesel. Petrobras plans to invest over $780 million in renewable energy sources between 2007-2011, including expanding Brazil's domestic biodiesel production and ethanol exports. The company sees opportunities to apply its expertise in Brazilian ethanol to expand global distribution networks and break into new markets like Japan.
Burlington Northern Santa Fe Corporation (BNSF) reported its 2005 revenue statistics by commodity. Total freight revenue for 2005 was $12.6 billion, a 1.6% increase from 2004. Domestic intermodal revenue was the largest segment at $2.4 billion, growing 5.7% over 2004. Coal was the second largest segment, generating $2.4 billion in revenue. Overall, BNSF transported 10 billion revenue ton miles of freight in 2005, a 4.3% increase compared to 2004.
The document discusses whether the European Monetary Union (EMU) constitutes an Optimum Currency Area (OCA) based on OCA theories. It analyzes three key conditions: 1) synchronization of business cycles between core and periphery regions, finding their cycles are not well aligned; 2) labor mobility, noting immigration flows are low; and 3) intra-trade within the EMU, which is high but mostly within core countries rather than between core and periphery. Based on the analysis, the document concludes the EMU only partially meets OCA criteria and is therefore not a full OCA due to lack of complete economic integration and fiscal integration between members.
New Developments & Future Trends in Microfinance for Rural BanksJohn Owens
This presentation was given on November 11, 2011 during the 54th Annual Rural Bankers Association of the Philippines Charter Symposium at the Manila Hotel. It covers the progress of the RBAP-MABS program as well as new developments and trends in microfinance that rural bankers should consider as they move forward.
- The document provides an overview of Newmont Mining Corporation's 2008 strategic priorities and financial outlook.
- Key priorities include ongoing project execution like the Nevada power plant and Yanacocha gold mill. Exploration and development activities at projects like Conga and Akyem are also emphasized.
- Financial guidance for 2008 includes equity gold sales of 5.1-5.4 million ounces at costs of $425-450 per ounce, and capital expenditures of $1.8-2 billion.
Shakira is praised in this short document. In just a few repetitive sentences, the document expresses that Shakira rules or is in a position of authority. The overall message conveyed is that the author believes Shakira to be worthy of acclaim.
Copy of my 7 e card analysis ( johor west )sue_sue
The 7E Card program aims to:
1) Increase sales and profitability through higher average transaction values and customer counts.
2) Motivate stores to improve "plus selling" after the festive season.
3) Offer customers incentives to spend more through monthly lucky draws.
The key targets are to increase average transaction value by 5% to RM6.80, customer count by 500, and quarterly sales growth from 3.2% to 5.5%. Stores that meet contribution targets will help cover the total estimated cost of RM32,282 for prizes and incentives. Sales data shows the program has increased average transaction values year-over-year since 2010.
The document summarizes a meeting between TIM Brasil and investors in September 2012.
1) TIM Brasil's mobile business revenue grew 11% while Brazilian GDP grew only 1.9%, showing that mobile is driving economic growth.
2) Fixed to mobile substitution continues to impact fixed line incumbents, benefiting the mobile segment. TIM's mobile revenue grew 7.9% in 2Q12 while fixed revenue declined for competitors.
3) TIM's 2Q12 results met guidance, with total revenue up 7% and EBITDA up 6%. Revenue was impacted by MTR cuts but growth was driven by prepaid and data. Fiber deployment
- Century Aluminum reported financial results for the first quarter of 2009 with a net loss of $115 million compared to a net loss of $694 million in the fourth quarter of 2008.
- Operations have been impacted by weak end markets with plants performing safely though further capacity curtailments may be required to balance the aluminum market.
- The company has taken aggressive actions to reduce costs including full curtailment of the Ravenswood plant, curtailment of a potline at Hawesville, and production cuts at other facilities. Liquidity was also improved through an equity offering and tax refunds providing $267 million of cash on hand.
- While signs of potential market stabilization are emerging, the macro
Google reported strong financial results for Q2 2008, with revenue growth of 39% year-over-year and 3% quarter-over-quarter. Google properties revenue grew 42% year-over-year and 4% quarter-over-quarter. International revenues continued to grow strongly, reaching $2.8 billion in Q2. Google also acquired DoubleClick, giving it a leading display advertising platform.
1) A new 8-year report on work-related fatalities in Massachusetts from 2000-2007 found 535 deaths, with an average annual rate of 2.1 deaths per 100,000 workers. Transportation incidents and falls were the leading causes of death.
2) Younger workers aged 16-24 and Latino workers experienced higher fatality rates. Farming, fishing, and forestry saw the highest rate at 78.2 deaths per 100,000 workers.
3) The Massachusetts FACE project continues ongoing surveillance, investigations, reporting, and interventions to address occupational safety issues such as those for floor finishers, young forklift operators, and contingent workers.
- Google reported strong Q4 2007 financial results, with 51% year-over-year and 14% quarter-over-quarter revenue growth to $4.8 billion.
- Revenue growth was driven by increases in Google properties revenue and network revenues. International revenue reached $2.3 billion.
- Google continued executing on its Search.Ads.Apps strategy through infrastructure investments, giving advertisers more control over campaigns, and launching Android mobile platform.
- Costs and expenses rose as a percentage of revenue due to increased spending on research and development, though free cash flow remained high at $1 billion after capital expenditures.
Google's revenue grew 42% year-over-year and 7% quarter-over-quarter in Q1 2008, driven by 49% growth in Google properties revenue and 25% growth in network revenues, with strong international growth contributing $2.7 billion in revenue; improvements in search quality and ads relevance remained a key focus, alongside providing more value to advertisers and publishers through solutions like the DoubleClick acquisition; operational discipline was exercised while continuing investment in long-term initiatives.
The document is MTC's 2006 annual report. It highlights that 2006 was a record breaking year for MTC, exceeding $4.17 billion in revenues, $2 billion in EBITDA, $1 billion in net profit, and surpassing 27 million active customers. Key events of 2006 included MTC fully acquiring Mobitel in Sudan for $1.3 billion, expanding into that market, and acquiring a 65% stake in Nigeria's Vee Networks for $1.005 billion, expanding into Africa's most populous nation. The acquisitions helped further MTC's vision of becoming a top 10 global telecommunications provider.
Chiquita Brands International is a leading marketer and producer of bananas and other fresh produce. In 2004, the company achieved several financial and operational goals including 18% sales growth to $3.1 billion, a 23% increase in operating cash flow to $92 million, and an 11% reduction in total debt. The CEO discusses the company's strategy to strengthen its core banana business, pursue profitable growth through new acquisitions and segments, build a high-performance organization, and improve profitability in North America. Key goals for 2005 include completing the acquisition of Fresh Express to diversify product offerings and integrating the new leadership team to execute the long-term strategy.
The document is Parker Hannifin Corporation's 2008 annual report which summarizes the company's financial performance for the fiscal year. It highlights that Parker Hannifin generated $12.1 billion in revenues, had 960,000 products, 449,000 customers, 62,000 employees, and 298 manufacturing plants. The annual report covers how the company is applying its expertise in motion and control technologies across many industries to increase customer productivity and profitability.
Brian Bonnenfants Nevada Business Outlook 1 23 09aporrazzo
This document contains information about population growth, residential construction, and real estate trends in Washoe County, Nevada from 1998 to 2008. It includes data on new housing units built each year, population estimates and growth, median home prices, foreclosure rates, and new home sales. It also provides projections for future foreclosures in Washoe County based on national forecasts. Charts show trends over time in areas like new housing versus population growth, new and resale home prices, and monthly new home sales compared to median prices.
- In 2008, Sunoco reported net income before special items of $874 million and earnings per share of $7.46. Refining margins improved in the second half of the year as crude oil prices declined sharply.
- In 4Q08, Sunoco reported net income before special items of $313 million and EPS of $2.68. Refining margins were strong early in the quarter but declined along with product demand as economic conditions weakened. Retail marketing delivered record contributions in 4Q08.
- Sunoco's net debt to capital ratio increased to 37% at the end of 2008 due to higher debt levels and lower equity values, compared to 27% at the end of 2007. However, the company
The document describes a debt elimination plan that lists various debts by shortest or custom payoff order. It provides details of balances, payment amounts, interest rates and number of payments for each debt. The plan is designed to help eliminate debt and plan for financial freedom over a 36 month period through scheduled payments on the listed debts.
This document discusses new developments and future directions for rural banks offering microfinance in the Philippines. It provides key indicators showing growth in microloans and microdeposits from 1998 to 2011, with over 900,000 borrowers, 37 billion pesos in loans disbursed, 1.45 million microdepositors, and 2 billion pesos in microdeposits. It also outlines factors affecting rural banks, including new regulations, technologies, markets, and competition, and suggests addressing the needs of specific market niches through traditional and new microfinance products.
Parker is the world's leading manufacturer of motion and control technologies, providing precise engineered solutions across commercial, industrial, and aerospace markets. For fiscal year 1999, Parker reported record sales of $4.96 billion, income from operations of $538.7 million, and net income of $310.5 million, despite a softening in industrial demand. Parker is strategically diversified across industries and geographies, with no single customer accounting for more than 4% of sales, positioning it for continued global growth.
QUALCOMM had a record year in 2004 with increased revenue, earnings, and operating cash flows due to growing adoption of 3G CDMA technology and advanced devices. Key highlights include:
- CDMA2000 and WCDMA 3G networks expanded significantly worldwide, driving strong demand for QUALCOMM's chipsets. QUALCOMM shipped over 137 million chipsets in fiscal year 2004, more than doubling the prior year's shipments.
- Mobile data usage increased as high-speed 3G networks and BREW-enabled devices enabled new multimedia services. Over 200 million BREW applications have been downloaded.
- South Korea and Japan led the rollout of 1xEV-DO wireless broadband networks, achieving over 10
This document is AMD's 1999 Annual Report which provides an overview of the company's financial performance and operations. Some key points:
1) AMD had record revenue in Q4 1999 but overall posted a net loss for the year as it faced significant challenges from Intel in the PC processor market.
2) The introduction of the AMD Athlon processor was a success and helped AMD gain market share in the higher-performance PC processor sector.
3) AMD's focus is on the growing Flash memory and PC processor markets where it aims to compete with industry leader Intel by forming strategic partnerships and alliances.
This document is AMD's 1999 Annual Report which provides an overview of the company's financial performance from 1995-1999. Some key details include:
- AMD produces microprocessors, memory devices, and circuits for telecommunications. It has manufacturing facilities worldwide.
- In 1999, net sales were $2.86 billion but the company reported a net loss of $88.9 million. R&D spending increased to $635.8 million.
- A highlight was the launch of the AMD Athlon processor in early 1999, demonstrating AMD's commitment to doubling processor performance every 18 months.
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
The document provides tips for building financial models. It recommends designing a model on paper first before building it in a spreadsheet. The model should be built in logical modular steps and simplified as much as possible while still answering the key business questions. Key steps in building a valuation model include entering historical financial data, projecting "vanilla" assumptions, debugging the model, developing business assumptions and scenarios, and calculating terminal values and equity value. The document emphasizes focusing on the most important drivers and ratios, setting up formulas so changing one cell impacts all related cells, and remembering the overall purpose of the model is to provide insights, not accounting perfection.
Rockwell Automation reported financial results for fiscal year 2002 in its annual report and Form 10-K. Sales declined 7.4% to $3.9 billion due to difficult market conditions. However, the company improved operating margins through productivity initiatives and generated $372 million in free cash flow, a 109% increase. Going forward, Rockwell aims to strengthen its position through investments in integrated control solutions, global manufacturing services, and strategic acquisitions to expand globally.
This document provides an interim group report for Deutsche Telekom for the period of January 1 to September 30, 2008. Some key highlights include:
- Net revenue decreased 2.5% to EUR 45.6 billion compared to the prior year period. Domestic revenue decreased 6.2% while international revenue increased 1.1%.
- EBITDA increased slightly to EUR 14.4 billion. Adjusted EBITDA increased 0.5% to EUR 14.8 billion.
- Net profit increased significantly to EUR 2.2 billion. Adjusted net profit increased 17.1% to EUR 2.6 billion.
- The number of mobile customers increased 4.
Copy of my 7 e card analysis ( johor west )sue_sue
The 7E Card program aims to:
1) Increase sales and profitability through higher average transaction values and customer counts.
2) Motivate stores to improve "plus selling" after the festive season.
3) Offer customers incentives to spend more through monthly lucky draws.
The key targets are to increase average transaction value by 5% to RM6.80, customer count by 500, and quarterly sales growth from 3.2% to 5.5%. Stores that meet contribution targets will help cover the total estimated cost of RM32,282 for prizes and incentives. Sales data shows the program has increased average transaction values year-over-year since 2010.
The document summarizes a meeting between TIM Brasil and investors in September 2012.
1) TIM Brasil's mobile business revenue grew 11% while Brazilian GDP grew only 1.9%, showing that mobile is driving economic growth.
2) Fixed to mobile substitution continues to impact fixed line incumbents, benefiting the mobile segment. TIM's mobile revenue grew 7.9% in 2Q12 while fixed revenue declined for competitors.
3) TIM's 2Q12 results met guidance, with total revenue up 7% and EBITDA up 6%. Revenue was impacted by MTR cuts but growth was driven by prepaid and data. Fiber deployment
- Century Aluminum reported financial results for the first quarter of 2009 with a net loss of $115 million compared to a net loss of $694 million in the fourth quarter of 2008.
- Operations have been impacted by weak end markets with plants performing safely though further capacity curtailments may be required to balance the aluminum market.
- The company has taken aggressive actions to reduce costs including full curtailment of the Ravenswood plant, curtailment of a potline at Hawesville, and production cuts at other facilities. Liquidity was also improved through an equity offering and tax refunds providing $267 million of cash on hand.
- While signs of potential market stabilization are emerging, the macro
Google reported strong financial results for Q2 2008, with revenue growth of 39% year-over-year and 3% quarter-over-quarter. Google properties revenue grew 42% year-over-year and 4% quarter-over-quarter. International revenues continued to grow strongly, reaching $2.8 billion in Q2. Google also acquired DoubleClick, giving it a leading display advertising platform.
1) A new 8-year report on work-related fatalities in Massachusetts from 2000-2007 found 535 deaths, with an average annual rate of 2.1 deaths per 100,000 workers. Transportation incidents and falls were the leading causes of death.
2) Younger workers aged 16-24 and Latino workers experienced higher fatality rates. Farming, fishing, and forestry saw the highest rate at 78.2 deaths per 100,000 workers.
3) The Massachusetts FACE project continues ongoing surveillance, investigations, reporting, and interventions to address occupational safety issues such as those for floor finishers, young forklift operators, and contingent workers.
- Google reported strong Q4 2007 financial results, with 51% year-over-year and 14% quarter-over-quarter revenue growth to $4.8 billion.
- Revenue growth was driven by increases in Google properties revenue and network revenues. International revenue reached $2.3 billion.
- Google continued executing on its Search.Ads.Apps strategy through infrastructure investments, giving advertisers more control over campaigns, and launching Android mobile platform.
- Costs and expenses rose as a percentage of revenue due to increased spending on research and development, though free cash flow remained high at $1 billion after capital expenditures.
Google's revenue grew 42% year-over-year and 7% quarter-over-quarter in Q1 2008, driven by 49% growth in Google properties revenue and 25% growth in network revenues, with strong international growth contributing $2.7 billion in revenue; improvements in search quality and ads relevance remained a key focus, alongside providing more value to advertisers and publishers through solutions like the DoubleClick acquisition; operational discipline was exercised while continuing investment in long-term initiatives.
The document is MTC's 2006 annual report. It highlights that 2006 was a record breaking year for MTC, exceeding $4.17 billion in revenues, $2 billion in EBITDA, $1 billion in net profit, and surpassing 27 million active customers. Key events of 2006 included MTC fully acquiring Mobitel in Sudan for $1.3 billion, expanding into that market, and acquiring a 65% stake in Nigeria's Vee Networks for $1.005 billion, expanding into Africa's most populous nation. The acquisitions helped further MTC's vision of becoming a top 10 global telecommunications provider.
Chiquita Brands International is a leading marketer and producer of bananas and other fresh produce. In 2004, the company achieved several financial and operational goals including 18% sales growth to $3.1 billion, a 23% increase in operating cash flow to $92 million, and an 11% reduction in total debt. The CEO discusses the company's strategy to strengthen its core banana business, pursue profitable growth through new acquisitions and segments, build a high-performance organization, and improve profitability in North America. Key goals for 2005 include completing the acquisition of Fresh Express to diversify product offerings and integrating the new leadership team to execute the long-term strategy.
The document is Parker Hannifin Corporation's 2008 annual report which summarizes the company's financial performance for the fiscal year. It highlights that Parker Hannifin generated $12.1 billion in revenues, had 960,000 products, 449,000 customers, 62,000 employees, and 298 manufacturing plants. The annual report covers how the company is applying its expertise in motion and control technologies across many industries to increase customer productivity and profitability.
Brian Bonnenfants Nevada Business Outlook 1 23 09aporrazzo
This document contains information about population growth, residential construction, and real estate trends in Washoe County, Nevada from 1998 to 2008. It includes data on new housing units built each year, population estimates and growth, median home prices, foreclosure rates, and new home sales. It also provides projections for future foreclosures in Washoe County based on national forecasts. Charts show trends over time in areas like new housing versus population growth, new and resale home prices, and monthly new home sales compared to median prices.
- In 2008, Sunoco reported net income before special items of $874 million and earnings per share of $7.46. Refining margins improved in the second half of the year as crude oil prices declined sharply.
- In 4Q08, Sunoco reported net income before special items of $313 million and EPS of $2.68. Refining margins were strong early in the quarter but declined along with product demand as economic conditions weakened. Retail marketing delivered record contributions in 4Q08.
- Sunoco's net debt to capital ratio increased to 37% at the end of 2008 due to higher debt levels and lower equity values, compared to 27% at the end of 2007. However, the company
The document describes a debt elimination plan that lists various debts by shortest or custom payoff order. It provides details of balances, payment amounts, interest rates and number of payments for each debt. The plan is designed to help eliminate debt and plan for financial freedom over a 36 month period through scheduled payments on the listed debts.
This document discusses new developments and future directions for rural banks offering microfinance in the Philippines. It provides key indicators showing growth in microloans and microdeposits from 1998 to 2011, with over 900,000 borrowers, 37 billion pesos in loans disbursed, 1.45 million microdepositors, and 2 billion pesos in microdeposits. It also outlines factors affecting rural banks, including new regulations, technologies, markets, and competition, and suggests addressing the needs of specific market niches through traditional and new microfinance products.
Parker is the world's leading manufacturer of motion and control technologies, providing precise engineered solutions across commercial, industrial, and aerospace markets. For fiscal year 1999, Parker reported record sales of $4.96 billion, income from operations of $538.7 million, and net income of $310.5 million, despite a softening in industrial demand. Parker is strategically diversified across industries and geographies, with no single customer accounting for more than 4% of sales, positioning it for continued global growth.
QUALCOMM had a record year in 2004 with increased revenue, earnings, and operating cash flows due to growing adoption of 3G CDMA technology and advanced devices. Key highlights include:
- CDMA2000 and WCDMA 3G networks expanded significantly worldwide, driving strong demand for QUALCOMM's chipsets. QUALCOMM shipped over 137 million chipsets in fiscal year 2004, more than doubling the prior year's shipments.
- Mobile data usage increased as high-speed 3G networks and BREW-enabled devices enabled new multimedia services. Over 200 million BREW applications have been downloaded.
- South Korea and Japan led the rollout of 1xEV-DO wireless broadband networks, achieving over 10
This document is AMD's 1999 Annual Report which provides an overview of the company's financial performance and operations. Some key points:
1) AMD had record revenue in Q4 1999 but overall posted a net loss for the year as it faced significant challenges from Intel in the PC processor market.
2) The introduction of the AMD Athlon processor was a success and helped AMD gain market share in the higher-performance PC processor sector.
3) AMD's focus is on the growing Flash memory and PC processor markets where it aims to compete with industry leader Intel by forming strategic partnerships and alliances.
This document is AMD's 1999 Annual Report which provides an overview of the company's financial performance from 1995-1999. Some key details include:
- AMD produces microprocessors, memory devices, and circuits for telecommunications. It has manufacturing facilities worldwide.
- In 1999, net sales were $2.86 billion but the company reported a net loss of $88.9 million. R&D spending increased to $635.8 million.
- A highlight was the launch of the AMD Athlon processor in early 1999, demonstrating AMD's commitment to doubling processor performance every 18 months.
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
The document provides tips for building financial models. It recommends designing a model on paper first before building it in a spreadsheet. The model should be built in logical modular steps and simplified as much as possible while still answering the key business questions. Key steps in building a valuation model include entering historical financial data, projecting "vanilla" assumptions, debugging the model, developing business assumptions and scenarios, and calculating terminal values and equity value. The document emphasizes focusing on the most important drivers and ratios, setting up formulas so changing one cell impacts all related cells, and remembering the overall purpose of the model is to provide insights, not accounting perfection.
Rockwell Automation reported financial results for fiscal year 2002 in its annual report and Form 10-K. Sales declined 7.4% to $3.9 billion due to difficult market conditions. However, the company improved operating margins through productivity initiatives and generated $372 million in free cash flow, a 109% increase. Going forward, Rockwell aims to strengthen its position through investments in integrated control solutions, global manufacturing services, and strategic acquisitions to expand globally.
This document provides an interim group report for Deutsche Telekom for the period of January 1 to September 30, 2008. Some key highlights include:
- Net revenue decreased 2.5% to EUR 45.6 billion compared to the prior year period. Domestic revenue decreased 6.2% while international revenue increased 1.1%.
- EBITDA increased slightly to EUR 14.4 billion. Adjusted EBITDA increased 0.5% to EUR 14.8 billion.
- Net profit increased significantly to EUR 2.2 billion. Adjusted net profit increased 17.1% to EUR 2.6 billion.
- The number of mobile customers increased 4.
The document analyzes the financial performance of Cognizant Technology Solutions from 2006-2011. It shows that Cognizant experienced significant yearly revenue growth, except in 2009 during the global financial crisis. While operating expenses were reduced in 2009, they increased in line with revenue growth thereafter. Cognizant has overtaken Wipro to become the third largest Indian IT services provider. The majority (around 80%) of Cognizant's revenues come from North America, with Europe accounting for 18-19%. Key verticals are financial services, healthcare, and manufacturing/retail/logistics.
Net revenue and EBITDA grew in the second quarter of 2011 compared to the same period last year. Several portfolio companies experienced revenue growth, while some others reported losses due to restructuring. Total investments in portfolio companies were R$10.4 million in the second quarter. The presentation provides financial and operational updates on each portfolio company.
1) CCR reported strong financial results in 2004 with increased traffic, revenues and margins across its concessions.
2) Looking forward, CCR sees growth opportunities from bidding on additional federal highway concessions and the large São Paulo state highway privatization program.
3) CCR maintains a conservative capital structure and dividend policy to support continued growth through new concessions.
The document provides financial information for Toys R Us for fiscal years 2008 and 2009. It includes quarterly and annual income statements, balance sheets, cash flow statements and key financial ratios. For 2009, full year figures are not provided as the year is not yet complete. Quarterly operating income is $2 million for Q1 2009 but figures for subsequent quarters and the full year are listed as DIV/0, indicating no data is available yet. Current assets are $3.12 billion for 2009 but current ratios cannot be calculated without full year data. Total debt is $5.9 billion in long term liabilities and $48 million in short term as of 2009.
The document provides an earnings presentation for Brasil EcoDiesel's 4Q08 and full year 2008 results. It summarizes that Brasil EcoDiesel underwent a restructuring process in mid-2008 in response to market changes. While the company achieved positive gross margins and launched new products in 2H08, full year results were negatively impacted by lower-than-expected sales volumes, high financial expenses, and non-recurring restructuring costs. The company reported an adjusted EBITDA loss of R$10.5 million for 4Q08 and R$65.8 million for full year 2008.
Brasil EcoDiesel presented its 4Q08 and full year 2008 results. Key highlights include:
1) The company underwent a restructuring in 2008 due to factors impacting its financial situation.
2) While sales volumes were lower than expected in 4Q08, gross margins were positive due to new auction strategies and lower vegetable oil costs.
3) However, the company reported a net loss for the quarter and year due to high financial expenses, provisions, and lower-than-expected sales volumes. Adjusted EBITDA losses were R$10.5 million and R$65.8 million, respectively.
4) Net debt increased from R$171 million in 2007 to R
- CMC reported consolidated revenue of Rs. 1085 crore for FY2006-07, an increase of 18% over the previous year. Consolidated profit before tax increased 99% to Rs. 98.97 crore.
- International revenue grew 54% driven by the American and UK geographies. The international business share of revenue increased from 28% to 35%.
- Services revenue increased 32% with significant growth in the SI and ITES business units. Operating margins expanded 355 basis points due to an improved business mix and increased manpower productivity.
- For Q4 FY2006-07, revenue grew 4% year-over-year while profit before tax increased 103% and margins expanded across all
The document provides restated quarterly and annual income statement figures for Credit Suisse's Private Banking division from 2002 to mid-2003. Key highlights include:
- Net operating profit decreased in 3Q2002 and increased in subsequent quarters compared to previously published figures.
- Cost/income ratios fluctuated between 65-106% across quarters.
- Return on average allocated capital ranged from -34% to 26% depending on the quarter.
- Assets under management declined 3.8% in 3Q2002 but increased in subsequent quarters, with net new assets and market/structural effects impacting growth rates.
The document outlines MMX's 2010 financial results, which showed record sales volumes, revenues, profits, and the company's first ever positive EBITDA of R$120.6 million. An audit of MMX's resources by SRK Consulting estimated total measured, indicated and inferred resources of 1.466 billion metric tons across various sites. The document also lists the next steps in MMX's planned voluntary takeover offer for PortX shares.
The annual report summarizes Nordstrom's financial performance in 2002. Net sales increased 6.1% to $5.975 billion compared to 2001. Earnings before taxes decreased 4.3% to $195.6 million. Net earnings decreased 27.6% to $90.2 million and basic earnings per share decreased 28% to $0.67. Nordstrom made progress increasing sales and reducing expenses as a percentage of sales but recognizes there is still work to be done to reach its goals.
The annual report for 2002 provides financial highlights for the company including:
- Net sales increased 6.1% from 2001 to $5.975 billion.
- Earnings before income taxes decreased 4.3% to $195.6 million.
- Net earnings decreased 27.6% to $90.2 million.
The document contains a safe harbor statement for Salesforce.com regarding forward-looking statements. It notes that actual results could differ from forward-looking statements if risks and uncertainties materialize or assumptions prove incorrect. It lists risks including those associated with new products/services, growth strategies, intellectual property litigation, mergers and acquisitions, and reliance on cloud computing. The safe harbor statement concludes that investors should make purchase decisions based on currently available features.
The document discusses Pepsi Bottling Group's use of non-GAAP financial measures to provide additional context for investors beyond standard GAAP reporting. It defines one such measure, Operating Free Cash Flow (OFCF), as cash from operations less capital expenditures plus excess tax benefits from stock options. Management uses OFCF to evaluate business performance and liquidity. The document provides Pepsi's forecast for 2007 OFCF between $530-550 million and outlines adjustments made to certain first quarter 2007 financial results to exclude foreign currency translation impacts.
The document discusses Pepsi Bottling Group's (PBG) use of non-GAAP financial measures to provide additional context for investors beyond standard GAAP reporting. It provides non-GAAP adjusted figures for PBG's second quarter 2007 results which exclude the impact of foreign currency translation. It also gives adjusted guidance figures for full year 2007 diluted EPS and effective tax rate which exclude the impact of reversing tax contingencies. Finally, it defines and discusses the non-GAAP measure of operating free cash flow, and provides PBG's estimated range for full year 2007 operating free cash flow.
The document provides reconciliations of Pepsi Bottling Group's (PBG) reported and comparable non-GAAP financial measures for the third quarter and year-to-date 2007, including net revenue, gross profit, operating income, earnings per share (EPS), and operating free cash flow (OFCF). It also provides PBG's 2007 guidance ranges on a reported and adjusted basis, adjusting for items affecting comparability including tax matters, restructuring charges, and asset rationalization charges.
pepsi bottling Non Gaap Investor Day121307finance19
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group to GAAP measures for 2005-2007 and 2008 guidance. It summarizes adjustments made for items affecting comparability between years, including restructuring charges, tax law changes, and accounting rule changes. Operating profit growth, EPS, and cash flow are reconciled for these periods. Non-GAAP measures are used to evaluate underlying business performance by excluding certain non-recurring or variable items.
The document summarizes Pepsi Bottling Group's (PBG) fourth quarter 2007 earnings conference call. It provides non-GAAP financial measures to allow for meaningful year-over-year comparisons. Items affecting comparability in 2007 include a tax contingency reversal, tax law changes, and restructuring charges. The document also reconciles 2007 and Q4 2007 reported results to comparable results. Guidance for 2008 reported and comparable operating income growth and EPS is also provided.
The document provides a reconciliation of non-GAAP financial measures for Pepsi Bottling Group's first quarter 2008 earnings conference call. It summarizes restructuring charges and an asset disposal charge that affected comparability between periods. It provides comparable and reported operating income growth, EPS, and guidance figures. It also defines and provides guidance for operating free cash flow.
The document summarizes Pepsi Bottling Group's second quarter 2008 earnings conference call. It discusses non-GAAP financial measures used by the company to provide meaningful year-over-year comparisons and evaluate underlying business performance. Items affecting comparability between years are also reviewed, including restructuring charges, asset disposal charges, and tax items. Specific metrics for certain international markets and 2008 guidance figures both on a comparable and reported basis are also presented. Operating free cash flow is defined and full-year 2008 expectations provided.
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group for 2008. It identifies items affecting comparability between years, including restructuring charges, asset disposal charges, and stock-based compensation. The document summarizes the quantitative impact of these items on key financial metrics like operating income growth, earnings per share, and cash flow. It also provides guidance for 2008 operating free cash flow.
The document provides reconciliations of non-GAAP financial measures and items affecting comparability for The Pepsi Bottling Group's third quarter 2008 earnings conference call. It summarizes restructuring charges, asset disposal charges, a tax audit settlement, tax law changes, and stock-based compensation adjustments. It also provides comparable and reported figures for net revenue, operating income, earnings per share, and other metrics. Guidance is given for full-year 2008 measures on a comparable and reported basis.
The document provides financial information and reconciliation of non-GAAP measures for The Pepsi Bottling Group's fourth quarter 2008 earnings conference call. It summarizes items affecting comparability for 2008 and 2009, including impairment charges, restructuring charges, and the impact of foreign exchange rates. It also provides the company's operating free cash flow for 2008 and guidance for comparable net revenues, costs, operating income, earnings per share, and operating free cash flow for 2009.
The document provides reconciliation of non-GAAP financial measures for The Pepsi Bottling Group for 2008. It summarizes items affecting comparability between years such as impairment charges, restructuring charges, and accounting standard changes. Tables show the impact of these items on operating income, net revenues, operating profit, and earnings per share for 2008 compared to 2005, 2007, and 2003. The document also provides 2009 guidance forecasts for revenue growth, operating income growth, earnings per share, and operating free cash flow.
The document discusses PBG's financial highlights and growth in 2000. Key points:
1) PBG had strong financial results in 2000, with net revenues of $7.982 billion and EPS of $1.53, up from 1999. Operating income and EBITDA also grew substantially.
2) Two-thirds of PBG's business comes from take-home sales. In 2000 PBG focused on growing its bottled water and flavor carbonated soft drink segments in the take-home market.
3) PBG launched Sierra Mist, a new lemon-lime flavor, to capitalize on the fast growing lemon-lime segment of the carbonated soft drink category. The launch was swift in
World Fuel Services Corporation is a global leader in the downstream marketing and financing of aviation and marine fuel products and related services. For the nine-month period ended December 31, 2002, the company reported revenue of $1.55 billion, up 52.6% from the same period the previous year. Net income was $9.9 million, down 22.6% from the previous year. The company has a strong balance sheet with $312 million in total assets and $127.7 million in stockholders' equity.
World Fuel Services Corporation is a global leader in the downstream marketing and financing of aviation and marine fuel products and related services. For the nine-month period ended December 31, 2002, the company reported revenue of $1.55 billion, up 52.6% from the same period the previous year. Net income was $9.9 million, down 22.6% from the previous year. The company has a strong balance sheet with $312 million in total assets and $127.7 million in stockholders' equity.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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1. What’s New High-Performance Defending
Training
Transformational
in Avionics Products Our Shores
Our Troops
ISR
L-3 Communications
summary Annu al Report 2003
On Course
Military Transformation and
Homeland Security –
How L-3 is Positioning Itself
for the Future
2. FINANCIAL HIGHLIGHT S
For the years ended December 31, 2003 2002 2001 2000 1999
(In thousands, except per share amounts)
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . $5,061,594 $4,011,229 $2,347,422 $1,910,061 $1,405,462
Operating income(a) . . . . . . . . . . . . . . . . . 581,021 453,979 275,330 222,718 150,486
Income before cumulative effect of a change
in accounting principle(a) . . . . . . . . . . . . 277,640(d) 202,467(d) (e)
. 115,458 82,727 58,689
Diluted earnings per share before
cumulative effect of a change
in accounting principle(a) (b) . . . . . . . . . . . 2.71(d) 2.18(d) (e)
. 1.47 1.18 0.88
Cash flow from operating activities . . . . . . . 456,063 318,460 172,968 113,805 99,018
Capital expenditures, net of disposition
of property, plant and equipment . . . . . . . . 79,020 58,510 46,884 15,520 16,743
Free cash flow(c) . . . . . . . . . . . . . . . . . . . 377,043 259,950 126,084 98,285 82,275
Shareholders’ equity . . . . . . . . . . . . . . . . 2,574,496 2,202,202 1,213,892 692,569 583,175
(a) The statement of operations data for 2001, 2000 and 1999 includes goodwill amortization expense.
(b) Diluted earnings per share for all periods reflects our two-for-one stock split that became effective May 20, 2002.
(c) We define free cash flow as net cash from operating activities, less net capital expenditures (capital expenditures less cash proceeds from disposition of property,
plant and equipment).
(d) Includes debt retirement charge of $7.2 million after taxes, or $0.06 per diluted share in 2003 and $9.9 million after taxes, or $0.11 per diluted share in 2002.
(e) The year ended December 31, 2002 excludes the cumulative effect of a change in accounting principle for a goodwill impairment of $24.4 million or $0.25 per diluted share.
Operating Income in millions Free Cash Flow in millions
Sales in millions
$600
$6,000 $400
480
4,800 320
%
%
%
.2
.8
.4
40
37
46
360
3,600 240
GR
GR
GR
CA
CA
CA
240
2,400 160
120
1,200 80
99 00 01 02 03 99 00 01 02 03 99 00 01 02 03
MILESTONES
May 2003 September 2003 October 2003
March 2003
L-3 sold $400.0 million of 6 1/8% Senior L-3 acquired Klein Associates, Inc., a busi- L-3 successfully completed the acquisition
L-3 acquired the Avionics Systems business
Subordinated Notes. The company used a ness unit of OYO Corporation of Japan. of the Military Aviation Services (MAS)
from Goodrich Corporation. Avionics
portion of the proceeds to redeem its Klein is a pioneer in the development of business of Bombardier Inc. MAS is a
Systems is a leading designer and manu-
$180.0 million of 8 1/2% Senior side-scan sonars, sub-bottom profilers and leader in systems engineering support and
facturer of advanced cockpit equipment,
Subordinated Notes. related instruments and accessories for aircraft modernization, providing a full
innovative avionics solutions and safety
undersea search and survey. range of technical services in the areas of
systems.
May 2003 aircraft maintenance, repair and upgrade
L-3 completed its acquisition of Aeromet, for military aircraft and regional jets and
Inc., a leader in electro-optical and selected commercial aircraft.
infrared (EO/IR) programs supporting
Intelligence, Surveillance and
Reconnaissance (ISR) missions and spe-
cialized meteorological applications.
3. L-3 Communications 2003 Summary Annual Report
Contents
3 Letter to Shareholders
2003 shaped up to be an excellent year for L-3.
Contributors: Frank C. Lanza and Robert V LaPenta.
.
Secure Communications & ISR
6 ISR is at the forefront of military transformation.
Contributors include: Communication Systems-East, Communication Systems-West,
Integrated Systems, Aeromet & ComCept.
Training, Simulation & Support
10 Readiness and cost-effectiveness are driving a push for more training, simulation
and support services.
Contributors include: Link Simulation and Training, GSI, MPRI, MPRI-Ship Analytics,
SYColeman & ILEX.
Aviation Products & Aircraft Modernization
14 Key products and strategic acquisitions make L-3 a world player in this arena.
Contributors include: Aviation Recorders, Avionics Systems, ACSS, Display Systems,
Electrodynamics, Integrated Systems, Vertex Aerospace, MAS & Spar Aerospace.
Specialized Products
18 With the broadest base of products in defense, L-3 added key products to its arsenal in 2003.
Contributors include: IEC, KDI, BT Fuze Products, Space and Navigation, SPD Technologies,
Ocean Systems, ESSCO, Narda Microwave-East, Narda Microwave-West, Narda Satellite Networks,
Security and Detection Systems, Telemetry-East, Telemetry-West, Storm Control Systems,
Ruggedized Command and Control Solutions, Randtron, WESCAM, Electron Devices & Wolf Coach.
Homeland Security
22 The threat of terrorism has not abated and the US government is working on protecting
the nation’s citizens and infrastructure.
Contributors include: Security and Detection Systems, Communication Systems-East,
Communication Systems-West, Aviation Recorders, GSI, MPRI, MPRI-Ship Analytics & Wolf Coach.
Shareholder Information
26
Condensed Consolidated Financial Data and Management Team
28
December 2003 January 2004
December 2003
December 2003
L-3 successfully completed its acquisition L-3’s Board of Directors declared the com-
L-3 acquired certain defense and aero-
L-3 sold $400.0 million of 6 1/8% Senior
of Vertex Aerospace LLC. Vertex is a lead- pany’s first quarterly cash dividend of
space assets of IPICOM, Inc. This busi-
Subordinated Notes. The company initiat-
ing provider of aerospace and other tech- $0.10 per share, payable March 15, 2004,
ness is a leading manufacturer of broad-
ed the redemption of $300.0 million of
nical services to the Department of to shareholders of record at the close of
band communications products and sys-
5 1/4% Convertible Senior Subordinated
Defense (DoD) and other government business on February 17, 2004.
tems, including advanced performance
Notes, which resulted in the conversion of
agencies, including the US Air Force, US analog, digital and fiber-optic transmission
substantially all the 5 1/4% Notes into L-3
Navy, US Army, US Marine Corps, systems widely used in broadband, cable
common stock in January, 2004.
Department of Homeland Security (DHS), TV, security and surveillance applications.
Drug Enforcement Administration (DEA)
and NASA.
4. Robert V. LaPenta Frank C. Lanza
The
President and Chairman and
Chief Financial Officer Chief Executive Officer
5. Dear Shareholders:
n 2003, our military forces were
I engaged in a fierce conflict in Iraq,
while in the US, federal, state and local
authorities were continuing their work
to secure the nation against terrorist
threats. L-3 Communications – its
employees, products and services –
played a major role in sustaining and
equipping our troops, as well as helping
domestic agencies and local govern-
ments meet the difficult challenges they
faced after September 11, 2001.
L-3 is proud of its support of the
successful missions of the Special
Operations Forces (SOF), whose role
has been greatly expanded in both Iraq
and Afghanistan. One of the key advan-
tages the US military had in detecting
and eliminating the enemy was
its Intelligence, Surveillance and
Reconnaissance (ISR) capability, as
well as secure data links and systems
provided by L-3 for all important
manned intelligence aircraft and
Unmanned Aerial Vehicles (UAV).
The challenging demands of
ongoing operations increased the need
for highly trained military personnel,
and L-3’s training, simulation and sup-
port services dramatically helped to
improve combat skills and readiness for
our forces. These demands also called
for increased aircraft maintenance, sys-
tems integration and system upgrades
by L-3 to ensure that the military’s exist-
ing assets performed at their best.
L-3’s work in ISR and secure
communications, as well as precision
weaponry products, global positioning
equipment and safety and arming
devices, enabled precise targeting of
enemy assets with minimal collateral
damage. There were thousands of L-3
personnel assisting our military forces
and hundreds of L-3 products in use,
including displays, antennas, satellite
Future for L-3
3
6. communications terminals, command $4,011.2 million in 2002, a 26.2% L-3 closed the year 2003 with a
and control systems, microwave subsys- increase, including 15.4% organic strong balance sheet. The company’s
tems for radars, precision weapons and growth for L-3's defense business (5.4% debt to book capitalization was at 48.1%
guidance systems, telemetry products for all of L-3 including the declines in at December 31, 2003 (42.3% after
and electronic wide-area remote securi- L-3's explosives detection systems and adjusting for the conversion of $300.0
ty sensors. commercial businesses). million of 5 1/4% Convertible Notes into
In the area of homeland security, For 2003, operating income rose common stock in January 2004), com-
L-3’s eXaminer® 3DX 6000s are hard at 28.0% to $581.0 million, increasing pared to 44.8% at December 31, 2002.
work at American airports inspecting from $454.0 million in 2002. Diluted
Acquisitions
checked baggage; the company’s cargo earnings per share for 2003 rose 24.3%
inspection systems are also in operation to $2.71, from $2.18 (before cumulative uring 2003, L-3 made a number of
D
around the world protecting ports and effect of a change in accounting princi- key acquisitions with an aggregate
facilities. L-3’s intrusion detection sys- ple) in 2002. purchase price of $1.0 billion. These
tems are guarding US borders and US In May 2003, L-3 completed an companies complemented L-3’s existing
military bases around the world. L-3’s offering of $400.0 million principal operations in three of its four business
crisis management systems are helping amount of 6 1/8% Senior Subordinated segments and allowed L-3 to take advan-
New York City’s anti-terrorism unit, as Notes and redeemed all outstanding tage of synergies and offer more prod-
well as other state and local authorities, $180.0 million aggregate principal ucts, services and added value to cus-
defend against threats. amount of 8 1/2% Senior Subordinated tomers.
In many ways, L-3 has become a Notes. Later that year, L-3 raised $400.0 In Secure Communications and
major partner in US efforts to protect million in funds through a private place- ISR, L-3 added two important compa-
and equip its military and its homeland ment of Senior Subordinated Notes and nies. Aeromet offers a broad array of
security authorities. This partnership called for redemption of all its outstand- services, including electro-optical and
has grown substantially from the compa- ing $300.0 million aggregate principal infrared (EO/IR) programs for ISR and
ny’s beginnings. amount of 5 1/4% Convertible Senior specialized meteorological applications
In 1997, L-3 had revenues of Subordinated Notes due 2009, substan- for key mission areas. The defense and
$705.4 million and was a product sup- tially all of which were converted into aerospace assets purchased from
plier of secure communications, avion- L-3 common stock in January 2004. IPICOM have leadership positions in
ics, telemetry and instrumentation and The net proceeds were used to repay secure optical data link systems for
microwave products. Through internal indebtedness outstanding under our sen- defense and aerospace applications for a
growth and acquisition, L-3 is now a ior credit facilities and for general cor- variety of classified and unclassified
Fortune 500 company, with over $5 bil- porate purposes, including acquisitions. customers.
lion in revenues in 2003. The company L-3 generated $377.0 million in L-3 significantly expanded its
has evolved into a prime systems con- free cash flow, compared to $260.0 mil- position in its Aviation Products and
tractor for secure communications and lion in 2002, an increase of 45.0%. L-3 Aircraft Modernization segment with
ISR, training and simulation, govern- ended the year with $134.9 million cash key acquisitions. In commercial avia-
ment services and aircraft moderniza- on hand and $665.9 million of available tion products, L-3 acquired Goodrich
tion and has become the largest and borrowings under the company’s bank Avionics Systems (renamed L-3
broadest supplier of products for the credit facilities. These funds are avail- Avionics Systems), which supplies a
merchant market in the defense industry. able for investments in strategic acquisi- variety of safety-related avionics prod-
ucts, including the new SmartDeck®
tions and other business opportunities.
Strong Results It was a banner year for orders at integrated flight control and display sys-
n 2003, L-3 again demonstrated its
I L-3. The company recorded $5,477.4 tem for the general aviation market.
commitment to high-performance million in funded orders from all of Avionics Systems also offers products
standards, setting financial records and L-3’s major business areas. Backlog for military platforms, such as the Joint
establishing new milestones. Sales was $3,893.3 million at December 31, Primary Aircraft Training System
increased to $5,061.6 million from 2003. (JPATS). Despite the slowdown in the
overall commercial aviation sector,
L-3 Accolades
ComCept received the Outstanding
Communication Systems-East’s ComCept was awarded a James S. Link Simulation and Training’s
Achievement award from the Defense
Improved Remotely Monitored Cogswell Outstanding Industrial founder, Ed Link, developer of the first
Industry in network-centric warfare
Battlefield Sensor System (IREM- Security Achievement Award for 2003. pilot training device in 1929, was
from the Institute for Defense and
BASS) has been awarded Government The Defense Security Service estab- inducted into the National Inventors
Government Advancement (IDGA).
Executive Magazine's 2002 Grace lished this award in 1996 as a way to Hall of Fame (NIHF) in Akron, Ohio.
ComCept was selected by a distin-
Hopper Government Technology recognize a few of the cleared contrac-
Link received the 2003 Market Leader-
guished panel of experts over a field of
Leadership Award in the category of tor facilities for outstanding perform-
ship Award in Military Flight Simula-
strong competitors for its work on the
quot;Contributing to Advances in ance in the field of security.
tion from Frost & Sullivan, a global
Network-Centric Collaborative
Homeland Security and the War on
consulting and market research organi-
Targeting (NCCT) program with the
Terrorism.quot;
zation.
US Air Force's Big Safari Program
Office.
4
7. mation of the military, the US defense
Avionics Systems, with its balanced airport, port and maritime security,
budget will continue to be strong well
business mix of military, business and intrusion detection, crisis management
into the future. In an election year and
general aviation and air transport prod- and vehicles for communications,
with troops overseas, we believe
ucts, continues to demonstrate solid bioterrorism and command and control.
Congress and the American people will
growth. The opportunities for internal
continue to support the DoD's require-
With joint-venture partner Vertex growth are significant in the years
ments, as well as future transformation.
Aerospace, L-3 won a major ten-year ahead, as is the pipeline for acquisitions.
In 2006, the president will have
contract to provide logistics support for Throughout its history, L-3 has been
the opportunity to reexamine DoD
US Army aircraft training at Fort very selective in choosing companies
requirements, make decisions on the
Rucker, Alabama. This successful part- with products and systems in high-
modernization of existing platforms and
nership led L-3 to its largest acquisition growth areas of defense spending. In
determine the survival of new plat-
of 2003 – Vertex Aerospace, a leading 2004 and beyond, this combination of
forms. Readiness will continue to be a
provider of logistics support, modern- focused internal growth and opportunis-
mandatory funding commitment as well
ization, maintenance, supply chain man- tic acquisitions will help to deliver dou-
as spiral modernization of current
agement and depot services with a ble-digit growth rates and enable L-3 to
weapons and platforms, regardless of
worldwide presence. become even more critical to the US
strategic direction.
L-3 further solidified its position military, as well as federal, state and
L-3 is in a position of strength in
as a leader in aircraft modernization local homeland security initiatives.
either a growing or flat defense budget
with the acquisition of Bombardier’s None of this growth would be pos-
environment. We are teamed on major
Military Aviation Services (MAS). This sible without the effort, dedication and
new start programs in a growth market
operation adds to L-3’s other Canadian skill of our L-3 workforce. Year after
and we are strongly positioned on legacy
aircraft modernization company – Spar year, they have delivered on their prom-
programs in a flat market. L-3’s products
Aerospace – and provides systems engi- ise to provide excellent value to our cus-
and services are in the higher growth
neering support, aircraft modernization tomers and growth to our shareholders
areas of procurement – ISR, UAVs, pre-
and a full range of technical services. and they will continue that commitment
cision weapons, training and simulation
With L-3’s Integrated Systems opera- in 2004.
systems and networked secure communi-
tions and its new subsidiary Vertex, Reflecting our confidence in L-3's
cations.
along with Spar and MAS, L-3 is now future growth, the L-3 Board of
In addition, L-3’s sizeable pres-
one of the largest aircraft modernization Directors declared L-3’s first quarterly
ence in aircraft modernization will
companies in the world. cash dividend to the company's common
enable the company to take advantage of
In the Specialized Products seg- stock holders payable on March 15,
growth in the Operations and
ment, L-3 added Klein Associates, a 2004. This year’s annual report will
Maintenance segment of the defense
leading sensor technology company, examine how the company is on course
budget. Upgrading legacy platforms is
which provides high-resolution sonar for the future with promising technolo-
one of the DoD’s priorities, not only to
systems, marine navigation systems and gies, new programs and future growth
ensure military readiness, but to provide
intrusion detection systems. Klein mar- opportunities.
an affordable alternative to purchasing
kets to US and international government
larger quantities of expensive new plat-
and military organizations and offshore
forms.
oil companies, among others. Klein’s
The Department of Homeland
products were utilized as the principal
Frank C. Lanza
Security (DHS) budget in 2004 will be
sonar sensors in the search for the
Chairman and Chief
over $36 billion, 7% more than 2003
Titanic, Space Shuttle Challenger,
Executive Officer
levels. The focus of its spending will be
Space Shuttle Columbia and TWA
on securing borders, air transportation
Flight 800.
and ports, as well as responding to
Prospects for 2004 and Beyond national emergencies. L-3 has the
broadest array of key products to protect
e at L-3 expect that 2004 will be Robert V. LaPenta
W US citizens and the national infrastruc-
another solid year for the com- President and Chief
ture, including products and systems for
pany. With the post-Cold War transfor- Financial Officer
ESSCO was honored with a Gold
Display Systems was selected in 2003 BT Fuze Products was awarded the
Security and Detection Systems
Supplier award from Northrop
as Boeing’s 2002 Supplier of the Year quot;We Make a Difference Awardquot; for
received an award in the category of
Grumman Space Technology as a
for Aerospace Support. its Integrated Product Team (IPT)
Innovative Security Technology for its
result of the company’s performance
efforts on the M762A1/M767A1 Fuze
VCT30 explosives detection system
on a contract to supply a 100-foot-
Display Systems also received the dis- Program from the US Army's
(EDS). Awarded in Rome, Italy at
diameter metal space frame radome.
tinguished Preferred Supplier Armament Research, Engineering
AVSEC World 2002 – a cooperative
Certification Award from The Boeing and Development Center.
forum comprised of government
Space and Navigation has received the
Company in recognition of its com- organizations, airlines and airports in
Large Business of the Year award
mitment and dedication to continuous Electrodynamics received certification
the global air transport industry – the
from United Space Alliance (USA).
business process improvements, on- in the Process Validation Program
VCT30 is the only Federal Aviation
This honor is in recognition of the
time delivery, achievements in (PVP) from Lockheed Martin
Administration (FAA) ARGUS system
outstanding performance demonstrat-
advanced quality systems, customer Aeronautics Company and retained its
to receive such an award.
ed on the Space Shuttle program.
satisfaction and affordability. certification as a Silver Supplier with
The Boeing Company.
8. SECURE
COMMUNICATIONS
AND INTELLIGENCE,
SURVEILLANCE AND
RECONNAISSANCE
(ISR) secure communications, providing
secure data links, secure telephone and
network communications infrastructure
equipment and encryption management
L-3’s systems provide the command, and communication systems for tactical,
control and communications needed for unmanned and reconnaissance aircraft,
surface and undersea vessels and
network-centric interoperability. manned space flights and satellites.
The US Air Force selected L-3
T
he war in Iraq had many battlefield information from multiple Communication Systems-West to design
transformational elements, platforms and sources to the warfight- and develop the Multi-Platform
including joint operations, ers. A leader in secure communications Common Data Link (MP-CDL), sup-
the effective use of Special and ISR, L-3 is also continuing its vital porting the transmission and receipt of
Operations Forces (SOF) and role in assisting the US military in real- data between ground facilities and mul-
speedy movement of troops and sup- izing that vision. There were several tiple simultaneous air vehicle platforms.
plies. But perhaps two of the most effec- key developments in 2003 that will con- L-3 is also developing the third-genera-
tive advantages were the superiority of tinue into the future. tion Tactical Common Data Link
US technology – data links, satellites and (TCDL) system, called the Multi-Role
The future of NCCT and ISR
airborne sensors – that detect the enemy TCDL (MR-TCDL). This Joint Tactical
through challenging weather conditions; L-3 serves as a prime contractor Radio System (JTRS)-compliant system
and the coordination among ground, air for ISR by supplying signals intelli- provides wideband backbone and net-
and space assets to deliver precision- gence (SIGINT) and communications working services and operates in numer-
guided weaponry and eliminate threats. intelligence (COMINT) systems, which ous CDL, MP-CDL and satellite com-
These technological achievements when combined with human intelli- munications modes. Both MP-CDL and
are the continuation of US efforts to fully gence (HUMINT), provide real-time sit- MR-TCDL are cornerstones for future
realize the promise of network-centric uational awareness for the responding network-centric communications – pro-
warfare – providing real-time, executable warfighter. L-3 is also a leader in viding the wideband communication
6
9. portive role for the Predator and Global
fies transformational ISR.
architecture that connects critical infor-
Hawk UAV platforms and for the U-2
mation flow within the ISR community.
Reconnaissance reconnaissance aircraft.
In addition, L-3 ComCept is the
L-3 IS had record bookings for its
L-3 Communication Systems-
prime contractor for Joint and Coalition
tactical reconnaissance programs, which
West is also a major supplier to special
Forces – Network-Centric Collaborative
resulted in important new capability
intelligence military programs and air-
Targeting (NCCT), which is transform-
development efforts for the RC-135
craft. In 2003, L-3 continued its sup-
ing network-centric warfare technology.
L-3’s Network Enabled Technologies
(NET) allow forces to use their plat-
(left)
forms, sensors and weapons more effi-
Outfitting Special Operations Soldiers
ciently by managing all of their net-
worked resources as a single high-per-
The Joint Operations Group of L-3 Integrated Systems
formance system. NCCT is being
installed on the core ISR-enabled fleets
provides worldwide logistics support to the US Special
for the US and UK and is on track for a
Operations Command (USSOCOM) as part of the $1.5
successful demonstration in 2004.
NCCT participants include the Airborne
billion Special Operations Forces Support Activity con-
Warning and Control System (AWACS),
tract, one of the largest contracts in L-3’s history. L-3’s
Distributed Common Ground Systems
(DCGS), Joint Surveillance Target
integrated logistics support includes a full range of
Attack Radar System (JSTARS),
Special Operations Aviation systems integration and
Nimrod, Rivet Joint, Guardrail and the
Combined Air Operations Center. Also
maintenance, unique wheeled vehicle engineering and
in 2003, L-3 Integrated Systems (IS)
design, integrated logistics support, gunsmithing, water-
demonstrated its Lightweight SIGINT
(LITES) technology, which dramatically
craft refurbishment and communications-electronics and
increases SIGINT capability via multi-
night vision device repair and return.
ple-platform collaboration. This key
enabler for the NCCT system exempli-
NCCT uses a collaborative
machine-to-machine interface to
integrate air, space and surface
ISR assets.
www.L-3com.com L-3 Communications Summary Annual Report 7
10. Secure Communications and ISR
development program. The proposed
(right)
The High Altitude AIRS system consists of a high-per-
Observatory (HALO-
formance, infrared telescope and data
II), a modified
collection system capable of being inte-
Gulfstream business
grated on either manned or unmanned
jet, carries the L-3
Aeromet-developed air vehicles to detect, track and discrim-
Heimdall-IR™ surveil-
inate ballistic missiles in all phases of
lance system, which
flight. The system is also capable of
uses precision EO/IR
providing infrared detection and
radiometric and track-
ing data to support key detailed imaging of ground targets.
test and measurement
L-3 is also playing a critical role in
objectives during mis-
the MDA’s development of the Ground-
sile defense develop-
based Midcourse Defense Segment
ment. Aeromet was
acquired by L-3 in (GMDS). Communication Systems-
May 2003 and is now
East is under contract to provide Solid
part of L-3 IS.
State Power Amplifier Assemblies
(PAA) for the GMD Extremely High
Frequency (EHF) communications sub-
(left)
system. The PAA, developed, manufac-
L-3 IS continues to mod-
tured and tested by L-3, resides on the
ernize and support the
Ground-Based Interceptor (GBI) boost-
US Air Force’s RC-135
Rivet Joint fleet by per- er and is part of the communications
forming airframe and
system between the kill vehicle and
mission systems modifi-
the ground-based command and control
cations. The on-board
system. It collects and processes target
sensor suite allows the
mission crew to detect, acquisition information and provides in-
identify and geolocate sig-
flight updates that enable the kill vehicle
nals throughout the elec-
to acquire, intercept and destroy the tar-
tromagnetic spectrum.
get.
Secure Products
Rivet Joint. In addition, L-3 IS received tems will allow the TARS pod to provide L-3 Communication Systems-East
increased funding for ongoing and con- the warfighter with real-time Image has recently received National Security
tinuous support of the Big Safari Intelligence (IMINT) for Bomb Damage Agency (NSA) certification for the
Logistics program. L-3 also won Assessment (BDA) that is superior to RedEagle™ KG-240, a 100 Mbps net-
expanded work to provide special mis- their current reconnaissance pod. work encryptor. The RedEagle KG-240
sion self-protection and communica- A key tactical communications is the first product ever to both receive
tions systems installation for a variety of project for the US Army is the Phoenix NSA certification and meet the US gov-
aircraft platforms. program. L-3 Communication Systems- ernment's stringent High Assurance
The 14-aircraft EH-130H Com- West will design, integrate and test the Internet Protocol Interoperability
pass Call fleet performs tactical com- Tri-Band Satellite Communication Specification (HAIPIS). L-3's Red-
mand, control and communications System to be mounted on High Mobility Eagle family of products is expected to
countermeasures and recently complet- Multipurpose Wheeled Vehicles play a key role in establishing a secure
ed missions in support of Operation (HMMWV). The Phoenix system will infrastructure in support of the DoD's
Iraqi Freedom. In addition to its support replace the Army’s aging fleet of more transformational communication net-
of the Compass Call program, L-3 IS than 150 Ground Mobile Forces (GMF) working initiatives.
will now supply periodic depot mainte- Tactical Satellite Communication L-3 Communication Systems-East
nance, modifications and contractor Systems for higher bandwidth satellite reached a major program milestone in
support services for the EH-130H. communications. 2003 with the delivery of its 100,000th
L-3 Communication Systems- Secure Terminal Equipment (STE) unit
EXPanded Capability – EO/IR
East's state-of-the-art S/TAR™ Digital since procurement began in 1998. In
Solid State Recorder was selected for L-3 expanded its electro-optical 2003, there were also orders for L-3’s
the US Air Force’s F-16 Theater and infrared (EO/IR) services capability Secure Voice Conference Services
Airborne Reconnaissance System with the acquisition of Aeromet. In (SVCS) from the DHS and for STE-R as
(TARS) Electro-Optical Pre-Planned 2003, the business received an option the next member of the STE family of
products. ◊
Product Improvement (P3I) program. from the Missile Defense Agency
Along with an L-3 Communication (MDA) for the extension of the Airborne
Systems-West data link, the new subsys- Infrared Surveillance (AIRS) concept
8
11. On the battlefield, there are
no runners up.
There's a reason why L-3 is an incumbent on major C4ISR programs. L-3's secure communications and ISR
products prove themselves successfully every day in every theater – on the ground, in the air and at sea.
At the heart of the DoD's network-centric warfare systems are L-3's SATCOM terminals, secure
communications products, data links and sensors.
Helping Build the Internet in the Sky
12. T
he superior performance of
US troops in both
Training,
Afghanistan and Iraq was due
to many factors, including the
personal courage and skill of
our forces, their sharing of intelligence
Simulation
and information, the precision and
lethality of their weapons – and the qual-
ity of their training.
By using state-of-the-art training
and simulation systems that replicate the
and Support
challenges, terrain and weather condi-
tions of specific combat zones, military
personnel can achieve the readiness
needed to embark on missions. A high
degree of realism in a training environ-
ment facilitates a better response in actu-
al action and provides a key psychologi-
cal advantage in the field.
Training will continue to be a high
priority for the DoD for many reasons.
Ongoing operations and a shift toward
joint coalition forces are creating an
increased need for simulated training, as
cost factors, complex environments and
deployment schedules decrease live
training opportunities. New training
technologies, which provide realistic,
immersive experiences, will be used to
maintain optimum readiness and L-3
Link Simulation and Training is at the
forefront of this initiative with advanced
simulation products and training services.
AVCATT-A
In 2003, Link delivered four of its
unique Aviation Combined Arms Tactical
Trainer-Aviation Reconfigurable Manned
Simulator (AVCATT-A) suites to the
Army and Army National Guard.
AVCATT-A suites replicate five separate
helicopter platforms to support a highly
realistic combat environment. This envi-
(clockwise from top left)
In 2004, Link will deliver an F-16C Block 52+ Aircrew Training Device to
the Hellenic Air Force.
Link continues to deliver F/A-18E/F Tactical Operational Flight Trainers
(TOFT) to the US Navy to support pilot and weapon systems officer train-
ing. These F/A-18E/F TOFTs are the first simulators to incorporate the
company’s SimuSphere™ dodecahedron visual system display.
E-3 Airborne Warning and Control System flight crews now use modern
simulators to practice challenging air refueling operations.
The F/A-22 Weapons Tactics Trainer enables Raptor pilots to gain extensive
procedural training and build competence in both individual and team
weapon systems employment.
10
13. Flight School xxi
ronment enables aircrews to fly in all pilots use helmets that provide a 360-
combat modes, day and night, against an degree field-of-regard. L-3 is continu- In early 2004, Link won a contract
enemy force in networked exercises. ing to make investments in this technol- to provide simulators and contractor
Each suite consists of two mobile 53-foot ogy and is working on a new, light- logistics support for the Army’s Flight
trailers that house six reconfigurable sim- weight system, which will attach to a School XXI, a major program designed
ulators, a Battle Master Control Room pilot’s actual helmet, enabling on- to increase aviators’ aircraft experience
and an After Action Review Theater that demand training anytime and anywhere. prior to their first combat unit assign-
can be transported wherever necessary. In addition to AVCATT-A, L-3 ment. Under this program, Link will
L-3 will deliver three more suites and provides howitzer crew gunnery simula- develop, test, install, operate and main-
expects to receive additional production tors and training simulators for such tain all of Flight School XXI’s Advanced
contracts during 2004. major air platforms as the F/A-18, Aircraft Virtual Simulators and
One of the most innovative tech- F/A-22, F-117, F-16 and the B-2. L-3 Reconfigurable Training Devices.
nologies associated with AVCATT-A is also supplies computer-based training These training devices will incorporate
its helmet-mounted display, which sets a and simulators for the E-3 AWACS and the latest virtual simulation technologies
new standard in visual simulation dis- the P-3 maritime surveillance aircraft. developed at Link and will contribute to
play capability. Each of the suite’s 12 the Army’s goal of increasing pilot pro-
ficiency and better supporting units’
efforts to sustain combat readiness.
Link will also provide extended logistics
support for these products for the life of
the program.
There were many key awards dur-
ing 2003, including funding from
Boeing to build additional F/A-22 pilot
training devices and a delivery order
award for concurrency upgrades on air-
crew and maintenance training systems
for the US Air Force B-2A Spirit train-
ing program. There was also a strategic
win to provide contractor aircrew train-
ing services for the US Air Force’s E-8C
JSTARS Flight Crew Training program.
Link trainers already account for
over 90% of the fielded flight simulators
for F/A-18 training. In 2003, Link
received a contract to build and upgrade
F/A-18E/F flight simulators and a Link
and L-3 Government Services, Inc.
(GSI) team was awarded a contract
option to develop a second F/A-18C
Distributed Mission Training suite.
On the international front, the
Commonwealth of Australia announced
it has entered into a Deed of Agreement
with Link and Raytheon Australia to
provide the Royal Australian Air Force
(RAAF) with a modern F/A-18 Hornet
Aircrew Training System.
Also in conjunction with Link,
GSI was selected to bid on the US
Navy’s $3 billion Training Systems
Contract II from the Naval Air Systems
Command (NAVAIR) Training Systems
Division. Through 2011, Link and GSI
will have the opportunity to bid on
delivery orders for training design,
development, production, modification,
evaluation, delivery, product support
www.L-3com.com L-3 Communications Summary Annual Report 11
14. Training, Simulation and Support
The L-3 GSI team has also
and system test and evaluation. and Common Ground Station
received awards under a major intelli-
The market for government out- Systems.
gence community client blanket pur-
sourcing services also continues to be a In addition, L-3 provides adminis-
chase agreement to provide information
growth area, as it accommodates trative support to the Defense Intelligence
technology services, such as systems
expanding requirements cost-effectively. Agency, performing document searches
and enterprise engineering, communi-
L-3 divisions are equipped to respond to and providing linguists in the Middle
cations, information technology infra-
governmental agency requests for expe- East. In Iraq, MPRI is working closely
structure operations and life-cycle sup-
rienced support personnel in national with the New Iraqi Army Training
port to members of the intelligence
security and organizational management Program, augmenting the Defense
community.
programs, emergency management sys- Intelligence Agency, as well as providing
During 2003, L-3 MPRI contin-
tems and leadership training and educa- staff instruction to the Iraqi Ministry of
ued to provide its expertise in the US
tional development areas. Defense. MPRI also provides staff
and around the world with programs instruction to the Afghanistan Ministry of
Greater Demand for Services that support the US DoD, non-DoD Defense and training programs for the
agencies and companies in the corpo-
In 2003, L-3 consolidated four Afghan National Army. In Kuwait, MPRI
rate sector. MPRI provided a wide
companies, creating GSI from its has been working with the Kuwaiti
range of services to foreign govern-
Analytics, EER Systems, IMC and TMA National Guard to enhance its profession-
ments, including organizing democracy
businesses. GSI serves a customer base al development program and is also pro-
transition efforts and strategic planning.
that includes the DoD, DHS, state and viding Observer/Controller assistance to
MPRI supports the Program
local governments and selected US gov- its units.
Executive Office (PEO) Soldier
ernment intelligence agencies. L-3 is also a leading provider of
program, which distributes equipment
In 2003, GSI was awarded a task intelligence technology service and sup-
to those US Army units deploying to
order under a USSOCOM 5-year port to several US space and missile
Afghanistan and Iraq. In addition,
Indefinite Delivery/Indefinite Quantity defense organizations and is a supplier
L-3 ILEX Systems Field Software
(ID/IQ) contract to provide intelligence of engineering and scientific services
Engineers were deployed at the onset
and security support to the Joint Special and information technology services to
of Operation Enduring Freedom in
Operations Command (JSOC). Under the government sector. In 2003, L-3
Afghanistan. In Iraq, engineers are
this order, L-3 will provide analytical received awards for NUMAS (NORAD
providing direct systems support to more
support for intelligence services, includ- and US Space Command Mission
than 400 All Source Analysis Systems,
ing exploitation and analysis operations, Architecture Support) supporting
Integrated Meteorological Systems,
operational and exercise planning, NORTHCOM in areas such as cruise
Digital Topographic Support Systems
imagery system exploitation and securi- missile defense and strategic intelli-
ty management support. gence for special operations units devel-
oping critical communications links
around the world. ◊
Photo: Courtesy of Department of Defense
MPRI is recognized worldwide as a leader
in providing services related to military
leadership and organizational development,
strategic analysis, studies and assessments,
homeland security, anti-terrorism and
emergency management. MPRI currently
distributes equipment to those US Army
units deploying to Afghanistan and Iraq and
provides training programs for the Afghan
National Army.
12
15. Preparing for battle.
Anytime. Anywhere.
For the first time…a mobile, reconfigurable training system, enabling teams
to operate the US Army's full complement of tactical helicopters and
collectively train as they will fight…before they ever leave the ground.
The Aviation Combined Arms Tactical Trainer-Aviation Reconfigurable Manned
Simulator (AVCATT–A) - developed exclusively by Link Simulation and Training.
Training as Real as the Battlefield
16. Aviation
Products
and Aircraft
Modernization
T
he Aviation Products and providers in this market niche. L-3
Aircraft Modernization made the second-largest acquisition in
segment expanded sig- its history with the addition of a former
nificantly in 2003, taking joint-venture partner, Vertex Aerospace
advantage of growth in LLC, a leader in logistics support, mod-
the military aircraft modernization por- ernization, maintenance, supply chain
tion of the DoD budget and providing management and depot services. Now
additional capabilities to key interna- an L-3 IS subsidiary, Vertex brings sup-
tional allies and customers. Supporting port for 2,800 active fixed- and rotary-
current operations in Afghanistan and wing aircraft, as well as over 85 vehicle
Iraq necessitates modernization and platforms and operations in 306 military
maintenance services to keep the fleet in sites and other US government sites
good working order. worldwide to L-3.
At the same time, the balance Prior to its acquisition of Vertex
between new platforms and fleet Aerospace, L-3 had partnered with the
upgrades is another important develop- company, as well as Paragon Systems
ment that will impact DoD spending and U.S. Helicopter, to win a competi-
over the next several years. Although tively bid, 10-year, $2.7 billion contract
the DoD anticipates the production of to provide contractor logistics support at
new and expensive platforms for the Fort Rucker, Alabama. The partnership
armed services, there is a limit to its will provide personnel, management,
spending. DoD officials are already material parts, supplies, transportation
decreasing the quantities they order of and equipment to perform aviation unit
each new platform and are looking to maintenance, aviation unit intermediate
upgrade and maintain existing platforms maintenance and approved depot main-
to ensure readiness and keep within tenance in support of flight training of
spending limits. They are citing the all assigned rotary-wing aircraft at Fort
superior performance of upgraded US Rucker.
platforms in Afghanistan and Iraq as L-3 also acquired the US and
evidence that the US can be effective by Canada-based Military Aviation
using existing aircraft in transformation- Services (MAS) from Bombardier Inc.
al ways. L-3 MAS is a leader in systems engi-
neering support and aircraft moderniza-
L-3 adds Vertex and MAS tion and offers a full range of technical
In military aircraft modernization, services in maintenance, repair and
L-3 added two synergistic companies to upgrade for military aircraft and region-
its L-3 IS and Spar Aerospace opera- al jets. This acquisition significantly
tions, making it one of the largest enhances L-3’s Canadian operations
14
17. optimized C-130 weapon systems man-
(WESCAM and Spar Aerospace) and
(below)
agement requirements of the DND.
favorably positions other divisions with-
An L-3 joint-venture team won the contract
In addition, L-3 MAS is instru-
in L-3 for future in-country opportuni- to provide maintenance and logistics sup-
mental in the Canadian CF-18 modern-
ties. port for rotary-wing aircraft at Fort
ization program, retrofitting the first
In 2003, L-3 Spar completed the Rucker, Alabama, which represents the
largest aircraft maintenance contract in the CF-18 with an upgraded avionics suite
design, development and prototyping of
DoD. Aviation operations at Fort Rucker
in 2003. MAS is developing a Center
a number of structural life extension and
account for approximately 40% of the US
Barrel Replacement prototype, a critical
systems reliability improvements for the Army's total flying program. Supported
milestone for the CF-18 mid-life struc-
Lockheed Martin C-130 transport air- aircraft types include AH-64A, AH-64D,
tural program. L-3 MAS is also work-
craft. In addition, Spar was awarded the CH-47D, EH-60A, OH-58A/C, OH-58D,
TH-67, UH-1 and UH-60A. ing with Sikorsky Aircraft Corporation
production phase of the Canadian
and General Dynamics Canada to offer
Department of National Defence (DND)
in-service support of the H-92 helicop-
C-130 structural refurbishment and
ter for the Maritime Helicopter Program
wiring upgrade program. Spar intends
– the Canadian government’s largest
to combine its C-130 depot-level main-
military capital program for the foresee-
tenance, structural modification and
able future.
avionics upgrade capabilities and pro-
gram experience to offer comprehensive
Integrated systems Contract Wins
fleet support to respond to the upcoming
L-3 IS has maintained a long
and successful relationship with the
USSOCOM and in 2003 was awarded a
10-year, $1.5 billion ID/IQ award.
Under this contract, L-3 will provide
logistics support to the USSOCOM, its
component commands, selected DoD
customers and designated government
agencies. The program is known as
Special Operations Forces Support
Activity (SOFSA).
L-3 IS was also awarded an initial
contract for the Multimission Command
and Control Aircraft (MC2A) for design
of important radar-related aircraft sys-
tems as part of the MC2A Weapon
Systems Integration effort. L-3 also
completed the upgrade of the US Navy’s
E-6 fleet to an E-6B configuration,
which now performs the missions of the
E-6A Take Charge and Move Out
(TACAMO) and the US Air Force
EC-135 Airborne Command Post fleets.
In 2003, L-3 IS extended its record of
consecutive on-time US Navy deliveries
to 158, which includes E-6B and P-3 air-
craft.
In the international arena, L-3 IS
continued its work on designing and
modifying the prototype aircraft for the
Canadian CP-140 Aurora Incremental
Modernization Program. L-3 will also
continue delivering upgraded AP-3Cs to
the RAAF as part of the Sea Sentinel
program. The AP-3Cs have already
been successful in service in the Middle
East and in winning the prestigious
Fincastle trophy, an international
anti-submarine warfare competition.
www.L-3com.com L-3 Communications Summary Annual Report 15
18. Aviation Products and Aircraft Modernization
L-3’s Military Airborne
The RAAF has also certified L-3 MAS tration (FAA) Technical Standard Order
Surveillance System (MASS™), an
as an Authorized Engineering Organ- (TSO) certification approval of its first
enhanced TCAS for military formation
ization (AEO) to perform work on its product specifically developed for the
and rendezvous operations, made its
F/A-18 aircraft. commercial avionics marketplace – the
PVI-600™ Series commercial Multi- first flight in August of 2003. Produced
Aviation Products by L-3’s Aviation Communication &
Function Display (MFD). This active
Surveillance Systems (ACSS), MASS
In aviation products, L-3 received matrix liquid crystal display (AMLCD)
has been selected for the Boeing 767
a host of key contracts in 2003, includ- replaces existing radar indicators with
Global Tanker Transport Aircraft. In
ing Communication Management an instrument capable of displaying
addition, L-3 Electrodynamics received
Systems for B737 aircraft to support the radar, Traffic Alert and Collision
a follow-on contract from Lockheed
Special Air Mission of the US Air Force, Avoidance System (TCAS) and Terrain
Martin for Crash Survivable Memory
as well as displays for the C-130J and Awareness and Warning System
Units (CSMU) for the F-22 Raptor, as
KC-130J and the F-15K Eagle fighter (TAWS) data. L-3 also delivered the
well as a contract from Boeing for the
aircraft. There was also an award for the Display & Control Subsystem (DCS) for
initial production of ten Advanced
Army Airspace Command and Control the Virtual Imaging System for
Signal Data Computers (ASDC) for the
(A2C2) program, a tactical operations Approach and Landing (VISUAL) ini-
T-45 Goshawk trainer. Additionally, L-3
command post hosted on a UH-60 Black tiative. This system provides vital situa-
Targa Systems has developed an
Hawk helicopter. L-3 Display Systems tional awareness information to the
Ethernet Data Transfer System for the
also won awards for the AH-64 Apache, Landing Signal Officer during aircraft
X-45 Unmanned Combat Aerial Vehicle
C-130H Hercules, CH-46 Sea Knight, recovery operations on conventional air-
(UCAV) development program.
C-27J Spartan, C-17 Globemaster, craft carriers.
L-3 has the distinction of being
T-38C Talon, A/MH-6 SOF helicopters
involved in the creation of the world’s
and JAS-39 Gripen.
largest airborne observatory for NASA
In 2003, Display Systems
and the German space agency DLR. A
received Federal Aviation Adminis-
2.5-meter telescope assembly from
Germany was installed by L-3 IS aboard
the 747 aircraft that will serve as the
Stratospheric Observatory for Infrared
Astronomy (SOFIA).
Growing General Aviation Markets
In addition to providing compre-
hensive military aviation products and
services, L-3 offers the marketplace a
broad range of products for commercial
(above left to right) and general aviation. These include
Display Systems will be providing mission computer Display Units (DU) for the C-17
cockpit displays, collision avoidance
Globemaster III airlifter. These 4-inch by 3-inch active matrix liquid crystal displays feature
and proximity warning systems, flight
high-resolution, high-brightness performance and night vision goggle compatibility.
management systems and solid state
SkyWatch is the leading general aviation collision avoidance system, providing pilots with up
flight data and cockpit voice recorders
to the second traffic information anywhere in the world. Its active technology operates
and data transfer units.
independently of ground-based radar and easily integrates with most MFDs, Electronic Flight
In 2003, commercial air travel
Instrument Systems (EFIS) and radar indicators.
continued to be weak due to a combina-
(below left to right)
tion of economic recession, the presence
Display Systems was awarded a multi-year contract to provide cockpit displays for C-130J
of SARS in Asia and lingering air travel
aircraft for the US Air Force and KC-130J aircraft for the US Marines.
safety concerns. However, during the
The ACSS FAA-certified T2CAS is a unique safety avionics product that combines a Terrain
fourth quarter, there was an increase in
Awareness and Warning System (TAWS) with the industry's leading Traffic Alert and Collision
travel and many analysts believe that
Avoidance System, the TCAS 2000. T2CAS can be applied to any air transport, regional,
business or military aircraft and provides unique predictive warnings and cockpit displays. there will be a recovery in this industry
beginning in 2004.
Despite this environment, L-3
ACSS achieved some key milestones in
2003. Its next-generation TCAS was
selected by Dassault to be a standard
installation on the new Falcon 7X busi-
ness jet. T2CAS™, a combined TCAS
16