Exhibit 99.1
News Release | Corporate Communications 7480 Flying Cloud Drive Minneapolis, MN 55344 | Phone: 952-351-3087 Fax: 952-351-3009 |
For Immediate Release |
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Media Contact: |
| Investor Contact: |
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Bryce Hallowell |
| Jeff Huebschen |
Phone: 952-351-3087 |
| Phone: 952-351-2929 |
E-mail: bryce.hallowell@atk.com |
| E-mail: jeff.huebschen@atk.com |
ATK Reports Strong FY09 Year-End and Fourth-Quarter Operating Results, Raises FY10
Outlook
Full Year Sales up 10 Percent to $4.6 Billion; Fourth Quarter Sales rise 11 Percent to More than
$1.2 Billion
FY09 Orders of $5 Billion Represent a Book-to-Bill of 1.1 — Total Year-End Backlog of
$7.0 Billion
Full Year Fully Diluted Earnings Per Share of $4.56, and Fourth Quarter Loss of $1.00 Per Share,
Driven by $109 Million, Non-Cash Goodwill Impairment Charge
Excluding Goodwill Impairment, Full Year Fully Diluted Earnings Per Share Increased 23
percent to $7.75 and Fourth Quarter EPS rose 33 percent to $2.28
Minneapolis, May 7, 2009 — Alliant Techsystems (NYSE: ATK) today reported strong operating results for Fiscal Year 2009 (FY09), which ended on March 31, 2009. Based on the strength of continuing operations, expected revenues from the March 31, 2009 acquisition of Eagle Industries, and lower than expected pension expenses, the company is raising sales and earnings guidance for Fiscal Year 2010 (FY10).
Sales in FY09 increased 10 percent to $4.6 billion. Orders for the year were $5.0 billion, yielding a book-to-bill ratio of 1.1. The total year-end backlog was $7.0 billion. Full-year operating margins were 8.4 percent, reflecting the company’s previously announced intention to take a $109 million, non-cash goodwill impairment charge. Prior to the charge, full-year margins were 10.8 percent compared to 10.3 percent in the prior year, in-line with the company’s long-term expectations for margin improvement. FY09 fully diluted earnings per share (EPS), prior to the impairment, increased 23 percent to $7.75 from $6.32 in the prior year (see reconciliation tables for details). Year-end free cash
flow was $313 million, a $31 million increase from the prior year, driven by strong operating results, partially offset by increased capital expenditures (see reconciliation table for details).
Sales in the fourth quarter of FY09 surpassed $1.2 billion, an 11 percent increase over the prior-year quarter. Fourth quarter orders reached $1.8 billion, driven by strong demand for commercial and military ammunition, international programs, and a substantial Airbus A350 composite structures award. Excluding the impairment charge, fully diluted fourth quarter EPS increased 33 percent to $2.28, compared to $1.72 in the prior-year quarter. Operating margins for the quarter were 2.9 percent. Excluding the charge, operating margins improved to 11.5 percent compared to 10.0 percent in the prior-year quarter (see reconciliation tables for details). The prior-year quarter included a $6.6 million charge related to an acquisition that was terminated.
“In FY09, ATK significantly expanded our opportunity for growth,” said Dan Murphy, Chairman and CEO. “We established a new presence in commercial aerospace through the A350 program, significantly expanded our international ammunition business while delivering an unprecedented volume of ammunition to domestic commercial and government customers, captured a promising advanced missile target program, and pioneered new small satellite technologies. We are poised for continued growth and confident that we will deliver even greater value for our shareholders in the future.”
SUMMARY OF REPORTED RESULTS
The following table presents the company’s results for fiscal year 2009 and the fourth quarter ending March 31, 2009 (in thousands).
External Sales:
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| Quarters Ended |
| Years Ended |
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| March 31, |
| March 31, |
| $ Change |
| % |
| March 31, |
| March 31, |
| $ Change |
| % |
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ATK Armament Systems |
| $ | 435,306 |
| $ | 405,204 |
| $ | 30,102 |
| 7.4 | % | $ | 1,737,909 |
| $ | 1,476,716 |
| $ | 261,193 |
| 17.7 | % |
ATK Mission Systems |
| 372,636 |
| 329,350 |
| 43,286 |
| 13.1 | % | 1,215,018 |
| 1,139,038 |
| 75,980 |
| 6.7 | % | ||||||
ATK Space Systems |
| 449,016 |
| 394,589 |
| 54,427 |
| 13.8 | % | 1,630,297 |
| 1,555,971 |
| 74,326 |
| 4.8 | % | ||||||
Total external sales |
| $ | 1,256,958 |
| $ | 1,129,143 |
| $ | 127,815 |
| 11.3 | % | $ | 4,583,224 |
| $ | 4,171,725 |
| $ | 411,499 |
| 9.9 | % |
Income before Interest, Income Taxes, and Minority Interest (Operating Profit):
|
| Quarters Ended |
| Years Ended |
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| March 31, |
| March 31, |
| $ Change |
| % |
| March 31, |
| March 31, |
| $ Change |
| % |
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ATK Armament Systems |
| $ | 40,739 |
| $ | 41,283 |
| $ | (544 | ) | (1.3 | )% | $ | 171,563 |
| $ | 139,603 |
| $ | 31,960 |
| 22.9 | % |
ATK Mission Systems |
| 48,920 |
| 41,012 |
| 7,908 |
| 19.3 | % | 153,341 |
| 129,028 |
| 24,313 |
| 18.8 | % | ||||||
ATK Space Systems |
| (48,968 | ) | 44,371 |
| (93,339 | ) | (210.4 | )% | 79,560 |
| 192,995 |
| (113,435 | ) | (58.8 | )% | ||||||
Corporate |
| (4,496 | ) | (13,273 | ) | 8,777 |
| 66.1 | % | (20,007 | ) | (31,098 | ) | 11,091 |
| 35.7 | % | ||||||
Total |
| $ | 36,195 |
| $ | 113,393 |
| $ | (77,198 | ) | (68.1 | )% | $ | 384,457 |
| $ | 430,528 |
| $ | (46,071 | ) | (10.7 | )% |
SEGMENT RESULTS
In FY09, ATK operated three principal business groups: Armament Systems; Mission Systems; and Space Systems.
ATK ARMAMENT SYSTEMS
For the full-year, sales in the Armament Systems group increased 18 percent to $1.7 billion, compared to $1.5 billion in the prior year, reflecting strong demand for commercial and military ammunition.
Earnings before interest, taxes, and minority interest (operating profit) for the year rose 23 percent to $172 million from $140 million in the prior year, reflecting higher revenues across all divisions, lower pension costs, and operating efficiencies.
Sales in the fourth quarter rose seven percent to $435 million compared to $405 million in the prior-year quarter, driven by continued strength in commercial ammunition and initial deliveries of non-standard ammunition for the Afghan Security Forces. Operating profit for the quarter remained steady at $41 million compared to the prior-year quarter, reflecting higher profits in commercial ammunition, offset by a $6 million write off of an accounts receivable related to a customer bankruptcy filing.
ATK MISSION SYSTEMS
Full year sales in the Mission Systems group rose seven percent to $1.2 billion, compared to $1.1 billion in the prior year. The increase reflects higher sales of composite structures, propulsion systems, and special mission aircraft. These were partially offset by lower sales of tank ammunition. Full-year operating profit rose 19 percent to $153 million compared to $129 million in the prior year, reflecting higher sales in composite structures, and special mission aircraft, as well as lower pension expenses.
Sales in the quarter rose 13 percent to $373 million, compared to $329 million in the prior-year quarter. The increase was driven by higher sales volume in composite structures including the Airbus A350, tactical rocket motors, and the ramp up of advanced weapons programs, partially offset by a decline in the sales of tank ammunition. Operating profit increased to $49 million, a 19 percent rise from the $41 million recorded in the prior-year quarter. The increase was primarily driven by higher volumes in the group’s composite structures business.
ATK SPACE SYSTEMS
Full year sales in the Space Systems group rose nearly five percent to more than $1.6 billion. Full-year operating profit was $80 million compared to $193 million in the prior year. Excluding the non-cash, non-deductible $109 million goodwill impairment charge, operating profit was $188 million (see reconciliation table for details). The decrease primarily reflects the charges taken in the first quarter related to the group’s Spacecraft Systems division.
Fourth quarter sales in the Space Systems group rose 14 percent to $449 million compared to $395 million in the prior-year quarter. The increase reflects higher sales in NASA programs due in part to the timing of program requirements, as well as increased sales of commercial launch programs and missile defense systems. The group reported an operating loss in the quarter of $49 million, compared to an operating profit in the prior-year quarter of $44 million. Excluding the non-cash, non-deductible goodwill impairment charge, operating profit for the quarter was $60 million, reflecting higher sales volume, added incentive fees in the group’s NASA programs, and improved operating performance in the Spacecraft Systems division (see reconciliation table for details).
CORPORATE AND OTHER
For the full year, corporate and other expenses totaled $20 million, compared to $31 million in the prior year. Fourth quarter corporate and other expenses totaled $5 million compared to $13 million in the prior-year period. The changes in full year and quarterly results were driven primarily by the charges related to an acquisition that was terminated in the prior year. The effective tax rate for the year was 51.8 percent, reflecting the non-deductibility for tax purposes of the non-cash goodwill impairment, and a $5.9 million valuation allowance related to capital loss carryovers. Excluding these items, the effective tax rate was 37.3 percent (see reconciliation table for details).
OUTLOOK
ATK is raising its FY10 EPS guidance to a range of $8.05 - $8.25, up from its previous expectations of $7.40 - $7.60. Due to U.S. GAAP accounting changes related to the company’s outstanding convertible debt that took effect on April 1, 2009, the company will be required to retrospectively adopt the new accounting provision for all affected reporting periods. In FY10, the company expects this accounting change to result in a $0.35 impact per share, which is reflected in its current guidance range. As reflected in the chart below, the accounting change will impact FY09 results by $0.42 per share.
FY09 EPS — Current Accounting Standards |
| $ | 7.75 | * |
Impact of New Accounting Standards |
| $ | (0.42 | ) |
FY09 EPS — New Accounting Standards |
| $ | 7.33 |
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* FY09 EPS of $7.75 excludes the goodwill impairment charge (see reconciliation table for details).
The company is raising its FY10 sales guidance to a range of $4.73 - $4.80 billion, up from previous expectations of $4.55 - $4.65 billion. The guidance increases reflect additional sales and EPS expected from the company’s acquisition of Eagle Industries, lower than anticipated pension expenses, and the strength of ongoing operations. The company expects FY10 operating margins to be approximately 11 percent.
ATK expects to generate free cash flow of $110 - $130 million in FY10, reflecting a $150 million pension pre-payment contribution made in the first quarter of FY10 (see reconciliation table for details). Average share count is expected to be approximately 33.5 million. The effective tax rate for the year is expected to be approximately 37 percent. The tax rate assumes that the Federal R&D tax credit will be extended. Pension expenses are expected to be approximately $70 million. Capital expenditures in FY10 are anticipated to be approximately $130 million.
Reconciliation of Non-GAAP Financial Measures
Earnings per Share
Earnings per share excluding the impact of the non-cash goodwill impairment charge is a non-GAAP financial measure that ATK defines as earnings per share less the impact of the goodwill impairment charge. ATK management believes earnings per share excluding the impact of the non-cash goodwill impairment charge provides investors with an important perspective on the operating results of the Company. ATK management uses this measurement internally to assess business performance.
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| Quarter Ended |
| Year Ended |
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| March 31, 2009 |
| March 31, 2009 |
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| Net |
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| Net |
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| (Loss) Income* |
| EPS |
| Income* |
| EPS |
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As reported |
| $ | (32,753 | ) | $ | (1.00 | ) | $ | 155,119 |
| $ | 4.56 |
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Goodwill impairment |
| 108,500 |
| $ | 3.28 |
| 108,500 |
| $ | 3.19 |
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As adjusted |
| $ | 75,747 |
| $ | 2.28 |
| $ | 263,619 |
| $ | 7.75 |
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* the non-cash goodwill impairment charge is non-deductible for tax purposes so pre-tax and after-tax income are equal
EBIT Margin
The EBIT margin excluding the effect of the non-cash goodwill impairment charge is a non-GAAP financial measure that ATK defines as income before interest, income taxes, and minority interest excluding the effect of the non-cash goodwill impairment charge as a percent of sales. ATK management is presenting this measure so
that a reader may compare EBIT margin excluding this item. ATK’s definition may differ from that used by other companies.
Total ATK:
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| Quarter Ended |
| Year Ended |
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| March 31, 2009 |
| March 31, 2009 |
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| Sales |
| EBIT |
| Margin |
| Sales |
| EBIT |
| Margin |
| ||||
As reported |
| $ | 1,256,958 |
| $ | 36,195 |
| 2.9 | % | $ | 4,583,224 |
| $ | 384,457 |
| 8.4 | % |
Goodwill impairment |
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| 108,500 |
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| 108,500 |
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As adjusted |
| $ | 1,256,958 |
| $ | 144,695 |
| 11.5 | % | $ | 4,583,224 |
| $ | 492,957 |
| 10.8 | % |
ATK Space Systems
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| Quarter Ended |
| Year Ended |
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| March 31, 2009 |
| March 31, 2009 |
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| Sales |
| EBIT |
| Margin |
| Sales |
| EBIT |
| Margin |
| ||||
As reported |
| $ | 449,016 |
| $ | (48,968 | ) | -10.9 | % | $ | 1,630,297 |
| $ | 79,560 |
| 4.9 | % |
Goodwill impairment |
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| 108,500 |
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| 108,500 |
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As adjusted |
| $ | 449,016 |
| $ | 59,532 |
| 13.3 | % | $ | 1,630,297 |
| $ | 188,060 |
| 11.5 | % |
Free Cash Flow
Free cash flow is defined as cash provided by operating activities less capital expenditures. ATK management believes free cash flow provides investors with an important perspective on the cash available for debt repayment, share repurchase, and acquisitions after making the capital investments required to support ongoing business operations. ATK management uses free cash flow internally to assess both business performance and overall liquidity.
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| Projected Year |
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| Year Ended |
| Ending |
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| March 31, 2009 |
| March 31, 2010 |
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Cash provided by operating activities |
| $ | 424,987 |
| $240,000 - $260,000 | * |
Capital expenditures |
| (111,481 | ) | ~(130,000 | ) | |
Free cash flow |
| $ | 313,506 |
| $110,000 - $130,000 |
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* FY10 estimate includes the impact of $150 million discretionary prepayment contribution to pension plan (total FY10 contribution estimated at $160 million)
Effective Tax Rate
The effective tax rate excluding the effect of the non-deductibility for tax purposes of the non-cash goodwill impairment charge and the $5.9 million valuation allowance related to capital loss carryovers is a non-GAAP financial measure. ATK management is presenting this measure so that a reader may compare the effective tax rate excluding these items. ATK’s definition may differ from that used by other companies.
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| Year Ended |
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| March 31, 2009 |
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| Pre-tax |
| Tax Expense |
| Tax Rate |
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As reported |
| $ | 321,970 |
| $ | 166,664 |
| 51.8 | % |
Goodwill impairment |
| 108,500 |
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Valuation allowance |
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| (5,929 | ) |
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As adjusted |
| $ | 430,470 |
| $ | 160,735 |
| 37.3 | % |
ATK is a premier aerospace and defense company with more than 19,000 employees in 22 states, Puerto Rico and internationally, and revenues in excess of $4.6 billion. News and information can be found on the Internet at www.atk.com.
Certain information discussed in this press release constitutes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends, and uncertainties that could cause actual results to differ materially from those projected. Among these factors are: delays in NASA’s human-rated launch programs; challenges faced in restoring profitability to the company’s spacecraft structures business, changes in governmental spending, budgetary policies and product sourcing strategies; the company’s competitive environment; risks inherent in the development and manufacture of advanced technology; increases in commodity costs, energy prices, and production costs; the terms and timing of awards and contracts; program performance; program terminations; changes in cost estimates related to relocation of facilities; the outcome of contingencies, including litigation and environmental remediation; actual pension asset returns and assumptions regarding future returns, discount rates and service costs; capital market volatility and corresponding assumptions related to the company’s shares outstanding; the availability of capital market financing; changes to accounting standards; changes in tax rules or pronouncements; economic conditions; and the company’s capital deployment strategy, including debt repayment, share repurchases, pension funding, mergers and acquisitions and any integration thereof. ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK’s most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.
# # #
ALLIANT TECHSYSTEMS INC.
CONSOLIDATED INCOME STATEMENTS
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| QUARTERS ENDED |
| YEARS ENDED |
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|
| March 31, |
| March 31, |
| March 31, |
| March 31, |
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(In thousands except per share data) |
| 2009 |
| 2008 |
| 2009 |
| 2008 |
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Sales |
| $ | 1,256,958 |
| $ | 1,129,143 |
| $ | 4,583,224 |
| $ | 4,171,725 |
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Cost of sales |
| 970,134 |
| 886,051 |
| 3,607,312 |
| 3,325,410 |
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Gross profit |
| 286,824 |
| 243,092 |
| 975,912 |
| 846,315 |
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Operating expenses: |
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Research and development |
| 18,284 |
| 23,965 |
| 81,529 |
| 68,333 |
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Selling |
| 44,413 |
| 38,638 |
| 161,805 |
| 131,068 |
| ||||
General and administrative |
| 79,432 |
| 67,096 |
| 239,621 |
| 216,386 |
| ||||
Total operating expenses |
| 142,129 |
| 129,699 |
| 482,955 |
| 415,787 |
| ||||
Goodwill impairment |
| 108,500 |
| — |
| 108,500 |
| — |
| ||||
Income before interest, income taxes, and minority interest |
| 36,195 |
| 113,393 |
| 384,457 |
| 430,528 |
| ||||
Interest expense |
| (14,315 | ) | (17,567 | ) | (63,392 | ) | (81,578 | ) | ||||
Interest income |
| 164 |
| 425 |
| 905 |
| 1,431 |
| ||||
Income before income taxes and minority interest |
| 22,044 |
| 96,251 |
| 321,970 |
| 350,381 |
| ||||
Income tax provision |
| 54,655 |
| 35,858 |
| 166,664 |
| 127,658 |
| ||||
Income before minority interest |
| (32,611 | ) | 60,393 |
| 155,306 |
| 222,723 |
| ||||
Minority interest, net of income taxes |
| 142 |
| (45 | ) | 187 |
| 376 |
| ||||
Net income (loss) |
| $ | (32,753 | ) | $ | 60,438 |
| $ | 155,119 |
| $ | 222,347 |
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Earnings per common share: |
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Basic |
| $ | (1.00 | ) | $ | 1.85 |
| $ | 4.74 |
| $ | 6.75 |
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Diluted |
| $ | (1.00 | ) | $ | 1.72 |
| $ | 4.56 |
| $ | 6.32 |
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Average number of common shares |
| 32,647 |
| 32,682 |
| 32,730 |
| 32,924 |
| ||||
Average number of common and dilutive shares |
| 32,647 | * | 35,112 |
| 34,013 |
| 35,208 |
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* Excludes 620 shares that are anti-dilutive
ALLIANT TECHSYSTEMS INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except share data) |
| March 31, 2009 |
| March 31, 2008 |
| ||
Assets |
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Current assets: |
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Cash and cash equivalents |
| $ | 336,700 |
| $ | 119,773 |
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Net receivables |
| 899,543 |
| 798,468 |
| ||
Net inventories |
| 238,600 |
| 205,825 |
| ||
Income tax receivable |
| 34,835 |
| — |
| ||
Deferred income tax assets |
| 30,751 |
| 88,282 |
| ||
Other current assets |
| 39,843 |
| 35,568 |
| ||
Total current assets |
| 1,580,272 |
| 1,247,916 |
| ||
Net property, plant, and equipment |
| 540,041 |
| 492,336 |
| ||
Goodwill |
| 1,195,986 |
| 1,236,196 |
| ||
Prepaid and intangible pension assets |
| — |
| 25,280 |
| ||
Deferred income tax assets |
| 83,872 |
|
|
| ||
Deferred charges and other non-current assets |
| 192,992 |
| 194,466 |
| ||
Total assets |
| $ | 3,593,163 |
| $ | 3,196,194 |
|
Liabilities and Stockholders’ Equity |
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Current liabilities: |
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|
| ||
Current portion of long-term debt |
| $ | 293,679 |
|
|
| |
Accounts payable |
| 294,971 |
| $ | 215,755 |
| |
Contract advances and allowances |
| 86,080 |
| 81,624 |
| ||
Accrued compensation |
| 168,059 |
| 147,287 |
| ||
Accrued income taxes |
| — |
| 41,681 |
| ||
Other accrued liabilities |
| 175,697 |
| 144,540 |
| ||
Total current liabilities |
| 1,018,486 |
| 630,887 |
| ||
Long-term debt |
| 1,160,703 |
| 1,455,000 |
| ||
Deferred income tax liabilities |
| — |
| 38,316 |
| ||
Postretirement and postemployment benefits liabilities |
| 121,689 |
| 138,378 |
| ||
Accrued pension liability |
| 552,671 |
| 84,267 |
| ||
Other long-term liabilities |
| 124,604 |
| 108,238 |
| ||
Total liabilities |
| 2,978,153 |
| 2,455,086 |
| ||
Contingencies |
|
|
|
|
| ||
Common stock - $.01 par value Authorized - 90,000,000 shares Issued and outstanding 32,783,496 shares at March 31, 2009 and 32,795,800 at March 31, 2008 |
| 328 |
| 328 |
| ||
Additional paid-in-capital |
| 473,132 |
| 467,857 |
| ||
Retained earnings |
| 1,471,043 |
| 1,315,924 |
| ||
Accumulated other comprehensive loss |
| (651,652 | ) | (376,636 | ) | ||
Common stock in treasury, at cost, 8,771,565 shares held at March 31, 2009 and 8,759,261 at March 31, 2008 |
| (677,841 | ) | (666,365 | ) | ||
Total stockholders’ equity |
| 615,010 |
| 741,108 |
| ||
Total liabilities and stockholders’ equity |
| $ | 3,593,163 |
| $ | 3,196,194 |
|
ALLIANT TECHSYSTEMS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
| YEARS ENDED |
| ||||
(In thousands) |
| March 31, 2009 |
| March 31, 2008 |
| ||
Operating activities |
|
|
|
|
| ||
Net income |
| $ | 155,119 |
| $ | 222,347 |
|
Adjustments to net income to arrive at cash provided by operating activities: |
|
|
|
|
| ||
Depreciation |
| 80,137 |
| 71,511 |
| ||
Amortization of intangible assets |
| 5,616 |
| 5,975 |
| ||
Amortization of deferred financing costs |
| 2,857 |
| 3,851 |
| ||
Impairment of goodwill |
| 108,500 |
| — |
| ||
Write-off of debt issuance costs associated with convertible notes |
| — |
| 5,600 |
| ||
Write-off of acquisition related costs |
| — |
| 6,567 |
| ||
Deferred income taxes |
| 113,999 |
| (15,742 | ) | ||
Loss on disposal of property |
| 9,030 |
| 2,505 |
| ||
Minority interest, net of income taxes |
| 187 |
| 376 |
| ||
Share-based plans expense |
| 18,952 |
| 23,415 |
| ||
Excess tax benefits from share-based plans |
| (3,287 | ) | (9,459 | ) | ||
Changes in assets and liabilities: |
|
|
|
|
| ||
Net receivables |
| (94,239 | ) | (27,508 | ) | ||
Net inventories |
| (15,610 | ) | (33,608 | ) | ||
Accounts payable |
| 64,345 |
| 49,066 |
| ||
Contract advances and allowances |
| 4,456 |
| 720 |
| ||
Accrued compensation |
| 15,312 |
| (1,143 | ) | ||
Accrued income taxes |
| (66,096 | ) | 52,138 |
| ||
Pension and other postretirement benefits |
| 23,306 |
| 33,865 |
| ||
Other assets and liabilities |
| 2,403 |
| (7,725 | ) | ||
Cash provided by operating activities |
| 424,987 |
| 382,751 |
| ||
Investing activities |
|
|
|
|
| ||
Capital expenditures |
| (111,481 | ) | (100,709 | ) | ||
Acquisition of business |
| (75,615 | ) | (103,685 | ) | ||
Proceeds from the disposition of property, plant, and equipment |
| 569 |
| 362 |
| ||
Cash used for investing activities |
| (186,527 | ) | (204,032 | ) | ||
Financing activities |
|
|
|
|
| ||
Change in cash overdrafts |
| — |
| — |
| ||
Net borrowings on line of credit |
| — |
| — |
| ||
Payments made to extinguish debt |
| (618 | ) | — |
| ||
Payments made for debt issue costs |
| (5 | ) | (740 | ) | ||
Net purchase of treasury shares |
| (31,609 | ) | (100,068 | ) | ||
Proceeds from employee stock compensation plans |
| 7,412 |
| 16,310 |
| ||
Excess tax benefits from share-based plans |
| 3,287 |
| 9,459 |
| ||
Cash used for financing activities |
| (21,533 | ) | (75,039 | ) | ||
Increase in cash and cash equivalents |
| 216,927 |
| 103,680 |
| ||
Cash and cash equivalents - beginning of period |
| 119,773 |
| 16,093 |
| ||
Cash and cash equivalents - end of period |
| $ | 336,700 |
| $ | 119,773 |
|