L-3 Communications Announces Strong First Quarter 2001 Results; Sales, operating income and earnings per share increase 22.5%, 35.2% and 25.0%, respectively
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Summary:
NEW YORK, Apr 25, 2001 (BUSINESS WIRE) --; L-3 Communications;
(NYSE:LLL) today announced strong results for the first quarter of; 2001, including
significant increases in sales, operating income, and; earnings per share compared to
the same period a year ago.; For the 2001 first quarter, sales increased 22.5% to
$461.9; million, compared to sales of $377.1 million for the same period in; 2000.;
Operating income in the first quarter of 2001 was $46.9 million, a; 35.2% increase
over operating income of $34.7 million for the same; period in 2000. As a percentage
of sales, operating income was 10.1%; in the first quarter of 2001, versus 9.2% in the
same period in 2000.; Earnings before interest, taxes, depreciation and amortization;
(EBITDA) was $67.2 million for the first quarter of 2001, compared to; $50.4 million
for the same period in 2000, or an increase of 33.3%.; Net income for the first quarter
of 2001 rose 30.3% to $14.2; million, compared with net income of $10.9 million a year
ago. Diluted; earnings per share rose 25.0% to $0.40 per diluted share, versus $0.32;
per diluted share for the same period in 2000.; The company reported free cash flow
for the first quarter of 2001; of approximately $8.0 million compared with $10.7 million
for the same; period in 2000. Net capital expenditures increased to $9.2 million for; the
first quarter of 2001 from $4.4 million for the same period in; 2000.
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"We also had some important milestones in our commercial; businesses," continued Mr. Lanza. "In our telecommunications business,; L-3 received a major contract to provide a fixed wireless access; system for
selected cities in South America. We are making good; progress on this contract, and
because our system is based on; cutting-edge broadband technology, we believe we
have excellent; prospects for other international contracts in the future.
L-3 Storm entered into a cooperative agreement with Inmarsat to; provide systems integration and satellite services, including; fully automated satellite command and control capabilities to the;
global commercial satellite market.; --
L-3 formed Satellite Networks, a new
division created by the; combination of its LNR and Satellite Transmission Systems;
businesses to offer a wide range of satellite solutions, from; top-of-the-line satellite
products such as frequency converters; and Fly Away Satellite Terminals, to complex
satellite gateways,; systems and networks. In addition, Satellite Networks further;
enhanced its product portfolio in the quarter with the acquisition; of the ISAT
(Integrated Services Access Terminal) product line
"As we survey the acquisition landscape, the pipeline is full and; there is a lot of opportunity for L-3," said Mr. Lanza. "We are; currently looking at several key sectors at various size levels, and; we have a solid financial structure to make both smaller and larger; acquisitions.";
Source: Business Wire Date: 04/25/2001 16:58 |
