Lockheed Martin / LMT

About Lockheed Martin

6801 Rockledge Dr., Bethesda, Md. 20817
www.lockheedmartin.com | 301-897-6000 | Founded: 1995

Industry: Aerospace And Defense | Category: Public Companies

In the past year, Lockheed recorded significant growth, made six acquisitions, delved into new markets and fought off criticism of some of its large programs. The firm reported $39.62 billion in revenue, up from $37.21 billion in 2005.
Lockheed made up with rival Boeing last year and went into business with the Chicago aerospace giant. After a 16-month wait, federal antitrust authorities approved a Lockheed-Boeing joint venture that will monopolize the market for large government rocket launches. After the deal closed, Lockheed and Boeing dropped countersuits over a 1990s rocket-launch competition. Lockheed had accused Boeing of cheating because some of its employees had proprietary Lockheed information during the competition.
Two women joined Lockheed's executive-vice-president ranks last year. Linda Gooden is head of the firm's new $8 billion information systems and global services division, and Joanne M. Maguire leads the space business.
Two of Lockheed's six acquisitions in the past year were of local companies: Aspen Systems of Rockville and Management Systems Designers of Fairfax. One of the most significant deals was the acquisition of Los Angeles-based Pacific Architects and Engineers, a company that provides services to the military for disaster relief and for peacekeeping and nation-building missions.
It also won several large competitions, including a $70 million Transportation Security Administration contract to supply high-tech identification cards and a $305 million deal to develop an electronic case-management system called Sentinel for the FBI. Lockheed won an upset victory in a competition to build a vehicle to replace NASA's space shuttles.
But Lockheed has been forced to defend its performance on several large programs. In January, the Navy implemented a 90-day stop-work order on Lockheed's littoral combat ship program after the cost of the ships increased significantly.
Also, Lockheed's joint venture with Northrop Grumman to manage the Coast Guard's $24 billion modernization program, known as Deepwater, has faced technical, scheduling and cost problems. Both programs have drawn the attention of Congress, which has grown increasingly critical of over-budget, behind-schedule weapons programs.

Chairman and CEO: Robert J. Stevens

2006 Financial Data

Revenues: $39,620,000,000 | Net Income: $2,529,000,000
Asssets: $28,231,000,000 | Earnings Per Share: $5.80
Stockholder Equity: $6,884,000,000 | Annual Dividend: $1.25
Total employees: 140,000 | Local employees: 22,600