Archive: Business/Financial

Cross Match Drops Price of Planned IPO

By Calvin Biesecker Cross Match Technologies yesterday said it has lowered the expected price range of its forthcoming initial public offering (IPO), suggesting that net proceeds from the sale of stock could be about $23 million less than planned when the company refiled to go public last month. Under the amended filing with the Securities […]

iRobot Granted Injunction In Trade Secrets Lawsuit

iRobot Corp. (IRBT) yesterday announced the U.S. District Court for the District of Massachusetts has granted, in part, iRobot’s request for preliminary injunction in a lawsuit against former employee Jameel Ahed and his company, Robotic FX, Inc., prohibiting use of critical features incorporated in the design of the Negotiator. iRobot produces the combat-proven iRobotr PackBotr […]

General Dynamics UK Team Awarded Assessment Phase For MoD LISTENER Program

General Dynamics [GD] United Kingdom Limited has been awarded a 10-month, approximately $2 million contract for the Assessment Phase of the U.K. Ministry of Defence’s LISTENER program. LISTENER is a pioneering program with the goal of joining a number of U.K. intelligence, surveillance, target acquisition and reconnaissance (ISTAR) systems with coalition partners who can fuse […]

Rapidly Changing Environment Needs Streamlined Contracting, Raytheon Exec Says

By Ann Roosevelt The United States should keep an eye on acquisition developments around the world, but streamlining the process at home would help in a rapidly changing environment, according to a Raytheon [RTN] executive. "I don’t think we need to reinvent contract vehicles," Smith said. "We have plenty of contract vehicles–maybe we have too […]

Aerospace Industry Sales May Top $200 Billion This Year, Douglass Says

Aerospace industry sales may top $200 billion this year, according to John Douglass, the outgoing Aerospace Industries Association president and CEO. That would be a roughly 9 percent advance from last year. Douglass announced last December in his annual industry review and forecast that total 2006 deliveries were estimated at $184 billion, up from a […]

Navy’s ERP Effort: Transforming Business Practices

By Geoff Fein Earlier this month the Navy transitioned to its new enterprise resources planning (ERP) system that will provide a standard set of management tools to service organizations to improve businesses processes and provide interoperable data for financial, acquisition and supply chain management, according to a top Navy official. There are two ways to […]

Northrop Grumman Posts Strong Third Quarter Earnings

By Calvin Biesecker Northrop Grumman [NOC] joined in the defense earnings hit parade yesterday, logging a hefty increase in net income helped by higher sales, improved margins, reduced corporate expenses and a one-time gain from the reorganization of a former joint venture. Net income increased 62 percent to $489 million, $1.41 earnings per share (EPS), […]

Business Jets, Combat Vehicles Lift GD To Strong Third Quarter

By Calvin Biesecker General Dynamics [GD] yesterday posted strong third quarter financial results due to surging sales and earnings at its Aerospace and Combat Systems segments and the company upped its earnings guidance for 2007. GD’s shipbuilding business also continued its solid performance, boosting earnings and margins despite a scant increase in sales. The results […]

RAFAEL Changes Name, Business Structure

TEL AVIV, Israel–Rafael Advanced Defense Systems is the new name for the Israeli company formerly known as RAFAEL Armament Development Authority, which has been undergoing an extensive assessment and overhaul of its business activities. "I am convinced that the changes that have been implemented, with the full cooperation of employees and unions, will assist Rafael […]

UTC Posts Strong Third Quarter Results

By Calvin Biesecker Led by operating profit gains in five of its six segments, United Technologies [UTX] yesterday reported strong third quarter earnings and sales and the company increased its sales expectations for 2007. Net income increased 20 percent to $1.2 billion, $1.21 earnings per share (EPS), from $996 million (99 cents EPS) a year […]