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/FIRST AND FINAL ADD -- MN001 -- ALLIANT TECHSYSTEM EARNINGS/

 /FIRST AND FINAL ADD -- MN001 -- ALLIANT TECHSYSTEM EARNINGS/
 ALLIANT TECHSYSTEMS INC.
 STATEMENTS OF CASH FLOW (unaudited)
 (Dollars in thousands)
 Nine Months Ended
 12/29/91 12/31/90
 Cash flow from operating activities:
 Net income $28,426 $19,595
 Adjustments to reconcile net income
 to cash provided by (used for) operations:
 Depreciation 24,480 24,980
 Amortization 1,271 3,881
 Deferred income taxes -- (3,379)
 Losses on disposition of property 1,439 2,153
 Changes in:
 Receivables 8,832 (111,230)
 Inventory (48,123) 27,655
 Accounts payable (7,162) 37,507
 Advance payments from customers 9,698 (9,921)
 Accrued compensation costs 3,674 (1,815)
 Accrued income taxes 3,283 5,228
 Other assets and liabilities (22,913) 19,038
 Cash provided by (used for) operations 2,905 13,692
 Cash flow from investing activities:
 Capital expenditures (13,232) (21,162)
 Proceeds from disposition of property,
 plant and equipment 370 729
 Cash (used for) investing activities (12,862) (20,433)
 Cash flow from financing activities:
 Proceeds from long-term borrowings -- 165,000
 Payments made on long-term debt (17,250) (5,750)
 Increase in bank credit line debt 10,000 --
 Net settlements with Honeywell -- (50,486)
 Net change in allocated portion
 of Honeywell debt -- (108,208)
 Proceeds from exercised stock options 1,218 --
 Other - net (6,735) 16,927
 Cash provided by (used for)
 financing activities (12,767) 17,483
 Net increase (decrease) in cash
 and cash equivalents (22,724) 10,742
 Cash and cash equivalents -
 beginning of period 22,761 3,134
 Cash and cash equivalents -
 end of period 37 13,876
 BALANCE SHEETS (unaudited)
 (Dollars in thousands)
 12/29/91 3/31/91
 Assets
 Current Assets:
 Cash and cash equivalents $37 $22,761
 Receivables 135,749 144,581
 Net inventory 185,996 137,873
 Deferred income taxes 12,064 12,064
 Other current assets 22,687 5,664
 Total current assets 356,533 322,943
 Net property, plant and equipment 134,097 147,154
 Goodwill and other long-term assets 15,765 17,018
 Total assets $506,395 $487,115
 Liabilities and stockholders' equity
 Current liabilities:
 Current portion of long-term debt $23,000 $23,000
 Bank credit line 10,000 --
 Accounts payable-trade 58,748 65,910
 Advance payments from customers 32,279 22,581
 Accrued compensation 24,998 21,324
 Accrued income taxes 7,339 4,056
 Other accrued liabilities 56,172 62,062
 Total current liabilities 212,536 198,933
 Long-term debt 113,250 130,500
 Deferred income tax liability 4,881 4,881
 Other long-term liabilities 8,643 15,588
 Total liabilities 339,310 349,902
 Stockholders' equity:
 Common stock - $.01 par value; authorized
 20,000,000 shares; issued and outstanding
 9,578,582 at Dec. 29, 1991, and
 9,468,010 at March 31, 1991 96 95
 Additional paid-in-capital 124,973 123,645
 Retained earnings 42,863 14,437
 Unearned compensation (847) (964)
 Total stockholders' equity 167,085 137,213
 Total liabilities and
 stockholders' equity $506,395 $487,115
 INCOME STATEMENTS (unaudited)
 (In thousands except per share amounts)
 Three Months Ended Nine Months Ended
 12/29/91 12/31/90 12/29/91 12/31/90
 Sales $252,394 $470,042 $751,652 $1,012,694
 Cost of sales 203,641 384,719 605,088 816,778
 Gross margin 48,753 85,323 146,564 195,916
 Operating expenses:
 Research and development 6,051 12,599 20,764 30,368
 Selling 14,741 20,319 42,038 50,266
 General and
 administrative 10,297 17,491 27,493 43,123
 Restructuring charges -- 8,606 -- 23,573
 Total operating expenses 31,089 59,015 90,295 147,330
 Income from operations 17,664 26,308 56,269 48,586
 Other income (expense):
 Interest expense (4,100) (4,641) (12,528) (9,078)
 Interest income 101 610 468 610
 Costs associated with
 spin-off -- (1,946) -- (12,869)
 Miscellaneous income
 (expense) (355) (1,089) 1,793 (329)
 Total other income
 (expense) (4,354) (7,066) (10,267) (21,666)
 Income before income taxes 13,310 19,242 46,002 26,920
 Provision for income taxes 5,309 2,150 17,576 7,325
 Net income $8,001 $17,092 $28,426 $19,595
 Earnings per common and
 common equivalent share:
 Primary $.80 $1.83 $2.85 --
 Fully diluted .80 1.81 2.85 --
 Average number of common and
 common equivalent shares:
 Primary 9,977 9,360 9,987 --
 Fully diluted 9,977 9,422 9,987 --
 -0- 1/23/92 A MN001
 /END FIRST AND FINAL ADD/
 (ATK) CO: Alliant Techsystems ST: Minnesota IN: ARO SU: ERN


DS -- MN001A -- 2617 01/23/92 08:37 EST
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Date:Jan 23, 1992
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