DRS Technologies Reports Record Third Quarter Results; Revenues and Operating Income Increase 19%, Net Earnings Increase 38%; Bookings and Backlog at Record Highs.Business Editors/Technology Writers PARSIPPANY, N.J.--(BUSINESS WIRE)--Feb. 11, 2003 DRS Technologies DRS Technologies, Inc. (commonly known as DRS; formerly known as Diagnostic/Retrieval Systems, Inc.) is a supplier of defense electronic products and systems to the United States Air Force, Army, Coast Guard, Marine Corps, Navy, aerospace and defense prime , Inc. (NYSE NYSE See: New York Stock Exchange :DRS DRS Drives (street suffix) DRS Dispute Resolution Service DRS Doctorandus DRS Department of Rehabilitative Services DRS Direct Registration System (securities) DRS Department of Rehabilitation Services ) today reported record financial results for the third quarter and nine-month period ended December December: see month. 31, 2002. Results for both periods included significant gains in revenues, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , net earnings and bookings. Strong new orders for products and services, combined with acquisition-related backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. , increased funded backlog at the end of the period to the highest level in the company's history. For the third quarter of fiscal 2003, revenues were $167.5 million, a 19 percent increase over revenues of $141.2 million for the same period last year. Fiscal 2003 third quarter operating income of $16.6 million was 19 percent higher than the $13.9 million reported for the same three-month period in fiscal 2002. Operating income as a percentage of sales was 9.9 percent, versus 9.8 percent for the previous year. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Net earnings for the three-month period were 38 percent higher than a year ago at $7.4 million, or $0.41 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, on 18.2 million diluted shares outstanding. Last year, third quarter net earnings were $5.4 million, or $0.38 per diluted share, on 14.1 million diluted shares outstanding. "DRS turned in another excellent quarter, posting strong top- top- pref. Variant of topo-. and bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. financial results for the period," said Mark S. Newman, chairman, president and chief executive officer of DRS Technologies. "New records were achieved in revenues, operating income, earnings, bookings and backlog. Results included strong operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: in each of our business segments. A high level of new contract awards, combined with backlog from Paravant Par´a`vant` adv. 1. 1. In front; publicly. 2. Beforehand; first. acquired during the third quarter, increased funded backlog at December 31st to an all time high, well positioning the company for the remainder of the fiscal year and beyond." Record revenues for the third quarter of fiscal 2003 were primarily attributable to the addition of sales from the acquisition of the Navy Controls Division of Eaton Corporation This article is about an industrial manufacturer. For other meanings see Eaton. Eaton Corporation (NYSE: ETN) is a diversified industrial manufacturer with 2006 sales of $12.4 billion, putting it at 198 on the Fortune 500 for 2007. (NYSE:ETN ETN Eaton Corporation (stock symbol) ETN Exchange Traded Note (investing) ETN European Travel Network ETN Electronic Tandem Network ETN Educational Telephone Network ) on July July: see month. 15, 2002, as well as revenues from the acquisition of Paravant Inc., which was completed on December 2, 2002. Last year's third quarter results included $5.2 million in revenues from the company's DRS Advanced Programs and DRS Ahead Technology units, which were sold by the company during the third quarter and first quarter of fiscal 2003, respectively. Third quarter record operating income was due primarily to higher sales volume overall, as well as improved profitability in the company's flight safety and communications segment, continued solid operating performance in the electro-optical systems segment and stronger margins in the electronic systems segment due to acquisition-related operations. Newman continued, "During the third quarter, we completed an equity offering that resulted in approximately 5.5 million additional shares of DRS common stock in the marketplace and $145.3 million in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). for the company. This transaction, coupled with an expanded credit facility secured in the third quarter, enhanced our cash position and our ability to further implement our strategic plans for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth. These plans include acquiring businesses with complementary technologies that will help us achieve our stated goals for double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. annual revenue growth. "In line with this strategy, during the third quarter we successfully completed our tender offer for Paravant Inc., a leading producer of computers, controllers and communications systems In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. serving military Command, Control, Communications, Computer, Intelligence and Surveillance (C4ISR C4ISR Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance C4ISR Command, Control, Communications, Computer, Intelligence, Surveillance and Reconnaissance C4ISR Command Control Communications Computers Intelligence Surveillance and Reconnaissance ) initiatives. Paravant's business is highly compatible with our core rugged computer A rugged (or ruggedized) computer is a computer specifically designed to reliably operate in harsh usage environments and conditions, such as strong vibrations, extreme temperatures and wet or dusty conditions. systems product base supporting our interests in Army and international military initiatives and has increased our presence in Air Force and intelligence programs, as well. Contributing a strong backlog of orders to our Electronic Systems Group, including contracts associated with the U.S. Army's Force XXI Battle Command, Brigade brigade Military unit commanded by a brigadier general or a colonel and composed of two or more subordinate units, such as regiments or battalions. Two or more brigades make up a division. and Below (FBCB FBCB Force XXI Battle Command Brigade (US Army) FBCB Fixed Bed Circulating Bioreactor 2) program and the United Kingdom's BOWMAN program, Paravant is providing new opportunities for our growth in rugged systems technologies for the digital battlefield. "We also completed the acquisition of Nytech Integrated Infrared An invisible band of radiation at the lower end of the visible light spectrum. With wavelengths from 750 nm to 1 mm, infrared starts at the end of the microwave spectrum and ends at the beginning of visible light. Systems during the quarter, which builds on our reputation as a premier supplier of leading edge, lightweight, thermal imaging systems and supports our objective to expand in the growing uncooled infrared technology market. Nytech's critical technology base strengthens our competitive position in uncooled sensor A device that measures or detects a real-world condition, such as motion, heat or light and converts the condition into an analog or digital representation. An optical sensor detects the intensity or brightness of light, or the intensity of red, green and blue for color systems. programs, complementing our core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
"After the close of the third quarter, we announced our acquisition of Kaman Coordinates:
electromagnetism natural philosophy, physics - the science of matter and energy and their interactions; "his favorite subject was physics" Development Center. Now named DRS Electric Power Technologies, this operation is a leading developer of high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" , lightweight electric motors, generators and drive electronics for defense, industrial and transportation applications. Significantly, DRS Electric Power Technologies is teamed with Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. (NYSE:NOC (Network Operations Center) A central or regional location for monitoring a large network. Also called a "network management center" (NMC), "service management center" (SMC) or "network control center" (NCC), a NOC may be used to manage a large enterprise network, ) Newport News Newport News, independent city (1990 pop. 170,045), SE Va., on the Virginia peninsula, at the mouth of the James River, off Hampton Roads, near Norfolk; inc. 1896. Shipbuilding on the DD(X) program, the Navy's next new ship class, as the contracted supplier for key elements of the ship's electric drive system on the engineering development model. Strategically important to our goal of increasing DRS equipment content on board ships in the DD(X) program, this new DRS unit is an important component in our long-term goals Long-term goals Financial goals expected to be accomplished in five years or longer. for growth in the Navy power systems business and strongly complements our acquisition of Eaton's Eaton's was once Canada's largest department store retailer. Founded in 1869 in Toronto by Timothy Eaton, an Irish immigrant, Eaton's first advertisement read "We propose to sell our goods for CASH ONLY – In selling goods, to have only one price. Navy Controls Division in the second quarter." Newman added, "Selectively targeted, these acquisitions are closely aligned with our core business areas and our strategic objectives to grow them." DRS secured new orders for products and services valued at approximately $234.1 million in the third quarter and $503.9 million in contract awards during the first nine months of fiscal 2003. Backlog of approximately $844.0 million at December 31, 2002 was the highest in the company's history -- 51 percent above the $558.4 million in backlog at the end of last year's third quarter and 42 percent above backlog of $595.3 million at March 31, 2002, the company's fiscal 2002 year end. Backlog reflected the addition of DRS Power & Control Technologies, as a result of the acquisition of Eaton's Navy Controls Division completed by the company in the second quarter, and the addition of operations associated with the acquisitions of Paravant Inc. and Nytech Integrated Infrared Systems completed during the third quarter of the current fiscal year. New contract awards during the third quarter included: -- $68.0 million in new orders for second generation infrared ground vehicle, maritime and aircraft sighting, targeting and weapons systems supporting the U.S. Army and U.S. Navy; -- $48.9 million in new contracts for power distribution, motor control and propulsion systems for U.S. Navy surface ships and submarines, and industrial applications; -- $41.3 million in awards for rugged computers and peripheral equipment for U.S. Army, intelligence and international military programs; -- $24.3 million in new orders from Lockheed Martin (NYSE:LMT) to manufacture combat display systems associated with the U.S. Navy's AN/UYQ-70 Advanced Display Systems program in support of ships, aircraft and submarines; -- $14.9 million in new contracts for communications systems, high-speed digital imaging systems, avionics and mission recording systems for U.S. and international military, scientific and industrial applications; -- $12.2 million in new awards for electronic manufacturing services for defense, commercial and space-based applications; -- $11.8 million for infrared sensors and electro-optical technology development supporting remote surveillance, soldier systems and electronic countermeasures; -- $7.7 million in new orders to provide AN/SPS-67 Radar System equipment for U.S. Navy ships. At December 31, 2002, the company had $147.8 million in cash and cash equivalents, reflecting cash received from the completion of the company's follow-on fol·low-on adj. Following as a related or consequent aspect or development: "Such contracts involve follow-on sales of maintenance services" Christian Science Monitor. public offering on December 23, 2002, providing net proceeds of $145.3 million after underwriters' discounts and commissions. Total debt on December 31, 2002 was $226.0 million, compared with $140.6 million at December 31, 2001, reflecting utilization of the company's credit facility for acquisitions. Net debt was $78.2 million, compared with $35.7 million at the end of the third quarter last year. Free cash flow (cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses less capital expenditures) for the third quarter was a negative $3.1 million, reflecting higher capital expenditures, costs related to the integration of acquisitions and liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of previously received customer advances. For the nine-month period, free cash flow was $12.2 million. The company's Electronic Systems Group reported substantial increases in revenues, operating income, bookings and backlog for the third quarter. Sales of $80.2 million were up 51 percent from a year ago, and operating income of $6.5 million was 50 percent higher than the same prior-year period. These increases were due primarily to the addition of DRS Power & Control Technologies, as a result of the acquisition of Eaton's Navy Controls Division in the second quarter of fiscal 2003. The group's operating margin was 8.1 percent, the same as last year. Bookings of $135.1 million, as well as the addition of $154.8 million in acquisition-related backlog from Paravant during the quarter, contributed to record funded backlog of approximately $411.6 million at December 31, 2002, 166 percent higher than the same time a year ago. DRS's Electro-Optical Systems Group also posted higher revenues, operating income, bookings and backlog for the third quarter, compared with the same three- month period last year. Sales of $62.2 million and operating income of $7.5 million were approximately 4 percent above the prior year's results, reflecting the continuance The adjournment or postponement of an action pending in a court to a later date of the same or another session of the court, granted by a court in response to a motion made by a party to a lawsuit. of a strong operating margin of 12.0 percent, the same as a year ago. New orders valued at $79.8 million, an increase of 36 percent over last year's third quarter, contributed to record funded backlog of $303.9 million for the Electro-Optical Systems Group at the end of the period, up 9 percent from the same time a year earlier. Higher bookings in the third quarter were due to the receipt of sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz  a·ble·ness n. new contract
awards for U.S. Army ground vehicle and airborne airborne /air·borne/ (ar´born) suspended in, transported by, or spread by air. airborne, adj carried through the air. In health care settings, viruses or bacteria may become airborne, e.g. infrared sighting and targeting systems. The company's Flight Safety and Communications Group reported higher operating income of $2.8 million during the third quarter of fiscal 2003, representing a solid 11.3 percent operating margin. Contributing to sales of $24.5 million were increased shipments in international mobile ground surveillance systems and flight recorder flight recorder Instrument that records the performance and condition of an aircraft in flight. Regulatory agencies require these devices on commercial aircraft to make possible the analysis of crashes or other unusual occurrences. products, offset by lower revenues in surface ship communications systems, high-speed digital imaging systems and electronic manufacturing services. New orders for products and services valued at $15.6 million contributed to funded backlog of $122.7 million at the end of the third quarter, essentially the same as a year ago. The group expects to close the fiscal year with higher backlog, bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. by stronger anticipated bookings in the fourth quarter. For the fiscal 2003 nine-month period, DRS posted record revenues of $460.0 million, 27 percent above revenues of $360.8 million for the same period last year. Higher sales for the period were primarily attributable to the addition of revenues from the acquisitions previously mentioned, combined with the benefit of a full nine months of sales from programs associated with DRS's acquisition of the Sensors and Electronic Systems business of The Boeing Company (NYSE:BA) completed in September 2001. Increased shipments during the nine-month period in the company's flight safety and communications segment also contributed to the improvement. Operating income for the nine months was a record $46.0 million, 34 percent above the $34.3 million reported for the same period a year earlier. Nine-month operating income as a percentage of sales was 10.0 percent, versus 9.5 percent for the comparable period a year ago. This record operating income was primarily the result of the overall increase in sales, as well as higher profitability in the company's electro-optical systems and flight safety and communications segments. For the first nine months of the fiscal year, the company posted record EBITDA of $56.5 million, 32 percent higher than the $42.7 million reported for the same period in the prior year. Nine-month EBITDA as a percentage of sales was 12.3 percent, compared with 11.8 percent for the same period last year. Net earnings for the nine-month period of fiscal 2003 were up 49 percent to $20.5 million, or $1.15 per diluted share, on 17.8 million diluted shares outstanding. Net earnings for the same nine-month period of fiscal 2002 were $13.8 million, or $1.02 per diluted share, on 13.5 million diluted shares outstanding. "Year to date, we have made important progress toward improving profitability, supplementing our program portfolio with targeted acquisitions and enhancing our cash position," Newman remarked. "In combination, these accomplishments are aligned with our business strategies, which we have proven to be effective for long-term growth. Supported by an increased defense budget, solid new programs and a highly competitive market position in core technology areas, we are expanding our participation in key areas of interest in the defense community. DRS remains on track to achieve planned objectives for the fourth quarter and fiscal year." The company provided updated guidance, indicating it expects to complete the fourth quarter of fiscal 2003 with revenues between $190.0 million and $200.0 million, compared with $156.4 million for the fourth quarter of fiscal 2002. The company reiterated its previous guidance of 5 percent to 7 percent internal sales growth for fiscal 2003 and indicated that strong organic sales in the fourth quarter are anticipated, as well as a high level of new contract awards. New company guidance pointed to the continuance of a healthy operating margin in the fourth quarter of approximately 10 percent, with diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.37 to $0.39 anticipated on approximately 23.0 million shares outstanding. For fiscal 2003, ending March 31, 2003, the company said it anticipates sales ranging from $655.0 million to $665.0 million, compared with $517.2 million last fiscal year, an operating margin of approximately 10 percent, and diluted earnings per share between $1.50 and $1.53 on approximately 19.0 million shares outstanding. The company also said it expects to generate $8.0 million to $12.0 million in free cash flow for the full fiscal year. DRS Technologies provides leading-edge products and services to government and commercial customers worldwide. Focused on defense electronics, the company develops and manufactures a broad range of mission critical systems and components in the areas of communications, combat systems, rugged computers, electro-optics, power conversion, data storage, digital imaging, flight safety and space. For more information about DRS Technologies, please visit the company's Web site at www.drs.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. : This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , that are based on management's beliefs and assumptions, current expectations, estimates and projections. Such statements, including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's expectations for future financial performance, are not considered historical facts and are considered forward-looking statements under the federal securities laws. These statements may contain words such as "believes," "anticipates," "plans," "expects," "intends," "estimates" or similar expressions. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements and include, without limitation, demand and competition for the Company's products and other risks or uncertainties detailed in the Company's Securities and Exchange Commission filings. Given these uncertainties, you should not rely on forward-looking statements. The Company undertakes no obligations to update any forward-looking statements, whether as a result of new information, future events or otherwise. Note to Investors: DRS Technologies will host a conference call, which will be simultaneously broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . Mark S. Newman, chairman, president and chief executive officer, Richard A. Schneider, executive vice president and chief financial officer, and Patricia M. Williamson, vice president, corporate communications/investor relations, will host the call, which is scheduled for today, Tuesday, February 11, 2003 at 9:30 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . Listeners can access the call live and archived at DRS's Web site on page http://www.drs.com/investorinfo/index.cfm or at CCBN's institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. site at http://www.streetevents.com or individual investor center at http://www.companyboardroom.com. Please allow 15 minutes prior to the call to visit these sites and download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software.
DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(Millions Except Earnings per Share)
Three Months Ended December 31,
-------------------------------
2002(1)(2) 2001
---- ----
Revenues $ 167.5 $ 141.2
Operating Income $ 16.6 $ 13.9
Interest and Related Expenses $ 2.7 $ 3.3
Earnings before Income Taxes $ 13.7 $ 10.1
Net Earnings $ 7.4 $ 5.4
Net Earnings per Share of Common Stock:
Basic $ .42 $ .42
Diluted $ .41 $ .38
Weighted Average Number of Shares of
Common Stock Outstanding:
Basic 17.6 12.8
Diluted 18.2 14.1
Nine Months Ended December 31,
------------------------------
2002(1)(2)(3) 2001
---- ----
Revenues $ 460.0 $ 360.8
Operating Income $ 46.0 $ 34.3
Interest and Related Expenses $ 7.4 $ 7.2
Earnings before Income Taxes $ 38.0 $ 25.9
Net Earnings $ 20.5 $ 13.8
Net Earnings per Share of Common Stock:
Basic $ 1.20 $ 1.11
Diluted $ 1.15 $ 1.02
Weighted Average Number of Shares of
Common Stock Outstanding:
Basic 17.1 12.4
Diluted 17.8 13.5
(1) Fiscal 2003 third quarter and nine-month results include the
operations of DRS Unmanned Technologies, Inc., as a result of the
acquisition of the U.S.-based Unmanned Aerial Vehicle business of
Meggitt Defense Systems - Texas, Inc., a unit of Meggitt Defense
Systems, plc., on April 11, 2002, DRS Power & Control
Technologies, Inc., as a result of the acquisition of the Navy
Controls Division of Eaton Corporation, on July 15, 2002, DRS
Nytech Imaging Systems, Inc., as a result of the acquisition of
Nytech Integrated Infrared Systems on October 15, 2002, and DRS
Tactical Systems, Inc., DRS Tactical Systems (West), Inc., DRS
Tactical Systems Ltd., DRS Engineering Development Labs, Inc., DRS
Signal Technologies, Inc. and DRS Signal Recording Technologies,
Inc., as a result of the acquisition of Paravant Inc. on December
2, 2002.
(2) Fiscal 2003 third quarter and nine-month results reflect the
operations of the Company's DRS Advanced Programs unit through the
date of sale on November 22, 2002.
(3) Fiscal 2003 nine-month results reflect the operations of the
Company's DRS Ahead Technology unit through the date of sale on
May 27, 2002.
DRS TECHNOLOGIES, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA (UNAUDITED)
($ Millions)
Three Months Ended Nine Months Ended
December 31, December 31,
------------ ------------
2002(1) 2001 2002(1) 2001
---- ---- ---- ----
EBITDA $ 20.6 $ 17.0 $ 56.5 $ 42.7
Depreciation and
Amortization $ 4.4 $ 3.6 $ 12.0 $ 9.6
Capital Expenditures $ 3.9 $ 3.0 $ 13.2 $ 10.5
Bookings $ 234.1 $ 139.0 $ 503.9 $ 383.9
December 31, March 31,
------------ ------------
2002(1) 2002
---- ----
Backlog(2)(3) $ 844.0 $ 595.3
Cash and Cash Equivalents $ 147.8 $ 117.8
Total Debt $ 226.0 $ 139.7
Stockholders' Equity $ 426.3 $ 257.2
(1) Fiscal 2003 third quarter and nine-month results include the
operations of DRS Unmanned Technologies, Inc., as a result of the
acquisition of the U.S.-based Unmanned Aerial Vehicle business of
Meggitt Defense Systems - Texas, Inc., a unit of Meggitt Defense
Systems, plc., on April 11, 2002, DRS Power & Control
Technologies, Inc., as a result of the acquisition of the Navy
Controls Division of Eaton Corporation on July 15, 2002, DRS
Nytech Imaging Systems, Inc., as a result of the acquisition of
Nytech Integrated Infrared Systems on October 15, 2002, and DRS
Tactical Systems, Inc., DRS Tactical Systems (West), Inc., DRS
Tactical Systems Ltd., DRS Engineering Development Labs, Inc., DRS
Signal Technologies, Inc. and DRS Signal Recording Technologies,
Inc., as a result of the acquisition of Paravant Inc. on December
2, 2002.
(2) Backlog at December 31, 2002 includes approximately $5.8 million
from DRS Unmanned Technologies, Inc., as a result of the
acquisition of the U.S.-based Unmanned Aerial Vehicle business of
Meggitt Defense Systems - Texas, Inc., a unit of Meggitt plc., on
April 11, 2002, approximately $109.2 million from DRS Power &
Control Technologies, Inc., as a result of the acquisition of the
Navy Controls Division of Eaton Corporation on July 15, 2002,
approximately $2.2 million from DRS Nytech Imaging Systems, as a
result of the acquisition of Nytech Integrated Infrared Systems on
October 15, 2002, and approximately $154.8 million from DRS
Tactical Systems, Inc., DRS Tactical Systems (West), Inc., DRS
Tactical Systems Ltd., DRS Engineering Development Labs, Inc., DRS
Signal Technologies, Inc. and DRS Signal Recording Technologies,
Inc., as a result of the acquisition of Paravant Inc. on December
2, 2002.
(3) Backlog at March 31, 2002 includes approximately $0.8 million from
DRS Ahead Technology, which was sold on May 27, 2002, and
approximately $5.5 million from DRS Advanced Programs, Inc., which
was sold on November 22, 2002.
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