Printer Friendly

RAYTHEON ISSUES 1992 ANNUAL REPORT

 LEXINGTON, Mass., March 29 /PRNewswire/ -- Declining debt, growing commercial profitability, and solid operating performance are key strengths for Raytheon, say Dennis J. Picard, Raytheon chairman and chief executive officer, and Max E. Bleck, Raytheon president, in the company's newly-released 1992 annual report.
 "At Raytheon, we have financial strength, with a low debt-to-equity position," say Picard and Bleck in the report's letter to shareholders. "Our commercial profitability has increased and we are making progress toward our goal of achieving parity in earnings from our commercial and government business.
 "We are cutting costs, consolidating, and working more efficiently as a team -- actions that are critical to preserve as many jobs as possible for Raytheon's people and to remain competitive at home and around the world."
 The two senior executives note that in 1992 Raytheon achieved record earnings for the eighth year in a row, "despite difficult economic times and competitive markets." Other 1992 accomplishments include: an improvement in the debt-to-equity ratio from 34.4 percent to 19 percent, a 23 percent appreciation in the stock price, and a 7.7 percent increase in the quarterly dividend.
 Raytheon's total debt decreased 36 percent in 1992, to $732.0 million at year end from $1.144 billion at year end 1991. The company expects further reductions in the level of debt in 1993.
 Raytheon reports that 51.5 percent of the company's $9.058 billion in sales in 1992 were to the U.S. government. These sales were primarily for systems in the following areas: missiles, radars, military communications, sonars, electronic combat, and air traffic control.
 The Patriot missile system, the company's largest program, accounted for $1.209 billion in sales in 1992. Funded backlog for Patriot at the end of 1992 was $1.818 billion.
 In accounting matters, the company reports that it plans to amortize retiree medical benefit costs over the 20-year period allowed under Financial Accounting Standards No. 106. The effect will not be material, according to management, which estimates the after-tax liability at $330 million.
 Raytheon today began distributing the new annual report to the company's 23,000 stockholders.
 Raytheon, headquartered in Lexington, Mass., is an international, diversified technology company with sales in four business segments: Electronics, Aircraft Products, Energy and Environmental, and Major Appliances.
 -0- 3/29/93
 /CONTACT: Ed Powers of Raytheon Company, 617-860-2415/
 (RTN)


CO: Raytheon Company ST: Massachusetts IN: ARO SU:

TM -- NE011 -- 0573 03/29/93 13:47 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 29, 1993
Words:404
Previous Article:KAISER STEEL RESOURCES INC. ANNOUNCES PLANS FOR MAJOR MOTOR SPORTS RACING COMPLEX
Next Article:JG INDUSTRIES ANNOUNCES SALE OF SHOE STORES OF MILGRAM KAGAN CORP.
Topics:


Related Articles
RAYTHEON OUTLINES BUSINESS PLAN IN ANNUAL REPORT
RAYTHEON REPORTS EIGHTH YEAR OF RECORD EARNINGS; REDUCED DEBT; IMPROVED COMMERCIAL PROFITS
RAYTHEON ISSUES 1992 ANNUAL REPORT
RAYTHEON'S FIRST QUARTER EARNINGS UP 9.8 PERCENT ON 3.5 PERCENT INCREASE IN SALES
RAYTHEON FIVE-YEAR EFFORT CUTS CHEMICAL RELEASES 64 PERCENT
RAYTHEON'S 2ND QUARTER EARNINGS INCREASE BY 8.3 PERCENT
RAYTHEON COMPLETES ACQUISITION OF BRITISH AEROSPACE INC. CORPORATE JETS LTD.
RAYTHEON NAMES NORRIS TO HEAD CORPORATE JETS
RAYTHEON REPORTS STRONG EARNINGS IN THE THIRD QUARTER

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters