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LOCKHEED REPORTS RISE IN 1991 FOURTH QUARTER EARNINGS; BOARD DECLARES DIVIDEND

 LOCKHEED REPORTS RISE IN 1991 FOURTH QUARTER EARNINGS;
 BOARD DECLARES DIVIDEND
 CALABASAS, Calif., Feb. 3 /PRNewswire/ -- Lockheed Corp. (NYSE: LK) today reported fourth-quarter net earnings of $103 million, or $1.63 per share, an increase of 4 percent from the $99 million, or $1.57 per share, in the same period of 1990. Fourth-quarter 1991 sales of $2.7 billion were 7 percent below 1990's $2.9 billion.
 For all of 1991, net earnings were $308 million, or $4.86 per share, on sales of $9.8 billion, compared with $335 million, or $5.30 per share, on sales of $9.9 billion in 1990.
 Program profits (before tax) increased 3 percent, to $576 million, reflecting the strength of Lockheed's business base and improved operating profitability. Interest expense declined 15 percent, from $138 million to $118 million, which offset some of the increase in income tax expense.
 "Lockheed had another good year in 1991," said Dan Tellep, Lockheed chairman and chief executive officer. "Owing to the strength of our diverse portfolio of core businesses, earnings were strong despite an effective tax rate that jumped from 22 percent to 35 percent. More important, cash generated allowed us to reduce debt and further strengthen our balance sheet. It also allowed us to begin a share repurchase program intended to enhance shareholder returns."
 Funded sign-ups of new and follow-on orders increased to $11 billion in 1991, up from $10.4 billion in 1990. Funded backlog rose to $8.8 billion at year-end 1991, up from $7.6 billion the previous year. Total backlog also rose in 1991 to $17.1 billion from $15.2 billion in 1990. Debt decreased to $1.7 billion as of Dec. 29, 1991 from $2 billion at year-end 1990.
 In 1991, 85 percent of Lockheed's sales were to the U.S. government -- 70 percent in defense and 15 percent non-defense. Sales to foreign governments accounted for six percent, and sales to commercial customers were 9 percent.
 "We're pleased with the growth in our non-Department of Defense business," Tellep said, noting that in 1991 non-DoD revenues rose from 26 percent to 30 percent of Lockheed's business. "We expect this trend to continue." He also cited opportunities in commercial aircraft modification and maintenance, airport development and operation, environmental services and information management.
 Employment at year-end was 72,300, down from 73,000 at year-end 1990.
 In a separate action, the Lockheed board of directors today declared a quarterly dividend of 50 cents per share to holders of the corporation's common stock. The dividend is payable March 2, 1992, to shareholders of record Feb. 14, 1992.
 Lockheed, headquartered in Calabasas, is a world leader in defense and space systems technology, designing and producing missiles, electronic systems, satellites and military aircraft, as well as providing a wide range of aeronautical, space, environmental and engineering services.
 LOCKHEED
 Year-End Financial Table
 (Amounts in millions except for per-share data)
 Percent
 Year 1991 1990 Change
 Sales $9,809 $9,958 (2)
 Program profits 576 561 3
 Interest expense 118 138 (15)
 Other income, net 16 7 129
 Provision for income taxes 166 95 75
 Net earnings 308 335 (8)
 Earnings per share of common
 stock: 4.86 5.30 (8)
 Number of shares used to
 compute earnings per share 63.4 63.2
 Fourth Quarter
 Sales 2,759 2,969 (7)
 Program profits 185 181 2
 Interest expense 29 41 (29)
 Other income (deductions), net 3 (9) n/a
 Provision for income taxes 56 32 75
 Net earnings 103 99 4
 Earnings per share of common
 stock: 1.63 1.57 4
 Number of shares used to
 compute earnings per share 63.3 63.2
 -0- 2/3/92
 /CONTACT: Bob Slayman, 818-876-2468, or Scott Hallman, 818-876-2477, both of Lockheed/
 (LK) CO: Lockheed Corp. ST: California IN: AIR ARO SU: ERN DIV


KJ -- LA029 -- 6279 02/03/92 15:08 EST
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Date:Feb 3, 1992
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