Northrop Grumman Revises After-Tax Gain on Sale of TRW Holdings Corp. Stock
21 Mars 2005 - 2:05PM
PR Newswire (US)
Northrop Grumman Revises After-Tax Gain on Sale of TRW Holdings
Corp. Stock LOS ANGELES, March 21 /PRNewswire-FirstCall/ --
Northrop Grumman (NYSE:NOC) has revised its projected after-tax
gain on its recent sale of shares of TRW Automotive Holdings Corp.
(NYSE:TRW). The company now expects a 2005 first quarter after-tax
gain of $45 million, or $0.12 per diluted share, rather than the
previously announced $70 million, or $0.19 per diluted share. The
company says it will pay no cash taxes on the sale and will record
a $25 million reduction of goodwill attributable to the tax
benefit. On March 10, 2005, Northrop Grumman announced the sale of
7,256,500 common shares of TRW Automotive Holdings Corp., reducing
its equity ownership of TRW Automotive Holdings Corp. to 9,743,500
common shares. Northrop Grumman Corporation is a global defense
company headquartered in Los Angeles, Calif. Northrop Grumman
provides technologically advanced, innovative products, services
and solutions in systems integration, defense electronics,
information technology, advanced aircraft, shipbuilding and space
technology. With more than 125,000 employees, and operations in all
50 states and 25 countries, Northrop Grumman serves U.S. and
international military, government and commercial customers.
Statements and assumptions in this release contain or are based on
"forward-looking" information (that Northrop Grumman believes to be
within the definition in the Private Securities Litigation Reform
Act of 1995) and involve risks and uncertainties, and include,
among others, statements in the future tense, and all statements
accompanied by terms such as "project," "expect," "estimate,"
"assume," "guidance," "plan" or variations thereof. This
information reflects the company's best estimates when made, but
the company expressly disclaims any duty to update this information
if new data becomes available or estimates change after the date of
this report. Such "forward-looking" information includes, among
other things, projected deliveries, expected funding for various
programs, future effective income tax rates, financial guidance
regarding sales, segment operating margin, pension expense,
employer contributions under pension plans and medical and life
benefits plans, and cash flow, and is subject to numerous
assumptions and uncertainties, many of which are outside Northrop
Grumman's control. These include Northrop Grumman's assumptions
with respect to future revenues, expected program performance and
cash flows, returns on pension plan assets and variability of
pension actuarial and related assumptions, the outcome of
litigation and appeals, environmental remediation, divestitures of
businesses, successful reduction of debt, effective tax rates and
timing and amounts of tax payments, the results of any appeal
process with the Internal Revenue Service, and anticipated costs of
capital investments, among other things. Northrop Grumman's
operations are subject to various additional risks and
uncertainties resulting from its position as a supplier, either
directly or as subcontractor or team member, to the U.S. Government
and its agencies as well as to foreign governments and agencies;
actual outcomes are dependent upon various factors, including,
without limitation, Northrop Grumman's successful performance of
internal plans; government customers' budgetary constraints;
customer changes in short-range and long-range plans; domestic and
international competition in both the defense and commercial areas;
product performance; continued development and acceptance of new
products and, in connection with any fixed-price development
programs, controlling cost growth in meeting production
specifications and delivery rates; performance issues with key
suppliers and subcontractors; government import and export
policies; acquisition or termination of government contracts; the
outcome of political and legal processes; natural disasters and
terrorist acts; legal, financial, and governmental risks related to
international transactions and global needs for military aircraft,
military and civilian electronic systems and support, information
technology, naval vessels, space systems and related technologies,
as well as other economic, political and technological risks and
uncertainties and other risk factors set out in Northrop Grumman's
filings from time to time with the Securities and Exchange
Commission, including, without limitation, Northrop Grumman reports
on Form 10-K and Form 10-Q. DATASOURCE: Northrop Grumman
Corporation CONTACT: Media, Frank Moore, +1-310-201-3335, or
Investors, Gaston Kent, +1-310-201-3423, both of Northrop Grumman
Corporation Web site: http://www.northropgrumman.com/
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