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GENERAL DYNAMICS Annual Report 2006 Financial Highlights

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GENERAL DYNAMICS Annual Report 2006 Financial Highlights GENERAL DYNAMICS Annual Report 2006 Financial Highlights (Dollars in millions, except share and employee amounts) 2 0 0 6 2005 2004 Summary of Operations Net Sales $ 24,063 $ 20,975 $ 18,868 Operating Earnings 2,625 2,179 1,931 Operating Margin 10.9% 10.4% 10.2% Earnings from Continuing Operations, Net of Tax 1,710 1,448 1,194 Return on Sales (a) 7.1% 6.9% 6.3% Discontinued Operations 146 13 33 Net Earnings 1,856 1,461 1,227 Diluted Earnings Per Share Continuing Operations 4.20 3.58 2.96 Discontinued Operations 0.36 0.03 0.08 Net Earnings 4.56 3.61 3.04 Net Cash Provided by Operating Activities 2,156 2,033 1,760 Capital Expenditures (334) (262) (253) Free Cash Flow from Operations (b) 1,822 1,771 1,507 Cash Conversion (c) 107% 122% 126% Return on Invested Capital (b) 15.6% 14.9% 13.3% At Year End Total Backlog $ 43,667 $ 40,754 $ 40,304 Total Assets 22,376 19,700 17,575 Shareholders' Equity 9,827 8,145 7,189 Outstanding Shares of Common Stock 405,792,438 400,363,054 402,066,306 Number of Employees 81,000 70,900 68,800 Sales Per Employee (d) $ 309,300 $ 300,700 $ 284,500 (a) Return on sales is calculated as earnings from continuing operations divided by net sales. (b) See definitions and reconciliations of non-GAAP financial measures in Management's Discussion and Analysis in this Annual Report. (c) Cash conversion is calculated as free cash flow from operations divided by earnings from continuing operations. (d) Sales per employee is calculated as net sales for the past 12 months divided by the average number of employees for the period. This Annual Report contains forward-looking statements restructuring of government contracts due to unilateral that are based on management’s expectations, estimates, government action; differences in anticipated and actual projections and assumptions. Words such as “expects,” program performance, including the ability to perform “anticipates,” “plans,” “believes,” “scheduled,” “estimates” under long-term fixed-price contracts within estimated and variations of these words and similar expressions are costs, and performance issues with key suppliers and intended to identify forward-looking statements. These subcontractors; expected recovery on contract claims and include but are not limited to projections of revenues, requests for equitable adjustment; changing customer earnings, segment performance, cash flows, contract demand or preferences for business aircraft, including the Contents awards, aircraft production, deliveries and backlog stability. effects of economic conditions on the business-aircraft Forward-looking statements are made pursuant to the safe market; potential for changing prices for energy and 1 2006 Financial Highlights harbor provisions of the Private Securities Litigation Reform raw materials; and the status or outcome of legal and/or 3 Letter to Shareholders Act of 1995, as amended. These statements are not regulatory proceedings. 6 Chronicle of 2006 Events guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Therefore, All forward-looking statements speak only as of the date of 16 Financial Information actual future results and trends may differ materially from this report or, in the case of any document incorporated by inside back cover Directors and Officers what is forecast in forward-looking statements due to a reference, the date of that document. All subsequent writ- inside back cover Corporate Information variety of factors, including, without limitation, general U.S. ten and oral forward-looking statements attributable to the and international political and economic conditions; company or any person acting on the company’s behalf About the Cover changing priorities in the U.S. government’s defense are qualified by the cautionary statements in this section. The line on the cover represents a chart of the total budget (including the outcome of supplemental defense The company does not undertake any obligation to update return on investment in General Dynamics stock spending measures, and changes in priorities in response or publicly release any revisions to forward-looking from January 1997 to December 2006. to terrorist threats, continuing operations in Afghanistan and statements to reflect events, circumstances or changes in Iraq, and improved homeland security); termination or expectations after the date of this report. Letter to Shareholders Dear Fellow Shareholder, I am pleased to report that General Dynamics Let me briefly review our progress in each line of had a very strong year in 2006. I am particularly business. encouraged that each of the company’s operating groups contributed to this result. Three of them – Aerospace Aerospace, Combat Systems and Information Gulfstream performance was superb in almost all Systems and Technology – had double-digit growth respects. Revenues rose nearly 20 percent to $4.1 in both revenue and operating earnings. The fourth, billion, and operating earnings grew by 30 percent Marine Systems, had modest revenue growth but a to $644 million. Operating margins were 15.6 percent strong double-digit increase in operating earnings. compared to 14.4 percent in 2005. Green deliveries rose 27 percent to 113 aircraft. Overall, revenues rose to $24.1 billion, a 14.7 percent increase over 2005. Operating earnings grew by Gulfstream had 159 new aircraft orders, an increase over 20 percent to $2.6 billion and operating of 35 over the prior year, with significant growth margins increased 50 basis points to 10.9 percent. from international markets. Given the strong Earnings from continuing operations, after tax, demand, pricing continued to firm during the year. increased 18.1 percent, and net income rose Since order activity outpaced deliveries, backlog 27 percent, aided by non-operating gains. grew and reached a new high of $7.7 billion. As in the past, our cash performance was strong. Our existing backlog and the current order activity Cash from operating activities reached $2.1 billion, justify 2007 planned production of 139 aircraft, an mirroring last year’s performance. Free cash flow, increase of 23 percent. Looking even further ahead, defined as cash from continuing operations less Gulfstream has a strong product-development plan capital expenditures, was $1.8 billion. Also of note, that will allow us to bring to market highly innovative backlog increased to an all-time high – $43.7 billion and reliable products in a timely way. I believe at year end. that new products, delivered cost-effectively and predictably, will ensure that Gulfstream remains the (left to right) David A. Savner, Sr. Vice President and General market leader in business aviation. Counsel; L.Hugh Redd, Sr. Vice President and Chief Financial Officer; Phebe N. Novakovic, Sr. Vice President, Planning and Development; Nicholas D.Chabraja, Chairman and Chief Executive Officer; Walter M. Oliver, Sr. Vice President, Human Resources and Administration. Revenue by Group (In millions) Total Backlog 18% $25,000 $24,063 $25,000 $24,063 23% 18% $20,975 20,000 $18,868 20,000 27% $16,076 32% 15,000 $13,390 15,000 10,000 27% 10,000 5,000 ■ Aerospace 5,000 ■ Combat Systems ■ 0 Marine Systems 2002 2003 2004 2005 2006 ■ 0 Information Systems and Technology ■ Aerospace ■ Information Systems and Technology ■ Combat Systems ■ Corporate ■ Marine Systems 2 General Dynamics 2006 Annual Report General Dynamics 2006 Annual Report 3 Combat Systems The breadth of the Marine Systems business was five years is in part attributable to a changing product The future year defense plan submitted by the Combat Systems had another impressive year. evident in our defense work and our expansion in mix. We have managed a transition from several administration with the fiscal year 2008 budget Revenues grew over 19 percent to $6 billion, the commercial market. NASSCO delivered to the mature production programs to developmental-stage continues to provide robust funding for defense, and operating earnings increased 18 percent to Navy the first of nine T-AKE combat logistics ships activity. In addition, while government spending to including the investment accounts. While these $677 million. and entered into an agreement with U.S. Shipping support operations in Iraq and Afghanistan provides plans are subject to change, we see nothing in the Partners, L.P., for the construction of nine product- additional funds for some of our programs, most environment at home or abroad that would suggest We experienced continued strong demand for carrier tankers for approximately $1 billion. In our notably in Combat Systems, it appears to have a material change in this funding profile during our several of our products, including the Stryker wheeled defense sector, Electric Boat delivered two ships in drawn funds from other programs, particularly in planning horizon. combat vehicle, the M1 Abrams tank and the Light the Virginia-class submarine program. Bath Iron the Information Systems and Technology group. Armored Vehicle. In 2006, we expanded the Stryker Works delivered two Arleigh Burke destroyers, and However, total backlog grew to almost $10 billion on Capital Deployment program by delivering two new variants in the year, continued work on the first Littoral Combat Ship firm order activity. We are well positioned to take full In 2006, we remained attentive to growing the the Mobile Gun System and the Nuclear, Biological and the new DDG-1000 destroyer design. Marine advantage of future growth in the information sys- value of our company. We spent $2.6 billion on four and Chemical Reconnaissance vehicle. The U.S. Systems’ backlog was $14 billion in 2006, a tems and technology market. acquisitions – FC Business Systems, Inc., Anteon military also increased orders for the company’s decrease from 2005, but funded backlog rose International Corporation, the Scranton division of ammunition, high-performance armaments and 12 percent over 2005. The Future Chamberlain Manufacturing Corporation and SNC repair services in support of our deployed troops.
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