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GENERAL DYNAMICS ANNUAL REPORT 2005 Contents GD GENERAL DYNAMICS ANNUAL REPORT 2005 Contents 2005 Financial Highlights 1 Letter to Shareholders 3 Focus on Employees 6 Financial Information 16 Directors and Officers inside back cover Corporate Information inside back cover Financial Highlights (Dollars in millions, except per share and employee amounts) 2005 2004 2003 Summary of Operations Net sales $ 21,244 $ 19,119 $ 16,328 Operating earnings 2,197 1,944 1,442 Earnings from continuing operations, net of tax 1,468 1,205 979 Discontinued operations (7) 22 25 Net earnings 1,461 1,227 1,004 Diluted earnings per share Continuing operations 7.25 5.98 4.91 Discontinued operations (0.03) 0.11 0.13 Net earnings 7.22 6.09 5.04 Net cash provided by operating activities 2,056 1,800 1,721 Capital expenditures 279 264 220 Research and development Company sponsored 344 326 276 Customer sponsored 206 194 229 Total 550 520 505 At Year End Total backlog $ 42,429 $ 42,007 $ 40,631 Shareholders' equity 8,145 7,189 5,921 Total assets 19,591 17,544 16,183 Outstanding shares of common stock 200,181,527 201,033,153 197,966,192 Number of employees 72,200 70,000 65,200 Sales per employee $ 299,400 $ 283,200 $ 276,000 This Annual Report contains forward-looking statements that are improved homeland security); termination or restructuring of gov- based on management's expectations, estimates, projections ernment contracts due to unilateral government action; differ- and assumptions. Words such as “expects,” “anticipates,” ences in anticipated and actual program performance, including “plans,” “believes,” “scheduled,” “estimates” and variations of the ability to perform under long-term fixed-price contracts within these words and similar expressions are intended to identify for- estimated costs, and performance issues with key suppliers and ward-looking statements. These include but are not limited to subcontractors; changing customer demand or preferences for projections of revenues, earnings, segment performance, cash business aircraft, including the effects of economic conditions on flows, contract awards, aircraft production, deliveries and back- the business-aircraft market; potential for changing prices for log stability. Forward-looking statements are made pursuant to energy and raw materials; and the status or outcome of legal the safe harbor provisions of the Private Securities Litigation and/or regulatory proceedings. Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and All forward-looking statements speak only as of the date of this uncertainties that are difficult to predict. Therefore, actual future report or, in the case of any document incorporated by reference, results and trends may differ materially from what is forecast in the date of that document. All subsequent written and oral for- forward-looking statements due to a variety of factors, including, ward-looking statements attributable to the company or any per- without limitation, general U.S. and international political and eco- son acting on the company's behalf are qualified by the caution- nomic conditions; changing priorities in the U.S. government's ary statements in this section. The company does not undertake defense budget (including the outcome of supplemental defense any obligation to update or publicly release any revisions to for- spending measures and changes in priorities in response to ter- ward-looking statements to reflect events, circumstances or rorist threats, continuing operations in Afghanistan and Iraq, and changes in expectations after the date of this report. Nicholas D. Chabraja, Chairman and Chief Executive Officer (right) Michael J. Mancuso, Senior Vice President and Chief Financial Officer Letter to the Shareholders Dear Fellow Shareholder, General Dynamics had an excellent year in 2005, following The Information Systems and Technology group received superb performance in 2004. Revenues were $21.2 billion, several significant program awards in 2005 and continued an 11 percent increase over 2004, and operating earnings to perform on the exceptionally large number of programs grew 13 percent to $2.2 billion. The company’s net income awarded in 2004. Backlog grew slightly in 2005 to $9.4 billion, and fully diluted net earnings per share increased approxi- a very good result given the significant growth in revenue mately 19 percent over 2004. Notably, three of the company’s during the year. major operating groups – Information Systems and Technology, Combat Systems and Aerospace – had Combat Systems double-digit growth in both revenue and operating earnings. Combat Systems had another impressive year. Revenues grew almost 14 percent in 2005 to $5.0 billion, and operating earn- Cash from operating activities reached an all-time high at ings increased over 10 percent to $576 million. The conflicts in $2.1 billion. Free cash flow, defined as cash from operating Iraq and Afghanistan fueled continued strong demand for sev- activities less capital expenditures, was $1.8 billion, reflecting eral of our large programs, including the Stryker wheeled a 122 percent conversion from net income. Our backlog in infantry vehicle, the M1 Abrams tank and the Marine Corps’ 2005 increased to a record $42.4 billion and we have Light Armored Vehicle (LAV). The high operational tempo of the experienced strong order activity early in 2006. U.S. military also generated increased requirements for the company's ammunition and high-performance armaments. Information Systems and Technology The Information Systems and Technology group had rev- We continued to consolidate our businesses on the enues of over $7.8 billion and operating earnings of $865 European continent under one operational unit, European million, an increase from 2004 of 16 percent and 20 percent, Land Combat Systems (ELCS). While integration of our oper- respectively. Over the past three years, this group’s sales ations in Austria, Germany, Spain and Switzerland is not have more than doubled, benefiting from both acquisitions completed, the group is well positioned to compete aggres- and organic growth. sively as a provider of state-of-the-art wheeled and tracked combat vehicles around the world. ELCS was awarded sev- Our tactical communications business led the growth in 2005, eral large contracts in 2005, including 260 combat vehicles reflecting the increasing use of digital, network-centric C4ISR for the government of Portugal, and has received a number (command, control, communications, computing, intelli- of significant awards early in 2006. gence, surveillance and reconnaissance) in the U.S. national security community. We continued to provide secure, flexible Combat Systems’ backlog increased in 2005 to $9.3 billion information technology systems, infrastructure and support from $8.7 billion in 2004 on strong order activity during the services to the U.S. government and international customers year. Funded backlog increased 9 percent to $7 billion, an to support intelligence and warfighting missions. all-time year-end high. Sales by Customer Total Backlog (In millions) $9,375 $9,328 64% 14% $230 $8,063 17% $15,433 5% ■ U.S. Government ■ Information Systems and Technology ■ Non U.S. Government ■ Combat Systems ■ U.S. Commercial ■ Marine Systems ■ Non U.S. Commercial ■ Aerospace ■ Resources General Dynamics 2005 Annual Report 3 Marine Systems seven ships, reflecting the Administration’s commitment to The Marine Systems group suffered some setbacks during strengthen the U.S. Navy's fleet and create a long-term, the year. Revenue remained steady at $4.7 billion, but oper- stable shipbuilding plan. ating margins eroded to 5.3 percent from 6.2 percent the prior year. Charges from a commercial shipbuilding program Aerospace and submarine repair work prevented the group from realiz- Gulfstream had an exceptional 2005. Revenues rose by 14 ing improved performance over 2004. Marine Systems, how- percent to $3.4 billion, and operating earnings rose 26 per- ever, ended the year on a positive note, with 2005 fourth cent to $495 million. Operating margins grew to 14.4 percent quarter operating earnings and margins up significantly over compared with 13 percent the previous year. Gulfstream had the third quarter. 121 net new aircraft orders in 2005, an increase of 26 from 2004. As a result, total backlog reached a record $8.1 billion, Last year, NASSCO delivered the second and third double- enabling Gulfstream to increase its planned production hull tanker ships in a program that has troubled the shipyard. rates by 27 percent in 2006 and 13 percent in 2007. The fourth and final tanker will be delivered in the second half Notwithstanding these increases, Gulfstream’s 2006 produc- of 2006, and further risk appears modest. I want to assure tion is sold out, and a substantial portion of projected 2007 you that the problems at NASSCO are being managed production is also sold. aggressively and that conditions are in place for significant improvement as we move forward. Gulfstream passed major milestones in product development during the year. The mid-size G150 business jet, announced Backlog in 2005 decreased 8 percent from 2004 to $15.4 as a replacement for the G100, was certified ahead of sched- billion as the company continued to work off the significant ule in November. It will enter into service this year. The first awards received in 2003. It is important to note that the FY G450 large-cabin, long-range business jet entered into service 2006 appropriations bill did not get enacted into law until in May, and the first G350 mid-range, large-cabin business jet December 30, 2005, which had the effect of depressing fourth entered into service in June. quarter orders. In fact, we received funding for an eighth Virginia-class submarine and a ninth T-AKE early in 2006. We have a strong product development plan at Gulfstream supported by an increasing commitment to research and Over the past year, the outlook for the Navy’s shipbuilding development.
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