LOCKHEED MARTIN ANNUAL REPORT 2003 REPORT ANNUAL MARTIN 4 — LOCKHEED That Inspire Our Management Team
ANNUAL REPORT 2003 LOCKHEED MARTIN CORPORATION Lockheed Martin Corporation 2003 FINANCIAL HIGHLIGHTS (In millions, except per share data and number of employees) 2003 2002 2001 Net sales $31,824 $26,578 $23,990 Operating profit from business segments 2,468 2,020 1,709 Consolidated operating profit 2,019 1,158 833 Earnings from continuing operations 1,053 533 43 Net earnings (loss) 1,053 500 (1,046) Earnings (loss) per diluted share 2.34 1.11 (2.42) Average diluted common shares outstanding 450.0 452.0 432.5 Net cash provided by operating activities 1,809 2,288 1,825 Cash dividends per common share 0.58 0.44 0.44 Cash, cash equivalents and short-term investments 1,250 2,738 912 Total assets 26,175 26,979 27,714 Total debt 6,208 7,582 7,511 Stockholders’ equity $ 6,756 $ 5,865 $ 6,443 Debt-to-total-capital ratio 48% 56% 54% Negotiated backlog $76,899 $70,385 $71,269 Employees 130,000 125,000 125,000 NOTE: For a discussion of matters affecting the comparability of the information presented above, refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations on pages 17 through 39 of this Annual Report. CONTENTS Letter to Shareholders — PAGE 3 Narrative Section — PAGE 6 Financial Section of the 2003 Annual Report — PAGE 16 Corporate Directory — PAGE 71 General Information — PAGE 73 On the Cover: The Horizontal Integration Lab in Colorado Springs, Colorado, will enhance Lockheed Martin’s collaboration with customers and partners to develop advanced architectures for Net-Centric Operations.
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