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GD · General Dynamics

38 filings

10-K

GD 10-K Annual Reports

General Dynamics - 38 annual reports

Filing record · 2016–202610-K1110-Q338-K98

2025
General Dynamics Annual Report, Year Ended Dec 31, 2025
General Dynamics Corporation (GD) reported a strong fiscal year 2025, with revenue increasing by 10.1% to $52.6 billion and operating earnings growing by 11.7% to $5.4 billion. This growth was driven by robust performance across all segments, particularly Aerospace and Marine Systems, which saw double-digit percentage increases in revenue. The company ended the year with a significantly strengthened backlog of $118 billion, a 30% increase from the previous year, reflecting strong demand for both business jets and defense products. Diluted earnings per share rose by 13.4% to $15.45, and the company generated $5.1 billion in cash from operating activities, demonstrating efficient cash flow generation. Key growth drivers included increased deliveries of Gulfstream's G700 and the introduction of the G800, alongside strong demand for aircraft services. In the defense segments, General Dynamics benefited from significant contract awards for U.S. Navy submarine programs (Columbia-class and Virginia-class) and increased international demand for combat vehicles and munitions. The company continues to invest in product development and manufacturing capacity to support long-term growth and meet evolving customer requirements across its diverse portfolio.
Jan 30, 2026
2024
General Dynamics Annual Report, Year Ended Dec 31, 2024
General Dynamics Corporation (GD) reported a strong financial performance for the fiscal year ending December 30, 2024, with consolidated revenue reaching $47.7 billion, a significant increase of 12.9% from the previous year. This growth was driven by robust performance across all operating segments, particularly Aerospace and Marine Systems, which saw double-digit percentage increases. Operating earnings also grew by 13.0% to $4.8 billion, resulting in diluted earnings per share of $13.63, up 13.4% year-over-year. The company generated substantial cash flow from operations, amounting to $4.1 billion, and maintained a healthy backlog of $90.6 billion, providing a solid foundation for future growth. Key drivers of this performance include strong demand for Gulfstream aircraft, significant contract awards in defense segments such as the Virginia-class submarine program, and continued growth in its Technologies segment. While supply chain challenges and inflationary pressures persist globally, General Dynamics demonstrated effective management, evidenced by a slight improvement in operating margin to 10.1%. The company continues to prioritize capital deployment through investments in business infrastructure, dividends, strategic acquisitions, and share repurchases, reinforcing its commitment to long-term shareholder value creation.
Feb 7, 2025
2023
General Dynamics Annual Report, Year Ended Dec 31, 2023
General Dynamics Corporation (GD) reported a strong financial year in 2023, with record-high revenue of $42.3 billion, a 7.3% increase over 2023, and record-high operating cash flow of $4.7 billion. The company's robust performance was driven by significant growth across its defense segments, particularly in Marine Systems due to increased submarine construction. The Technologies segment also saw revenue growth, primarily from IT services. The company ended the year with a record backlog of $93.6 billion, indicating sustained demand for its products and services, especially in the defense sector and for Gulfstream business jets. Despite facing supply chain cost pressures and inflationary impacts, GD demonstrated resilience, maintaining solid operating earnings. Management expects continued revenue growth and margin improvement in 2024, driven by a strong order book and the anticipated entry into service of new Gulfstream aircraft models.
Feb 8, 2024
2022
General Dynamics Annual Report, Year Ended Dec 31, 2022
General Dynamics Corporation (GD) reported strong financial performance for the fiscal year ended December 31, 2022, with record-high revenue of $39.4 billion, an increase of 2.4% from the prior year. This growth was primarily driven by increased activity in the Marine Systems segment, particularly U.S. Navy ship construction, and the Aerospace segment's services business. The company also achieved record-high operating earnings of $4.2 billion and record-high cash provided by operating activities of $4.6 billion, demonstrating robust operational efficiency and effective working capital management. Looking ahead, GD maintains a strong backlog of $91.1 billion, which grew 4% year-over-year, signaling continued revenue streams from significant contract awards across its defense segments and strong order activity in business aviation. The company's strategic investments in new aircraft development and shipyard expansion position it well for future growth, while its diversified business model across Aerospace, Marine Systems, Combat Systems, and Technologies segments provides resilience. Investors can expect a continued focus on capital deployment through dividends, strategic acquisitions, and share repurchases.
Feb 7, 2023
2021
General Dynamics Annual Report, Year Ended Dec 31, 2021
General Dynamics Corporation (GD) reported solid financial performance for the fiscal year ended December 31, 2021, with revenue reaching $38.5 billion, a modest increase from the prior year. The company demonstrated strong operating discipline, generating $4.3 billion in cash from operations and achieving a diluted EPS of $11.55. GD's diversified business segments – Aerospace, Marine Systems, Combat Systems, and Technologies – collectively contributed to a robust backlog of $87.6 billion, providing a strong foundation for future growth. Key drivers for revenue growth included increased U.S. Navy ship construction and a rebound in aircraft services. While aircraft manufacturing saw a planned reduction in deliveries, the segment experienced strong order activity, particularly for new Gulfstream models. The defense segments continue to benefit from long-term government contracts, with significant investments being made in facility expansions and workforce growth, especially within Marine Systems to support submarine construction plans. The Technologies segment showed resilience with increased IT services offsetting a decline in C5ISR solutions. Financially, General Dynamics maintained a healthy balance sheet, with effective cash management enabling continued investment in product development, dividend payments, and opportunistic share repurchases. The company's strategic focus on innovation, operational excellence, and disciplined capital deployment positions it well to navigate the dynamic aerospace and defense markets.
Feb 9, 2022
2020
General Dynamics Annual Report, Year Ended Dec 31, 2020
General Dynamics Corporation's 2020 10-K report highlights a year of resilience and strategic investment amidst the COVID-19 pandemic. Despite a 3.6% dip in consolidated revenue to $37.9 billion, the company demonstrated strong operational performance, with cash from operating activities increasing significantly to $3.9 billion, representing 122% of net earnings. This robust cash generation supported strategic capital deployment, including dividends and share repurchases, while maintaining a solid financial position. The defense segments—Marine Systems, Combat Systems, and Technologies—collectively saw revenue growth, buoyed by strong demand in naval programs like the Columbia and Virginia-class submarines and continued activity in land combat vehicles and technology solutions. The Aerospace segment experienced a more pronounced impact from the pandemic, with revenue down 17.6% due to reduced aircraft deliveries and service activity, though demand showed signs of recovery in the latter half of the year. The company ended 2020 with a record backlog of $89.5 billion, indicating strong future revenue visibility, particularly in its defense businesses.
Feb 9, 2021
2019
General Dynamics Annual Report, Year Ended Dec 31, 2019
General Dynamics Corporation (GD) reported strong revenue growth in 2019, reaching $39.4 billion, an increase of 8.7% over the previous year. This growth was driven by higher deliveries in the Aerospace segment, particularly the new Gulfstream G500 and G600 aircraft, and significant contract wins in the defense segments, including the record-setting Virginia-class submarine Block V contract. The company's operating earnings increased by 4.3% to $4.6 billion, and diluted earnings per share grew by 6.8% to $11.98. Despite a slight decrease in operating margin from 12.3% to 11.8%, largely due to the transition to newer, lower-margin programs, the company ended the year with a record backlog of $86.9 billion, signaling robust future demand across its diverse portfolio. Key financial highlights include a substantial increase in the Marine Systems segment's backlog due to the Virginia-class submarine contract and strong order activity for Gulfstream aircraft, particularly the new G700. The company continued to return value to shareholders through dividend increases and share repurchases. While facing some headwinds such as the initial lower margins on new programs and increased interest expenses related to the CSRA acquisition, GD demonstrated operational resilience and strategic positioning for continued growth in both its defense and aerospace businesses.
Feb 10, 2020
2018
General Dynamics Annual Report, Year Ended Dec 31, 2018
General Dynamics Corporation (GD) reported robust performance in its 2018 fiscal year, highlighted by record revenue of $36.2 billion, a 16.9% increase over 2017, driven significantly by the acquisition of CSRA Inc. Operating earnings grew 5.2% to $4.5 billion, and diluted earnings per share from continuing operations reached a record $11.22. The company's backlog also expanded by 7.4% to $67.9 billion, indicating strong future revenue potential across its diversified segments. The company's five operating segments – Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems – all contributed to the revenue growth. The Aerospace segment saw increased revenue from services, while the IT segment's significant revenue jump was largely attributable to the CSRA acquisition. The defense segments (Combat Systems, Information Technology, Mission Systems, and Marine Systems) demonstrated strong order intake and backlog growth, particularly in areas like naval shipbuilding and combat vehicles. GD continued its commitment to shareholder returns, repurchasing $1.8 billion in stock and increasing dividends, returning over 115% of its free cash flow from operations to shareholders.
Feb 13, 2019
2017
General Dynamics Annual Report, Year Ended Dec 31, 2017
General Dynamics Corporation (GD) reported a solid financial performance for the fiscal year ended December 31, 2017. The company experienced revenue growth primarily driven by its Aerospace and Combat Systems segments, with overall revenue reaching $30.97 billion. Operating earnings saw a significant increase of 11.9% to $4.18 billion, accompanied by an improved operating margin of 13.5%, up from 12.2% in the prior year. This profitability expansion was consistent across all business groups. The company maintained a robust backlog of $63.2 billion, indicating strong future revenue potential. GD also demonstrated strong cash flow generation, with free cash flow from operations of $3.45 billion, and continued to return value to shareholders through dividends and share repurchases. Management highlighted strategic investments in product development, particularly in the Aerospace segment with new aircraft models poised for 2018 entry into service, and favorable contract awards in defense segments. The company also announced its intent to acquire CSRA for $9.6 billion, expected to close in the first half of 2018, which signals a strategic expansion in its Information Systems and Technology capabilities.
Feb 12, 2018
2016
General Dynamics Annual Report, Year Ended Dec 31, 2016
General Dynamics Corporation's 2016 Form 10-K highlights a robust year characterized by strong operating performance and strategic capital deployment. The company, a global aerospace and defense leader, reported stable revenue of $31.4 billion, coupled with record operating earnings of $4.3 billion and an improved operating margin of 13.7%. This financial strength was supported by growth in its defense segments, particularly Marine Systems and Information Systems and Technology, which offset a planned decrease in aircraft deliveries within the Aerospace group. The company demonstrated a strong commitment to shareholder returns, repurchasing $2 billion in stock and increasing its dividend. General Dynamics also maintained a significant backlog of $59.8 billion, providing visibility into future revenue streams. The report underscores the company's focus on innovation, operational efficiency, and disciplined execution across its diverse portfolio, positioning it well for continued success in the aerospace and defense sectors.
Feb 6, 2017
2015
General Dynamics Annual Report, Year Ended Dec 31, 2015
General Dynamics Corporation (GD) reported robust financial performance for the fiscal year ended December 30, 2015. The company demonstrated strong operational execution, with revenue increasing by 2.0% to $31.5 billion. Notably, operating earnings reached a record high of $4.2 billion, a 7.4% increase year-over-year, leading to an operating margin of 13.3% and a return on sales of 9.4%. Diluted earnings per share from continuing operations also saw significant growth, increasing by 16% to $9.08. The company's diversified business segments, including Aerospace, Combat Systems, Information Systems and Technology, and Marine Systems, contributed to this strong performance. The Aerospace segment benefited from increased Gulfstream aircraft deliveries, while Marine Systems saw growth from U.S. Navy ship construction. General Dynamics also returned substantial capital to shareholders through $3.2 billion in share repurchases and $873 million in cash dividends, underscoring a commitment to shareholder value.
Feb 8, 2016
2014
General Dynamics Annual Report, Year Ended Dec 31, 2014
General Dynamics Corporation (GD) reported relatively stable revenues in 2014, approximately $30.85 billion, showing slight fluctuations compared to the previous year. The company operates across four key segments: Aerospace, Combat Systems, Information Systems and Technology, and Marine Systems. Aerospace, driven by Gulfstream business jets, saw increased revenues and operating earnings, bolstered by strong demand and new aircraft deliveries. Defense segments, including Combat Systems and Marine Systems, experienced mixed results, with Marine Systems showing revenue growth driven by naval shipbuilding contracts, while Combat Systems saw a slight revenue dip due to reduced U.S. Army spending, offset by significant international orders. The company maintains a substantial backlog, exceeding $72 billion by the end of 2014, providing visibility into future revenue streams, particularly in the Marine Systems and Combat Systems segments. Financially, GD demonstrated strong cash flow generation, with net cash provided by operating activities at $3.7 billion, enabling significant share repurchases and dividend payments, reflecting a commitment to shareholder returns. Despite pressures on U.S. defense spending, the company's diversified portfolio and strategic focus on operational efficiency and innovation position it for continued performance.
Feb 9, 2015
2013
General Dynamics Annual Report, Year Ended Dec 31, 2013
General Dynamics Corporation (GD) reported solid financial performance for the fiscal year ending December 31, 2013, demonstrating resilience in a challenging defense spending environment. The company's diversified business segments, including Aerospace, Combat Systems, Marine Systems, and Information Systems and Technology, collectively generated $31.2 billion in revenues. While U.S. government revenue, which constitutes the majority of the company's business, saw a slight decline, this was largely offset by robust growth in the Aerospace segment, driven by strong demand for Gulfstream business jets, particularly the newer G650 and G280 models. The company also reported improved operating earnings and margins compared to the prior year, largely due to a significant goodwill impairment charge recorded in 2012, demonstrating operational efficiency and effective cost management. Looking ahead, General Dynamics remains focused on disciplined execution, efficient cash flow conversion, and prudent capital deployment. The company's substantial backlog, exceeding $46 billion at year-end 2013, provides visibility into future revenues across its defense and aerospace businesses. Management highlighted continued investment in research and development, particularly in new aircraft products and technologies, to sustain long-term growth. The company also maintained a strong balance sheet with healthy cash generation, enabling continued share repurchases and dividend increases, signaling confidence in its financial health and commitment to shareholder returns.
Feb 7, 2014
2012
General Dynamics Annual Report, Year Ended Dec 31, 2012
General Dynamics Corporation (GD) reported a challenging 2012, marked by a significant goodwill impairment charge of $2 billion within its Information Systems and Technology segment, leading to a net loss for the year. Despite a revenue increase in the Aerospace segment driven by the new Gulfstream G650 aircraft, overall revenues declined due to reduced demand in the Combat Systems and Information Systems and Technology groups, primarily influenced by U.S. defense budget uncertainties and sequestration concerns. The company's financial health saw a strengthening of its balance sheet, with a decrease in net debt and a continued commitment to shareholder returns through increased dividends and share repurchases. However, investors should note the ongoing impact of U.S. government spending constraints on its defense-related segments. The company's outlook for 2013 anticipates continued revenue pressure in Information Systems and Technology and a decline in Combat Systems revenue, but projects growth in Aerospace and stable revenues in Marine Systems.
Feb 8, 2013
2011
General Dynamics Annual Report, Year Ended Dec 31, 2011
General Dynamics Corporation (GD) reported total revenues of $32.68 billion for the fiscal year ending December 31, 2011. The company operates across four main segments: Aerospace, Combat Systems, Marine Systems, and Information Systems and Technology. The U.S. government remains the largest customer, accounting for 69% of revenues, with defense spending significantly influencing the company's performance. Despite some revenue declines in specific segments like Information Systems and Technology due to order delays, the Aerospace segment saw growth driven by Gulfstream aircraft deliveries, including the new G650. The company also successfully integrated six acquisitions in 2011, bolstering its portfolio. GD continues to focus on operational efficiency, program execution, and prudent capital deployment, including a commitment to increasing dividends and repurchasing shares, signaling a stable outlook driven by its core defense and aerospace businesses.
Feb 17, 2012
2010
General Dynamics Annual Report, Year Ended Dec 31, 2010
General Dynamics Corporation's 2010 10-K filing reveals a company navigating a complex global environment with a diversified portfolio heavily weighted towards defense but also significantly participating in business aviation. The company demonstrated revenue growth driven by its Marine Systems and Information Systems and Technology segments, with a notable recovery in its Aerospace group, particularly in aircraft services. Financially, General Dynamics showed strong operating performance, with operating earnings increasing at a faster pace than revenues, leading to improved operating margins. The company also generated robust cash flow from operations, enabling it to reduce net debt, increase dividends, and repurchase shares. The defense segments, particularly Combat Systems and Marine Systems, benefited from ongoing U.S. Navy programs and international demand, while the Information Systems and Technology segment saw growth from tactical communication and IT services. The Aerospace group benefited from a recovering business jet market and continued investment in new aircraft development, positioning it for future growth. Despite a challenging defense budget environment and the inherent risks in government contracting, General Dynamics appears well-positioned due to its strong backlog, diverse customer base, and strategic investments. The company's focus on operational execution, innovation, and prudent capital deployment underscores its strategy for creating shareholder value.
Feb 18, 2011
2009
General Dynamics Annual Report, Year Ended Dec 31, 2009
In 2009, General Dynamics (GD) demonstrated resilience by achieving revenue growth, primarily driven by its defense segments (Combat Systems, Marine Systems, and Information Systems and Technology). This growth was strong enough to offset a decline in the Aerospace segment, which was impacted by the downturn in the business-jet market. The company's defense business benefited from increased U.S. military spending and modernization efforts, as well as international demand for its products. Acquisitions in 2008 and 2009 bolstered the Information Systems and Technology and Combat Systems groups. Despite a challenging economic environment, GD maintained a solid cash flow, enabling continued investment in product development and strategic acquisitions, while also returning capital to shareholders through dividends and share repurchases.
Feb 19, 2010
2008
General Dynamics Annual Report, Year Ended Dec 31, 2008
General Dynamics (GD) demonstrated robust financial performance in its 2008 fiscal year, reporting increased net sales and operating earnings driven by strong demand across its defense segments and a recovery in its Aerospace division. The company's diversified portfolio, encompassing Aerospace, Combat Systems, Marine Systems, and Information Systems and Technology, contributed to record backlog levels, signaling continued business momentum. The company's strategic focus on program execution, operational efficiency, and disciplined capital deployment appears to be paying off, as evidenced by improved operating margins and strong cash flow generation. Despite the challenging macroeconomic environment, particularly in the latter half of the year, GD managed to navigate these headwinds effectively. Key acquisitions in 2008, such as Jet Aviation and AxleTech International, are expected to further enhance the company's market position and growth prospects. Investors can take comfort in GD's sustained profitability and its commitment to shareholder returns through dividends and share repurchases. The company's strong backlog provides visibility into future revenues, although investors should remain mindful of the inherent risks associated with government contracting, including potential budget fluctuations and contract terminations.
Feb 20, 2009
2007
General Dynamics Annual Report, Year Ended Dec 31, 2007
General Dynamics Corporation (GD) demonstrated robust financial performance in 2007, marking a record year for sales, operating earnings, net earnings, and backlog. The company's diversified business segments—Aerospace, Combat Systems, Marine Systems, and Information Systems and Technology—collectively contributed to this strong growth. Defense spending, driven by global security needs and military modernization, significantly boosted the Combat Systems and Marine Systems groups, with notable contributions from programs like the Abrams tank upgrades, Stryker vehicles, and various naval shipbuilding contracts. The Aerospace segment also experienced substantial growth, largely due to increased demand for Gulfstream business jets, with international orders surpassing domestic orders for the first time. The company's financial strategy continues to focus on shareholder value creation through operational excellence, margin improvement, and disciplined capital deployment. GD's strong cash flow generation provides flexibility for strategic acquisitions, dividend payments, and share repurchases, underscoring a healthy financial position and confidence in future performance. Looking ahead, management anticipates continued growth in defense markets and the business aviation sector.
Feb 22, 2008
2006
General Dynamics Annual Report, Year Ended Dec 31, 2006
General Dynamics (GD) reported a strong financial performance for the fiscal year ended December 30, 2006, driven by significant growth across its four business segments: Aerospace, Combat Systems, Marine Systems, and Information Systems and Technology. Net sales increased by 15% to $24.1 billion, with operating earnings rising 20% to $2.6 billion, resulting in an improved operating margin of 10.9%. The company benefited from increased demand in defense spending, driven by ongoing military operations, and continued strength in the business aviation market. GD successfully integrated several acquisitions, bolstering its Information Systems and Technology segment, and continued to invest in R&D and facility upgrades across its divisions. The company's robust cash flow generation allowed for strategic investments, debt reduction, and shareholder returns through dividends and share repurchases, positioning it well for continued growth.
Feb 23, 2007
2005
General Dynamics Annual Report, Year Ended Dec 31, 2005
General Dynamics Corporation (GD) demonstrated robust growth in its 2005 fiscal year, with net sales reaching $21.2 billion, an 11% increase over 2004. This growth was largely driven by strong performance in the Information Systems and Technology group, which saw its sales increase by 16%, and significant contributions from the Combat Systems and Aerospace groups. Operating earnings also saw a healthy increase of 13% to $2.2 billion, reflecting improved volumes and operational efficiencies across key segments. The company's strategic focus on acquisitions and integration continues to yield positive results, with recent acquisitions contributing significantly to sales growth. GD maintains a strong financial position, with substantial backlog across its defense and aviation sectors, providing a solid foundation for future revenue. The company's commitment to shareholder value is evident through consistent dividend increases and share repurchases, supported by strong cash flow generation.
Mar 3, 2006
2004
General Dynamics Annual Report, Year Ended Dec 31, 2004
General Dynamics closed 2004 with record revenue, earnings and backlog. Net sales rose 17% to $19.2 billion, operating earnings climbed 34% to $1.94 billion, and operating margin widened to 10.1% from 8.8%. Diluted EPS from continuing operations reached $5.97, versus $4.93 in 2003. Net earnings were $1.23 billion, and net cash from operations was $1.8 billion, about 147% of net earnings. Total backlog hit a record $42.1 billion, with funded backlog up 14% to $28.3 billion, and new orders totaled $19.6 billion. The company's defense business, which drives most revenue, benefits from steady U.S. Department of Defense budget growth, with fiscal 2005 appropriations of $403 billion and a requested $420 billion for fiscal 2006. Balance sheet and capital deployment were strong. Total debt was $3.3 billion, the debt-to-capital ratio was 31.4%, and cash was $976 million. The company repaid $500 million of floating-rate notes and carried no commercial paper at year-end, while $2 billion of bank credit facilities stood undrawn. Management spent about $500 million on three niche acquisitions and sold non-core businesses, and the board raised the quarterly dividend to $0.40 per share, the eighth consecutive annual increase. No shares were repurchased in 2004, though about 4.5 million remained authorized. Key risks remain. The A-12 litigation could require repayment of as much as $1.4 billion in progress payments plus interest, which the company estimates would cost about $700 million after tax. Marine Systems absorbed additional losses of $43 million on commercial double-hull tankers, and the Expeditionary Fighting Vehicle program is being restructured. Business-jet demand improved markedly, and the Aerospace group's margin rose to 13.0%. Its funded backlog is heavily concentrated with NetJets, and 67% of 2004 sales came from the U.S. government, so budget timing and program execution remain the main watch items for investors.
Mar 4, 2005
2003
General Dynamics Annual Report, Year Ended Dec 31, 2003
General Dynamics Corporation (GD) reported significant growth in its 2003 fiscal year, with net sales reaching $16.6 billion, a 20% increase over 2002. This growth was driven by strategic acquisitions in its Information Systems and Technology, and Combat Systems segments, alongside strong organic growth in its defense businesses. The company's net earnings also saw a healthy increase of over 9% to $1 billion, reflecting improved operational performance and the benefits of its acquisition strategy. The company's diversification across defense (Information Systems and Technology, Combat Systems, Marine Systems) and aerospace (Gulfstream business jets) proved resilient. The defense segments benefited from increased U.S. government spending related to global security initiatives and military transformation. Notably, the Marine Systems segment secured a significant order for Virginia-class submarines, reinforcing its critical role in naval defense. The Aerospace segment, while facing market headwinds, demonstrated strategic product development with new aircraft introductions and a focus on improving efficiency. GD's robust cash flow generation continues to support its growth strategy through acquisitions, share repurchases, and dividend increases, positioning it for sustained value creation.
Mar 5, 2004
2002-A
General Dynamics Annual Report (Amendment), Year Ended Dec 31, 2002
General Dynamics closed 2002 with record revenue and backlog, though earnings were mixed. Net sales rose 15% to $13.8 billion, with organic growth above 6%, and total backlog reached $29.0 billion (up 8%). Operating earnings grew 6% to $1.58 billion, but net earnings fell to $917 million from $943 million because of a $134 million after-tax loss from exiting the undersea fiber optic cable-laying business. Continuing operations earnings rose about 12% to $1.05 billion, and cash from operating activities was $1.125 billion. Net debt fell to $1.1 billion from $1.5 billion, and the debt-to-capital ratio improved to 22% from 30%. Growth was concentrated in Information Systems and Technology (sales up 37%) and Combat Systems (up 32%), helped by acquisitions and the Stryker and Leopard programs. Marine Systems was flat with lower margins, and Aerospace (Gulfstream) saw operating earnings drop about 28% on pre-owned aircraft losses and pricing pressure. Management guided to lower Aerospace margins in 2003 and expects Combat Systems to be the fastest-growing group. The acquisition of GM Defense closed March 1, 2003, for $1.1 billion. The main risk is the A-12 litigation. The Court of Appeals vacated the lower court's judgment on March 17, 2003, and the Navy is seeking repayment of about $2.3 billion, including interest. If the default termination is ultimately upheld, the company's pretax charge would be about $1.2 billion ($685 million after tax). Management says it has sufficient resources to pay such an obligation. Other risks include dependence on U.S. government funding (64% of sales) and on NetJets for a large share of aircraft backlog.
Mar 25, 2003
2002
General Dynamics Annual Report, Year Ended Dec 31, 2002
General Dynamics' 2002 Form 10-K (filed March 24, 2003) shows a company that grew revenue 15% to $13.8 billion, with organic growth above 6%, and generated $1.1 billion of operating cash flow for the fourth straight year. Operating earnings rose 6% to $1.58 billion, but net earnings of $917 million fell from $943 million in 2001 because of a $134 million after-tax loss from exiting the undersea fiber optic cable-laying business. Continuing-operations earnings rose about 11% to $1.05 billion, and the company reported a record total backlog of $29.0 billion, up 8%. Growth was driven by Information Systems and Technology and Combat Systems, while Aerospace (Gulfstream) margins fell sharply, from 19.1% to 13.6%, on pre-owned aircraft losses and pricing pressure. The filing's most significant risk factor is the A-12 litigation. The Court of Appeals vacated a trial-court judgment on March 17, 2003, leaving open a possible repayment of up to $1.4 billion plus interest (roughly $2.3 billion including interest as of the Navy's August 2002 demand), which would produce about a $1.2 billion pretax, $685 million after-tax charge. Management believes it has the resources to pay if required and does not expect the default termination to be sustained. Balance sheet leverage improved, with net debt falling to $1.1 billion from $1.5 billion and the debt-to-capital ratio dropping to 22% from 30%. The company also closed the $1.1 billion acquisition of GM Defense on March 1, 2003, which makes it the sole source for the Army's Stryker vehicle program. Management expects 2003 Combat Systems to be the fastest-growing group, Marine Systems revenue and earnings to rise slightly, and Aerospace margins to be somewhat lower than in 2002 because of pricing pressure and elevated pre-owned aircraft inventory. Investors should weigh the strong defense demand and cash generation against the A-12 contingency, the cyclical business-jet market, and the concentration of Aerospace backlog with NetJets.
Mar 24, 2003
2000-A
General Dynamics Annual Report (Amendment), Year Ended Dec 31, 2000
This filing is Amendment No. 1 to General Dynamics' 2000 Annual Report on Form 10-K, filed June 29, 2001. It does not contain new financial statements for the company itself. Its sole purpose is to add three exhibits: the Arthur Andersen LLP consent (Exhibit 23.1), and Form 11-K annual reports for two employee benefit plans, the General Dynamics Savings and Stock Investment Plan (Exhibit 99.6) and the Hourly Employees Savings and Stock Investment Plan (Exhibit 99.7). Investors looking for the company's operating results, balance sheet, or risk disclosures should consult the original 10-K rather than this amendment. The exhibits offer a window into the company's retirement plans. The salaried plan held net assets of about $3.09 billion at year-end 2000, up from $2.82 billion, and the hourly plan held about $642 million, up from $607 million. Both plans are defined contribution plans invested through a common Master Trust. A major component is the General Dynamics Stock Fund, which held roughly $1.17 billion of company common stock at year-end 2000, up from $780 million in 1999. Company matching contributions are made in company stock, so employee holdings are closely tied to the share price. Both plans' auditor, Arthur Andersen, issued unqualified opinions dated June 18, 2001. The filing is largely administrative and carries limited investment significance. Its main value to investors is the plan-level disclosure of employee ownership of company stock and the consent confirming the auditor's report is included in the record.
Jun 29, 2001
2000
General Dynamics Annual Report, Year Ended Dec 31, 2000
General Dynamics (GD) closed fiscal 2000 with net sales of $10.356 billion, up 16% from $8.959 billion in 1999, and net earnings of $901 million ($4.48 diluted EPS), up modestly from $880 million ($4.36) a year earlier. Growth was driven largely by the full-year contribution of the 1999 Gulfstream and Government Systems acquisitions. Operating earnings rose 10% to $1.329 billion, though 1999 was flattered by a $126 million non-recurring pension gain, and the 2000 tax line benefited from a $90 million IRS settlement. Excluding these items, underlying earnings growth was more modest than headline figures suggest. The balance sheet strengthened considerably. Debt fell from $1.022 billion to $502 million, the debt-to-capital ratio dropped to 12% from 24%, and shareholders' equity rose to $3.82 billion. Operating cash flow reached $1.071 billion, and after-tax cash flow net of capital expenditures was $917 million. Backlog was $19.7 billion, with funded backlog of $14.4 billion, and the U.S. government accounted for 60% of sales. Gulfstream posted record orders of 82 aircraft, and the Marine Systems and Combat Systems segments face large program awards. Investors should weigh several forward-looking items: the January 2001 acquisition of Primex Technologies (about $334 million cash plus $204 million of assumed debt), the pending $4 billion Stryker-type vehicle award under protest, and the unresolved A-12 litigation, where an adverse outcome could cost roughly $675 million plus interest. Management guided to a modest decline in Marine Systems margins in 2001 and expects Gulfstream margins to exceed 2000 levels.
Mar 29, 2001
1999-A
General Dynamics Annual Report (Amendment), Year Ended Dec 31, 1999
This filing is not a full annual report. It is Amendment No. 1 to General Dynamics' Form 10-K for fiscal year 1999, filed June 28, 2000, and its sole purpose is to attach the annual Form 11-K reports for two of the company's employee savings plans: the Savings and Stock Investment Plan (salaried employees) and the Hourly Employees Savings and Stock Investment Plan. The filing contains no operating results, segment data, revenue, earnings, balance sheet, cash flow, risk factors, or management commentary about the business. Investors seeking GD's 1999 financial performance should refer to the original 10-K filed March 27, 2000, and its Exhibit 13 (1999 Annual Report), which is incorporated by reference but not reproduced here. The plan financials show a combined net asset value of roughly $3.43 billion at year-end 1999 across the two plans ($2.82 billion for salaried and $0.61 billion for hourly), up from about $3.18 billion a year earlier. Both plans hold a large position in General Dynamics common stock through the GD Stock Fund, which had a market value of about $780 million at December 31, 1999 (up from $762 million in 1998). Company matching contributions are made in GD stock, and a portion of the stock fund is non-participant-directed due to five-year holding requirements for matched shares. Participant-directed investments span a fixed income fund, bond index, balanced, S&P 500, international index, and small-cap index funds. From an investor standpoint, the amendment is largely administrative. Its relevance lies mainly in the scale of employee ownership of GD shares and in the fact that the audit firm for the plans (Deloitte & Touche, in the plans' report) and the company's auditor (Arthur Andersen, consent in this filing) were both referenced. No material new information about GD's financial condition, strategy, or risks is disclosed.
Jun 28, 2000
1999
General Dynamics Annual Report, Year Ended Dec 31, 1999
General Dynamics (GD) reported a transformative 1999 year, anchored by the July 30, 1999 pooling-of-interests acquisition of Gulfstream Aerospace (about 72.2 million shares exchanged) and the September 1, 1999 purchase of GTE Government Systems for $1.01 billion in cash. Reported net sales rose 21% to $8,959 million from $7,398 million, operating earnings grew 31% to $1,203 million, and net earnings reached $880 million, or $4.36 diluted EPS. Note that 1999 net earnings include a one-time $165 million tax benefit from the IRS settlement of 1981-1989 R&E credit claims and a $126 million pre-tax pension gain, offset by about $60 million of coal reserve write-downs and $36 million of Gulfstream deal costs, so underlying earnings growth is lower than the headline figure. Operating cash flow was $978 million (net cash from continuing operations $1,023 million), and year-end cash was $270 million against total debt of $1,022 million, with a debt-to-capital ratio of about 24%. The defense franchise remains the core of the company. U.S. government sales were $5,203 million, or 58% of revenue, and the Marine Systems group (Electric Boat, Bath Iron Works, NASSCO) is the largest contributor, with a Virginia-class submarine award and DD 21 and LPD 17 programs providing multi-year visibility. Total backlog rose to $19.5 billion from $18.9 billion, with defense and other backlog at $15.7 billion, although management expects some near-term margin pressure in Marine Systems as start-up programs ramp. Aerospace (Gulfstream) is now a major growth driver, with sales of $2.9 billion and operating margins of 16.6%, and management expects further margin improvement in 2000. Investor considerations include the defense concentration and dependence on congressional appropriations and the ability to terminate contracts for convenience, the contingent exposure from the A-12 litigation (potential additional losses of about $675 million plus interest, which management views as remote), and the cyclical nature of business jet demand. On the positive side, the board raised the quarterly dividend to $0.26 per share and authorized repurchases of up to 10 million shares, and management cites rising U.S. defense procurement (projected to reach $60 billion in the FY2001 request) as a tailwind.
Mar 27, 2000
1998-A
General Dynamics Annual Report (Amendment), Year Ended Dec 31, 1998
This filing is Amendment No. 1 to General Dynamics' 1998 Form 10-K. It was filed only to add the annual Form 11-K reports for two employee savings plans, the Savings and Stock Investment Plan and the Hourly Employees Savings and Stock Investment Plan. It contains no consolidated financial statements, segment results, or management discussion of GD's operations, so it offers little direct information about the company's business performance. Investors should rely on the original 10-K filed March 18, 1999, and the 1998 Annual Report (Exhibit 13) for operating and financial results. The retirement-plan financials show growing participant assets. Net assets available for benefits in the salaried plan rose from $2.25 billion at year-end 1997 to $2.60 billion at year-end 1998, an increase of about 15%, driven largely by investment gains and net contributions. The hourly plan's net assets rose from $453.7 million to $583.9 million. The General Dynamics Stock Fund in the master trust was valued at $762.4 million at year-end 1998, up from $513.9 million, reflecting both the stock's appreciation and continued company matching contributions in company stock. Participant withdrawals were substantial, with about $163 million in distributions from the salaried plan during 1998. The exhibit index also points to significant corporate transactions that occurred around the time of filing. These include a May 16, 1999 merger agreement with Gulfstream Aerospace Corporation and a June 21, 1999 stock purchase agreement under which GD agreed to sell Contel Federal Systems to GTE Corporation. These agreements are referenced but not described in this amendment, so their financial terms and effects cannot be assessed from this document.
Jun 30, 1999
1998
General Dynamics Annual Report, Year Ended Dec 31, 1998
General Dynamics' 1998 10-K portrays a defense prime that roughly doubled its Marine Systems backlog and expanded its footprint through acquisitions. Net sales rose 22% to $4.97 billion in 1998 from $4.06 billion, and operating earnings climbed 21% to $542 million, with net earnings up 15% to $364 million and diluted EPS of $2.86 versus $2.50. Total backlog jumped 52% to $14.6 billion, driven by a $4.2 billion Virginia-class submarine award, a $2.1 billion DDG 51 multiyear award, the DD 21 alliance, and the NASSCO acquisition. Funded backlog rose to $7.3 billion, though 84% of 1998 sales came from the U.S. government and the company remains heavily exposed to congressional funding decisions. The balance sheet shows total assets of $4.57 billion and shareholders' equity of $2.22 billion, but cash and marketable securities fell to $220 million from $441 million after roughly $1.5 billion of cumulative acquisition spending since 1997 and $256 million of 1998 business acquisitions. Operating cash flow dropped to $352 million from $528 million, largely because of working-capital investment on new programs, which management says is temporary. Intangible assets grew to $1.5 billion, a meaningful share of equity that warrants monitoring. Looking ahead, the filing highlights a pending $38.50-per-share offer for Newport News Shipbuilding (about $1.5 billion, to be funded with new credit facilities), an expected roughly $250 million after-tax cash tax refund with substantial income recognition in Q1 1999, and a $240 million quarterly dividend increase to $0.24. Key risks include the A-12 litigation (a $1.2 billion judgment under appeal, with a remote but potentially $675 million additional exposure) and the company's dependence on a limited number of large defense programs.
Mar 18, 1999
1997-A
General Dynamics Annual Report (Amendment), Year Ended Dec 31, 1997
This document is not GD's full 1997 annual report. It is Amendment No. 1 (Form 10-K/A) to the company's 1997 Form 10-K, filed June 26, 1998, and it contains only the Form 11-K annual reports for two employee savings plans: the General Dynamics Savings and Stock Investment Plan (salaried employees) and the Hourly Employees Savings and Stock Investment Plan. It includes no corporate income statement, balance sheet, revenue, earnings, backlog, or segment data, so it cannot support conclusions about GD's operating performance or valuation. The only corporate-level item relevant to investors is the plans' holdings of GD common stock. At December 31, 1997, the salaried plan had net assets available for benefits of about $2.25 billion, and the hourly plan had about $453.7 million. Both invest through a common Master Trust held by Northern Trust, which held about $2.71 billion in total at year-end 1997. The Master Trust's largest single holding was General Dynamics common stock at about $513.9 million, up from $419.1 million a year earlier. The salaried plan's net assets rose by about $141.3 million during 1997, driven by $263 million of investment income and $35 million of participant contributions, partly offset by $217 million of distributions to withdrawn participants. Company matching contributions were invested in GD stock and totaled about $22 million for salaried employees and $5 million for hourly employees. For investors, the practical relevance is limited. The filing shows that employee retirement plans held a meaningful stake in GD shares and that matching contributions were made in company stock, which ties employee retirement wealth to share price. The auditor, Washington, D.C., report is dated June 15, 1998. Investors seeking GD's financial results for 1997 should consult the original 1997 Form 10-K and its shareholder report (Exhibit 13), which this amendment references but does not contain.
Jun 26, 1998
1997
General Dynamics Annual Report, Year Ended Dec 31, 1997
General Dynamics closed 1997 with net sales of $4.06 billion (up 13% from $3.58 billion in 1996), earnings from continuing operations of $316 million (up 17%), and diluted EPS of $2.50 (up from $2.13). Growth was driven largely by acquisitions: the company bought Defense Systems and Armament Systems from Lockheed Martin (January 1997), Advanced Technology Systems from Lucent (October 1997), and Computing Devices International from Ceridian (December 31, 1997), spending about $1.23 billion in cash for businesses in 1997. The company is overwhelmingly dependent on the U.S. government, which accounted for 90% of 1997 sales, and it is concentrated in submarines (Electric Boat, Bath Iron Works), armored vehicles (M1 Abrams, Crusader), and defense electronics. The filing shows a mixed picture of the core business. Marine sales fell slightly as submarine construction wound down after the final Trident and first Seawolf deliveries, but management is counting on the NSSN submarine program and expected DDG 51 awards to replace that revenue. Total backlog fell to $9.6 billion from $10.35 billion, though the company noted about $2 billion in DDG 51 and roughly $5 billion in NSSN awards that were anticipated, and funded backlog rose to $6.8 billion. Operating cash flow was strong at $528 million, but management said cash flow from operations would not stay above operating earnings plus depreciation as the submarine programs matured. Cash and marketable securities fell to $441 million and debt rose to $265 million, reflecting the acquisitions. The most significant risk flagged is the A-12 aircraft litigation. A February 1998 court judgment awarded the contractors (General Dynamics and McDonnell Douglas) $1.2 billion plus interest, and the government has appealed. The company has not recognized any claim revenue from the judgment; management has fully reserved the related contracts in process. In the unlikely event the default termination is reinstated, the company could face about $675 million in additional losses, which management considers remote. Investors should also note the board approved a two-for-one stock split and raised the quarterly dividend to $0.22 per share, both effective in 1998.
Mar 18, 1998
1996
General Dynamics Annual Report, Year Ended Dec 31, 1996
General Dynamics' 1996 10-K shows a company in transition from a broad defense prime to a focused two-segment business. Revenue rose 17% to $3,581 million in 1996 (from $3,067 million), driven mainly by a full year of Bath Iron Works (acquired September 1995), while net earnings fell to $270 million ($4.27 per share) from $321 million ($5.10 per share), which included $74 million of discontinued-operations income in 1995. Continuing-operations earnings grew 9% to $270 million from $247 million. Operating cash flow rose to $415 million from $349 million, and total backlog nearly rose 40% to $10.35 billion. The U.S. government accounts for about 92% of sales, so the business depends heavily on congressional appropriations and program timing. The balance sheet is conservative: cash and marketable securities were $1,155 million, debt was roughly $173 million including finance-operations debt, and shareholders' equity was $1,714 million. The company spent about $387 million in 1996 on share repurchases and dividends combined ($101 million dividends paid plus $23 million buybacks, with more dividend growth to $1.64 per share), but it also bought Defense Systems and Armament Systems from Lockheed Martin for about $450 million effective January 1, 1997. Management says the acquisition is accretive, though these lower-margin armored vehicle and ordnance businesses will dilute Combat Systems Group margins. Key uncertainties include the A-12 litigation (a $1,071 million stipulated damages judgment plus interest, with a remote downside of about $675 million more), a pending $30 million-plus tax credit case, and the reliance on Navy submarine and destroyer programs such as NSSN, DDG 51 and LPD 17.
Mar 21, 1997
1994-A
General Dynamics Annual Report (Amendment), Year Ended Dec 31, 1994
This filing is a Form 10-K/A (Amendment No. 1) by General Dynamics Corporation, filed June 27, 1995, to amend its 1994 Annual Report. It does not contain the company's operating results, balance sheet, or business discussion. Its sole purpose is to add the Annual Reports on Form 11-K for two employee benefit plans: the General Dynamics Corporation Savings and Stock Investment Plan (Exhibit 99(d)) and the Hourly Employee Savings and Stock Investment Plan (Exhibit 99(e)). The amendment also restates the exhibit index, which lists previously filed items such as the Restated Certificate of Incorporation, executive employment agreements, and facilities contracts, along with the 1994 Shareholder Report (Exhibit 13), the financial data schedule (Exhibit 27), and consents of auditors. Those main-report exhibits are referenced but not included in this document. The plan financials show the Savings Plan's net assets available for benefits at year-end 1994 were about $2.07 billion, down from $2.22 billion in 1993, with roughly $241 million held in General Dynamics company stock (5,544,967 shares at market value). The Hourly Plan's net assets were about $434 million at year-end 1994, down from $474 million. Both plans show net outflows in 1994, driven mainly by large participant withdrawals and distributions, partly offset by contributions and investment income. The auditor is Arthur Andersen LLP, and both plans' statements carry clean opinions. A note discloses an upcoming accounting change (AICPA SOP 94-4) requiring investment contracts to be reported at fair value, which is not expected to be material to the plans. For investors, this filing offers little on General Dynamics' core business, earnings, or strategy. Its value is limited to the employee plan disclosures, which show the scale of the company's stock held by employees and the size of its retirement savings programs. Investors seeking the company's financial performance should refer to the original 1994 Form 10-K and its Shareholder Report.
Jun 27, 1995
1994
General Dynamics Annual Report, Year Ended Dec 31, 1994
General Dynamics' 1994 10-K describes a company in the middle of a deliberate contraction. Following the end of the Cold War and sharp declines in U.S. defense budgets, GD sold or exited most of its historic businesses (Tactical Military Aircraft to Lockheed for $1,525 million, Missile Systems, Space Launch Systems, Cessna, Electronics, and parts of Material Service) and now reports three continuing segments: Nuclear Submarines (Electric Boat), Armored Vehicles (Land Systems, M1 Abrams tanks), and Other (Freeman Energy coal, AMSEA ship management, and LNG tanker leasing). 1994 net sales were $3,058 million, down from $3,187 million, and operating earnings rose to $321 million from $309 million. Net earnings fell to $238 million from $885 million, but that comparison is distorted by the 1993 gain on the Tactical Military Aircraft sale. Earnings from continuing operations were $223 million, or $3.51 per share, down from $4.27. The balance sheet strengthened over the year. Cash and marketable securities rose to $1,059 million from $585 million, and shareholders' equity reached $1,316 million. Operating cash flow from continuing operations was $108 million, reflecting heavy reliance on investment income and tax payments. Backlog fell sharply to $6,006 million from $7,015 million, and only $3,612 million is expected to be filled in 1995. Investors should note that the company's future depends heavily on a few programs: the final Los Angeles class 688 submarine, the Trident and Seawolf programs, and the M1A2 tank upgrade. Management has signaled interest in overseas sales and possible corporate business combinations to offset lower domestic volumes. The key legal overhang is the A-12 aircraft litigation. In December 1994 the Court of Federal Claims vacated the Navy's default termination, a favorable development. GD has not recognized any claim revenue, and the matter goes to trial in November 1995 on damages. Management considers the risk of a $675 million pre-tax loss to be remote, but the outcome could be material to future results and cash.
Mar 9, 1995
1993-A
General Dynamics Annual Report (Amendment), Year Ended Dec 31, 1993
This is not a standard annual report. The filing is Amendment No. 1 to General Dynamics' 1993 Form 10-K, filed June 29, 1994, and its sole purpose is to attach two Form 11-K employee benefit plan reports (Exhibits 99(d) and 99(e)) for the Savings and Stock Investment Plan and the Hourly Employee Savings and Stock Investment Plan. It contains no corporate-level financial statements, segment data, revenue, earnings, backlog, or management discussion, so it cannot support a view of the company's operating performance or valuation. Investors looking for GD's results should consult the original 1993 10-K and the 1993 Shareholder Report (Exhibit 13) filed March 29, 1994. The plan-level data shows the Savings and Stock Investment Plan held total net assets of about $2.22 billion at December 31, 1993, down from $2.35 billion a year earlier, a decline of roughly $131 million. The Company Stock Fund held about 5.35 million GD shares (split-adjusted for the two-for-one split effective April 1994), valued at roughly $247 million across participant-directed and non-participant-directed holdings. The Hourly plan totaled about $474 million in plan equity, down from $487 million, with roughly 899,744 GD shares held. Both plans saw net outflows driven largely by participant distributions, and both had the company stock fund decline in equity value over the year. For investors, the relevant signals are modest. The plans reflect the company's workforce savings and its share-based incentives, and the 1993 divestitures (Tactical Military Aircraft to Lockheed, Electronic Manufacturing Center to EFW) and 1994 subsequent sales (Material Service lime and brick, Space Launch Systems to Martin Marietta) are noted as having terminated plan contributions for affected participants. Arthur Andersen issued unqualified opinions on both plans. The filing contributes little to a fundamental valuation of GD itself.
Jun 29, 1994
1993
General Dynamics Annual Report, Year Ended Dec 31, 1993
General Dynamics' 1993 10-K shows a company in the middle of a deliberate contraction. Following the end of the Cold War and sharp defense budget cuts, management sold or agreed to sell most of its businesses, including Tactical Military Aircraft (to Lockheed, March 1993, $1,525 cash), Cessna, Missile Systems, Electronics and the pending Space Launch Systems sale to Martin Marietta (about $209 cash, expected to close by April 1994). Continuing operations are now concentrated in Nuclear Submarines (Electric Boat) and Armored Vehicles (Land Systems, M1 Abrams tanks), plus a small 'Other' segment of coal mining, ship management and ship financing. Continuing net sales were $3,187 million in 1993, roughly flat with 1992, and operating earnings rose 21% to $309 million. Headcount fell from about 80,600 at the end of 1991 to about 30,500 at the end of 1993. Reported net earnings were $885 million, or $13.99 per share, but this figure is inflated by the $645 million gain on the Tactical Military Aircraft sale. Continuing operations earned $270 million, or $4.27 per share, down from $305 million in 1992, which included a $95 million tax credit. Discontinued operations lost $30 million. Capital returned to shareholders was large: $1,531 million in special distributions (a tax-advantaged plan of contraction), $960 million from the 1992 Dutch Auction tender offer, and a two-for-one stock split declared March 4, 1994. Quarterly dividends were raised to $.35 per share (split-adjusted). Total assets fell to $2,635 million from $3,530 million, and shareholders' equity fell to $1,177 million from $1,874 million. The key risks are concentration and backlog. Total backlog was $7,015 million, but only $4,401 million is expected to be filled in 1994. Submarine backlog is thin: two SSN 688s and four Tridents remain, and management states it cannot sustain current construction revenue without a third Seawolf or other government work. The U.S. Government accounted for 94% of sales. The largest contingent liability is the A-12 aircraft default termination, in which the Navy demands about $1.4 billion in unliquidated progress payments and the company estimates up to about $650 million of additional pre-tax loss if it loses. A decision from the Court of Federal Claims is not expected before July 21, 1994. Environmental and Superfund exposure is also significant, including the Casmalia and Chatham sites.
Mar 29, 1994