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General Dynamics Annual Report (Amendment), Year Ended Dec 31, 1993

Filing Date
Filed June 29, 1994
Period End
December 31, 1993
Security
GD
In the record · 2016–202610-K1110-Q338-K98

GD filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 98 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Mar ’19Mar ’19
  2. FY2020 annual report10-K · Feb ’21Feb ’21
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01—Abstract

Summary

Summary of the 10-K/A filed June 29, 1994. Cited figures are marked; the original filing is the authoritative source.

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 billiona 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.

02—Key points

Key Highlights

  1. Document is Amendment No. 1 to the 1993 Form 10-K, filed solely to add Form 11-K plan reports for two employee savings plans; no consolidated corporate financials are included.
  2. Savings and Stock Investment Plan total plan equity was about $2.216 billion at 12/31/1993, down from $2.348 billion at 12/31/1992.
  3. Company Stock Fund in the Savings Plan held 5,351,622 GD shares (split-adjusted) valued at about $247 million at year-end 1993.
  4. Hourly Employee Savings Plan total plan equity was about $474.5 million at 12/31/1993, down from $487.2 million, holding 899,744 GD shares (split-adjusted).
  5. Both plans recorded net participant distributions well above contributions in 1993, reducing plan equity year over year.
  6. Divestitures are disclosed in plan notes: Tactical Military Aircraft (to Lockheed) and Electronic Manufacturing Center (to EFW) in 1993; lime and brick operations (Feb 1994) and Space Launch Systems (to Martin Marietta, May 1994) subsequently.
  7. A two-for-one stock split was authorized March 4, 1994 (effective April 1994), and plan share data has been restated accordingly.

03—Questions

Frequently Asked Questions

  1. Does this filing contain General Dynamics' annual financial results for 1993?

    No. This amendment only adds Form 11-K reports for two employee savings plans. Corporate revenue, earnings, and balance sheet data appear in the original 1993 10-K and the 1993 Shareholder Report (Exhibit 13), filed March 29, 1994.

  2. Why did the savings plans' total equity decline in 1993?

    The plan statements show net outflows: distributions to withdrawn participants (about $470 million for the Savings Plan and $104 million for the Hourly Plan) exceeded contributions and investment income. Unrealized depreciation in some funds also contributed to the decline.

  3. How much GD stock do these employee plans hold?

    The Savings Plan held about 5.35 million shares and the Hourly Plan about 900,000 shares at year-end 1993, both restated for the April 1994 two-for-one split. Employer matching contributions in company stock are the main source of these holdings.

  4. Could these plan changes affect GD's shareholders?

    The impact is limited. Plan assets are employee retirement savings, not company capital, and the holdings are small relative to GD's share count. The plans' company stock holdings do add some exposure to GD share price for participating employees, which can influence retention and insider-aligned sentiment.

  5. What should an investor review next to evaluate GD?

    Review the original 1993 Form 10-K and Exhibit 13 shareholder report for segment results, backlog, debt, and the impact of the 1993 divestitures. Also check the subsequent 1994 filings for post-sale performance and the status of the Lockheed and Martin Marietta transactions.

04—Continue

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