Summary
Lockheed Martin Corporation (LMT) filed an 8-K on June 27, 2003, to announce the formation of a new business segment called Integrated Systems and Solutions (ISS). This segment is created by combining two existing operating units, Mission Systems and Management & Data Systems, along with the Advanced Concepts organization. The primary objective is to better address customer needs for integrated, network-centric solutions, particularly within intelligence, surveillance, and reconnaissance (ISR) activities for the U.S. Department of Defense and other federal agencies. This restructuring also involves renaming the Systems Integration business segment to "Electronic Systems." The company now operates with five principal business segments: Electronic Systems, Aeronautics, Space Systems, Technology Services, and the new Integrated Systems and Solutions. The filing provides detailed financial data by these segments, including net sales, operating profit, margins, depreciation, amortization, backlog, assets, goodwill, and customer advances, allowing investors to analyze the performance and financial health of each division post-restructuring.
Key Highlights
- 1Formation of a new business segment, Integrated Systems and Solutions (ISS), to focus on network-centric solutions.
- 2Integration of Mission Systems and Management & Data Systems into the new ISS segment.
- 3Renaming of the Systems Integration business segment to "Electronic Systems."
- 4Lockheed Martin now operates with five principal business segments.
- 5Detailed segment-level financial data (sales, operating profit, margins, backlog, assets) is provided for the new segment structure.
- 6The restructuring aims to align with growing customer demand for integrated, network-centric capabilities.