Summary
This 8-K filing from Lockheed Martin Corporation (LMT) provides updated Unaudited Pro Forma Combined Condensed Financial Information related to its proposed merger with The Titan Corporation. The information is presented to supplement earlier filings and reflects the anticipated financial state of the combined entity as if the merger had occurred at the beginning of 2003, using the purchase method of accounting. Key details include the projected combined net sales, earnings from operations, and earnings per share, along with a pro forma balance sheet showing the estimated combined assets and liabilities. Investors should note that the pro forma figures are based on preliminary estimates and assumptions and are subject to final determination within one year of the merger's completion. These projections do not include potential restructuring costs or realized cost savings from integration. The filing outlines the estimated purchase price of $1,936 million, which includes the acquisition of Titan's common shares, stock options, warrants, and transaction costs, with a significant portion of the consideration expected to be in Lockheed Martin stock.
Key Highlights
- 1Lockheed Martin (LMT) is filing updated Unaudited Pro Forma Combined Condensed Financial Information for its proposed merger with The Titan Corporation.
- 2The pro forma data reflects the merger as if it occurred at the beginning of 2003, using the purchase method of accounting.
- 3Projected combined net sales for the year ended December 31, 2003, are $33,560 million.
- 4Pro forma combined earnings from operations for the year ended December 31, 2003, are estimated at $2,060 million.
- 5Pro forma diluted earnings per common share for the year ended December 31, 2003, are projected at $2.28.
- 6The total estimated purchase price for Titan is $1,936 million, including cash, stock, assumption of options/warrants, and transaction costs.
- 7The pro forma financial information is based on preliminary estimates and is subject to final adjustments.