SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported) - October 27, 1999 ____________ LOCKHEED MARTIN CORPORATION (Exact name of registrant as specified in its charter) Maryland 1-11437 52-1893632 (State or other jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 6801 Rockledge Drive, Bethesda, Maryland 20817 (Address of principal executive offices) (Zip Code) (301) 897-6000 (Registrant's telephone number, including area code) ____________ Not Applicable (Former name or address, if changed since last report) ===============================================================================
Item 5. Other Events Lockheed Martin Corporation ("Corporation") is filing this Current Report on Form 8-K in relation to its September 27, 1999 announcement of the results of the strategic and organizational review that began in June 1999. As a result of this review, the Corporation has implemented a new organizational structure, effective October 1, 1999, that realigns its core lines of business into four principal business segments. All other activities of the Corporation fall within the Corporate and Other segment. Following is a brief description of the activities of each business segment: . Systems Integration - Includes missiles and fire controls, naval systems, platform integration, and command, control, communications, computers and intelligence (C4I) lines of business. . Space Systems - Includes space launch, commercial and government satellites, and strategic missiles lines of business. . Aeronautical Systems - Includes tactical aircraft, airlift, and aeronautical research and development lines of business. . Technology Services - Includes federal services, energy programs and aeronautical services lines of business. . Corporate and Other - Includes commercial information technology and state and local government services lines of business. Also includes Lockheed Martin Global Telecommunications, Inc., a wholly-owned subsidiary of the Corporation, which was formed effective January 1, 1999 from the combination of investments in several existing joint ventures and certain other elements of the Corporation. Such investments were transferred from the Systems Integration and Space Systems segments. The prior period amounts related to these joint ventures and elements transferred were not material to the respective segments and, therefore, segment information in prior periods was not restated to conform with the 1999 presentation. In addition, this segment includes the Corporation's investments in certain other joint ventures and businesses.
The following amounts, which are unaudited, have been adjusted to reflect the new organizational realignment for the periods indicated. Six Months Ended Year Ended June 30, December 31, 1999 1998 1998 1997 ---- ---- ---- ---- (In millions) Selected Financial Data by Business Segment Net sales - --------- Systems Integration $ 5,272 $ 5,191 $10,895 $10,853 Space Systems 2,945 3,718 7,039 7,931 Aeronautical Systems 2,766 2,474 5,459 5,319 Technology Services 985 939 1,935 1,989 Corporate and Other 423 415 938 1,977 ------- ------- ------- ------- $12,391 $12,737 $26,266 $28,069 ======= ======= ======= ======= Operating profit (loss) - ----------------------- Systems Integration $ 416 $ 450 $ 949 $ 843 Space Systems 167 494 954 1,090 Aeronautical Systems 46 307 649 561 Technology Services 68 63 135 187 Corporate and Other 53 12 (165) 98 ------- ------- ------- ------- $ 750 $ 1,326 $ 2,522 $ 2,779 ======= ======= ======= ======= Intersegment revenue/(a)/ - ------------------------- Systems Integration $ 336 $ 347 $ 692 $ 548 Space Systems 40 26 44 35 Aeronautical Systems 43 28 60 73 Technology Services 301 221 507 445 Corporate and Other 30 29 46 96 ------- ------- ------- ------- $ 750 $ 651 $ 1,349 $ 1,197 ======= ======= ======= ======= Amortization of intangible assets - --------------------------------- Systems Integration $ 151 $ 151 $ 304 $ 308 Space Systems 14 14 29 29 Aeronautical Systems 40 40 80 80 Technology Services 9 9 18 17 Corporate and Other 1 4 5 12 ------- ------- ------- ------- $ 215 $ 218 $ 436 $ 446 ======= ======= ======= ======= Nonrecurring and unusual items - profit (loss) - ---------------------------------------------- Systems Integration $ -- $ -- $ -- $ (71) Space Systems -- -- -- (87) Aeronautical Systems -- -- -- (20) Technology Services -- -- -- (24) Corporate and Other 114 -- (233) 56 ------- ------- ------- ------- $ 114 $ -- $ (233) $ (146) ======= ======= ======= =======
June 30, December 31, 1999 1998 1997 ---- ---- ---- (In millions) Selected Financial Data by Business Segment (continued) Backlog - ------- Systems Integration $15,136 $14,025 $14,126 Space Systems 13,876 15,829 16,380 Aeronautical Systems 8,652 10,265 13,019 Technology Services 4,584 3,503 2,107 Corporate and Other 2,713 1,723 1,427 ------- ------- ------- $44,961 $45,345 $47,059 ======= ======= ======= Assets - ------ Systems Integration $13,385 $13,435 $13,968 Space Systems 4,928 5,228 4,599 Aeronautical Systems 3,402 3,593 3,507 Technology Services 1,464 1,421 1,284 Corporate and Other 5,203 5,067 5,003 ------- ------- ------- $28,382 $28,744 $28,361 ======= ======= ======= (a) Intercompany transactions between segments are eliminated in consolidation, and excluded from the net sales and operating profit (loss) amounts presented above.
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Lockheed Martin Corporation /s/ Todd J. Kallman ------------------------------ Todd J. Kallman Vice President and Controller (Chief Accounting Officer) October 27, 1999