THE FACES OF<strong>EB</strong><strong>EB</strong> MARKS 50TH ANNIVERSARYOF USS THRESHER DISASTERHUNDREDS OF EMPLOYEES AND NAVY PERSONNEL GATHERED AT THE MAIN YARD HILLAPRIL 10 FOR A SOLEMN CEREMONY COMMEMORATING THE LOSS OF USS THRESHER(SSN-593) 50 YEARS AGO. AS PART OF THE CEREMONY, ROGER EDWARDS (322), LEFT,RANG A SHIP’S BELL AFTER THE NAME OF EACH OF THE 129 MEN LOST WAS READ.2 | ELECTRIC BOAT NEWS | APRIL/MAY <strong>2013</strong>
GENERAL DYNAMICS REPORTSFIRST-QUARTER <strong>2013</strong> RESULTS• Diluted EPS increases 3.2 percent• Cash generation, margin performance underscore commitmentto executiondividend increase by the company.BacklogFunded backlog at the end of first-quarter<strong>2013</strong> was $42.4 billion, and total backlog was$48.5 billion. Significant awards receivedin the quarter include a $55 million orderfor production of Hydra-70 rockets, a $160million contract for two additional combatand seaframe control systems for U.S. NavyLittoral Combat Ships and an award valuedat more than $100 million for infrastructuresupport and modernization of a new governmentcomplex in northern Virginia.In addition to total backlog, estimatedpotential contract value was $25.2 billion,representing management’s estimate of valuein unfunded indefinite delivery, indefinitequantity (IDIQ) contracts and unexercisedoptions. Total potential contract value, thesum of all backlog components, was $73.6billion at the end of the quarter.“General Dynamics’ first-quarter performancereflects our continued focus on operations,cost improvement and cash generation,as well as our commitment to meeting ourcustomers’ requirements,” said Phebe N.Novakovic, chairman and chief executiveofficer. “This is a strong start toward achievingour objectives for the year.”FALLS CHURCH, VA.General Dynamics has reported first-quarter<strong>2013</strong> net earnings of $571 million,or $1.62 per share on a diluted basis,compared to 2012 first-quarter net earningsof $564 million, or $1.57 per diluted share.First-quarter <strong>2013</strong> revenues were $7.4 billion.MarginsCompany-wide operating margins for thefirst quarter of <strong>2013</strong> were 11.4 percent, comparedto 11.3 percent in first-quarter 2012.CashNet cash provided by operating activitiesin the quarter totaled $504 million. Freecash flow from operations, defined as netcash provided by operating activities lesscapital expenditures, was $429 million infirst-quarter <strong>2013</strong>. In comparison, for the firstquarter of 2012, net cash provided by operatingactivities was $414 million, and free cashflow from operations was $324 million.Capital DeploymentThe company repurchased 1 million outstandingshares on the open market in thefirst quarter, at an average price per shareof $70. In addition, in March, the board ofdirectors increased the company’s quarterlydividend by 10 percent to $0.56 per share.This represents the 16th consecutive annualINCENTIVEPROGRAMPERFORMANCE<strong>April</strong> <strong>2013</strong><strong>EB</strong>NEWSCONTENTS46788991010111112/1313141516<strong>EB</strong> FACT:Lennon Describes The WayForward For Ohio Replacement<strong>EB</strong>MA Salutes <strong>2013</strong> ScholarshipWinnersKeel Is Laid For SubmarineJohn WarnerQuonset Point Rescue TrainingAustralian Ambassador Visits <strong>EB</strong><strong>Electric</strong> <strong>Boat</strong>’s Hawaii Team Delivers“As New” VLS Platforms To NavyDaffodils Raise Cancer SocietyDonationsMenitz Marks 50 Years At <strong>Electric</strong> <strong>Boat</strong>Noel Celebrates 50 Years On The JobNew Truck Adds To Fire FightingCapabilities<strong>EB</strong> EthicsHealth MattersRetireesNew HiresService AwardsSafety PerformanceELECTRIC BOAT NEWS is publishedby the Public Affairs Dept.75 Eastern Point RoadGroton, CT 06340DAN BARRETT, EditorBOB GALLO, GARY SLATER,GARY HALL, PhotographyPhone (860) 433-8202Fax (860) 433-8054<strong>Electric</strong> <strong>Boat</strong>’s Grotonlocation occupies118 acres along theThames River.Source: http://www.gdeb.com/about/locations/groton/Email dbarrett@gdeb.comELECTRIC BOAT NEWS | APRIL/MAY <strong>2013</strong> | 3
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