View non-flash version
(Continued from page 47) semiconductor industry. The company's operating margin for 1996 reached an all-time high of $658 million, up 23 percent from last year's previous record of $536 million. Northrop Grumman's sales for 1996 were a record $8.1 billion, up 18 percent from the $6.8 billion registered in 1995. The company's business backlog at the close of the year stood at $12.4 bil- lion, up 25 percent from the $9.9 billion reported at the end of 1995. The company's results for 1996 include 10 months of operating Westinghouse Electric Corporation, which Northrop Grumman acquired on March 1, 1996, and now operates as its Electronic Sensors and Systems Division (ESSD). "The record operating margin achieved in 1996 reflects the suc- cess we've had in integrating busi- nesses acquired over the past sev- eral years," said Kent Kresa, Northrop Grumman chairman, president and CEO. "The synergy we've achieved, coupled with our focus on streamlining operations Hagglunds Drives is a supplier of hydraulic drives for the marine and offshore industry and tough industrial applications. Hagglunds Viking motors have been used on winches on board ships for more than 30 years working in tropical heat or arctic cold. In tough marine environments, day after day, year after year. Now we have introduced the Compact motor, a smaller and lighter motor who is tailored for applications like these. The hydraulic motor is attached directly onto the drive shaft or winch drum without any gearbox or foundation. It can be controlled fully across its entire speed range, and provides full torque from standstill to maximum rotational speed. Furthermore, it is insensitive to shock loads and tough environments, and it stops right when you want it to, thanks to it's extremely low inertia. Direct hydraulic drives is about as maintenance-free as you can get. Extremely powerful. And still extremely compact. The new line of COMPACT motors has a power to weight ratio of around 1.5- 2.0 kW/kg (0.9-1.2 Hp/lb). For the first time there's a motor that lives up to the true meaning of the concept of compactness. Send for a free brochure today and find out more about the Compact motors and what we can do for you. Hagglunds Drives AB, S-890 42 Mellansel, Sweden. Tel +46 660 871 00. Telex 6084 HAEGG S. HAGGLUNDS Telefax +46 660 871 60 Compact Power for Marine Applications Circle 327 on Reader Service Card and an adherence to shareholder value objectives, are expected to lead to even better operational results in the years ahead," he added. Mr. Kresa said he was "comfort- able with an earnings per share consensus for 1997 on the order of $5.80." He added that the compa- ny's sales for 1997 will be about $8.4 billion, on track with the com- pany's previously announced fore- cast of achieving $10 billion in sales by the year 2000. Regarding the company's bid for Hughes Electronics' defense busi- ness, Mr. Kresa reiterated his position that the Hughes acquisi- tion was "not essential" and that while Hughes "would have been a good fit," the company was not willing to make an offer "at a price that would have taken value away from our shareholders." Avondale Announces 1996 Financial Results Avondale Industries, Inc. report- ed net income of $30.8 million, or $2.13 per share, for 1996 versus $28.2 million, or $1.95 per share in 1995. Net sales for 1996 totaled $624.9 million, up from $576.3 mil- lion in the prior year. Net income for the 1996 and 1995 years includ- ed income tax benefits of $9 mil- lion, or $.62 per share and $13 mil- lion, or $.90 per share, respective- ly- "The report of record financial results for 1996 caps a milestone year for Avondale," said Albert L. Bossier, chairman and CEO. "Our success in generating higher operating efficiencies and increased earnings was coupled with the award of a $1.5 billion contract including options to Avondale in December 1996 as the prime contractor for the initial ship in the Navy's major LPD-17 shipbuilding program ... The capi- tal we have invested to modernize our shipyard and the productivity programs we have implemented throughout the organization have led to these tangible results. We remain focused on extending this positive momentum and are actively seeking to participate in additional Navy programs as well as in commercial shipbuilding pro- jects," added the yard executive. 50 Maritime Reporter & Engineering News
