ATK Reaffirms FY09 Guidance, Takes an Approximate $6.6 Million Pre-Tax FY08
Fourth-Quarter charge for Transaction-Related Expenses
MINNEAPOLIS, May 9 /PRNewswire-FirstCall/ -- Alliant Techsystems (NYSE:
ATK) was today informed the Canadian Minister of Industry has disapproved
the sale of Canadian-based MacDonald, Dettwiler and Associates' (TSX: MDA)
Information Systems and Geospatial Services businesses to ATK. Canadian
Investment Review officials informed ATK that the Canadian objection
relates to potential extraterritorial application of U.S. export law. As a
result, ATK will take an approximate $6.6 million pre-tax charge ($3.9
million after-tax, or $0.11 per share), for transaction-related expenses
that will be applied to the company's FY08 fourth-quarter results.
The company previously stated that its FY09 financial guidance did not
include any revenue or EBIT from the proposed transaction. The company is
reaffirming its FY09 guidance, which includes earnings per share in a range
of $7.15 - $7.35, and sales of approximately $4.5 billion.
While ATK is disappointed that the MDA acquisition did not close, the
company will continue pursuing a disciplined capital deployment strategy
that includes strategic acquisitions, debt repayment and share repurchases.
ATK is a premier aerospace and defense company with more than 17,000
employees in 21 states and approximately $4.5 billion in revenue. News and
information can be found on the Internet at http://www.atk.com.
Certain information discussed in this press release constitutes
forward- looking statements as defined in the Private Securities Litigation
Reform Act of 1995. Although ATK believes that the expectations reflected
in such forward-looking statements are based on reasonable assumptions, it
can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and
uncertainties that could cause actual results to differ materially from
those projected. Among those factors are: changes in governmental spending,
budgetary policies and product sourcing strategies; the company's
competitive environment; the terms and timing of awards and contracts;
economic conditions; and changes in the company's capital deployment
strategy, including debt repayment, share repurchases, pension funding,
mergers and acquisitions and any integration thereof. ATK undertakes no
obligation to update any forward-looking statements. For further
information on factors that could impact ATK, and statements contained
herein, please refer to ATK's most recent Annual Report on Form 10-K and
any subsequent quarterly reports on Form 10-Q and current reports on Form
8-K filed with the U.S. Securities and Exchange Commission.
Media Contact: Investor Contact:
Brian Cullin Steve Wold
Phone: 952 351-7620 Phone: 952-351-3056
E-mail: brian.cullin@atk.com E-mail: steve.wold@atk.com
SOURCE ATK
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Related links:
http://www.ATK.com
CONTACT:
Media, Brian Cullin, +1-952-351-7620,
brian.cullin@atk.com, or Investors, Steve Wold, +1-952-351-3056,
steve.wold@atk.com, both of ATK
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