LEXINGTON, Mass., June 5 /PRNewswire/ -- Raytheon Company (NYSE: RTN)
today announced that it delivered to Washington Group International (WGI) two
balance sheets in connection with the final price adjustment for Raytheon's
sale of its former engineering and construction business. These balance sheets
reflect a final purchase price increase of approximately $13.9 million.
Raytheon was required to produce an audited balance sheet under an
agreement selling the business to WGI, and more recently was required by an
Idaho District Court to produce either audited or unaudited balance sheets as
part of a post-closing process for adjusting the purchase price of the
business.
The first balance sheet, unaudited and dated as of April 30, 2000, was
prepared in accordance with generally accepted accounting principles (GAAP)
consistent with Raytheon's December 31, 1999, financial statements for the
company's engineering and construction business. This balance sheet reflects
adjustments required by GAAP for project developments over the past 13 months.
It was submitted in unaudited form because of WGI's continuing failure to
provide information that is required by the sales agreement and is necessary
for completion of an audit by Raytheon's independent accountants.
The second balance sheet, also dated April 30, 2000, implements the
specific adjustments and accounting methodologies agreed to between Raytheon
and WGI in the sales agreement. This document is referred to in the agreement
as the "cut-off date balance sheet," and serves as the basis for any
adjustment to the purchase price.
With headquarters in Lexington, Mass., Raytheon Company is a global
technology leader in defense, government and commercial electronics, and
business and special mission aircraft.
Contact:
David Polk
781.860.2386
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
David Polk of Raytheon, 781-860-2386
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