WALTHAM, Mass., June 28, 2006 /PRNewswire-FirstCall/ -- Raytheon
Company (NYSE: RTN) announced today that the Securities and Exchange
Commission (SEC) has authorized final settlement of a previously-disclosed
investigation into the Company's disclosures and accounting practices,
primarily related to its Raytheon Aircraft Company (RAC) commuter aircraft
business, during the period from 1997 to 2001.
Consistent with the terms of the Company's offer of settlement made in
April 2005, Raytheon, without admitting or denying any wrongdoing, will pay
a penalty of $12 million and consent to the entry of a cease and desist
order with respect to violations of Sections 17(a)(2)-(3) of the Securities
Act of 1933 and Sections 13(a) and 13(b)(2)(A)-(B) of the Securities
Exchange Act of 1934 and related SEC rules. As previously disclosed,
Raytheon recorded a $12 million after-tax charge related to the offer of
settlement in the first quarter of 2005. This settlement concludes the
SEC's investigation of this matter with respect to the Company.
Raytheon Company, with 2005 sales of $21.9 billion, is an industry
leader in defense and government electronics, space, information
technology, technical services, and business and special mission aircraft.
With headquarters in Waltham, Mass., Raytheon employs 80,000 people
worldwide.
Contact:
Steve Brecken
781.522.5127
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com/
CONTACT:
Steve Brecken of Raytheon Company,
+1-781-522-5127
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