| |
ski properties for sale in the alps les arcs
News and Information Article
SACRAMENTO, Calif., Dec. 28 /-FirstCall/ -- GenCorp Inc.
(NYSE: GY) today announced that it will record a primarily non-cash, pretax
charge in the fourth quarter 2005 of $165 million to $175 million mainly for
the Atlas(R) V inventory currently carried on its balance sheet and an
additional amount for estimated future contract losses. The charge will
include up to approximately $10 million of possible cash expenditures over the
next two years. As a consequence of the charge, shareholders equity will
become negative.
As previously reported, recovery of the Atlas V inventory has been subject
to several uncertainties. Until recently, the Company believed that a
contract restructuring, projected to occur in late 2005, would permit recovery
of inventoried development and production costs. This belief was based on
prior statements by government officials regarding funding for the Evolved
Expendable Launch Vehicle program, and ongoing discussions with the prime
contractor over a long period of time, including requests for historical costs
and past investment. Recently, the Company learned that government funding is
not available to recover past costs, and as a result, the Company concluded
renegotiation of the contract was in its best interest to prevent further
investment in this historically unprofitable program. Accordingly, on
December 22, 2005, the Company reached an agreement with Lockheed Martin
Corporation, which spells out the renegotiated terms.
"We are very disappointed in our inability to recover past costs for this
program, but it was imperative that the contract be renegotiated to curtail
future program investments and cash outflows," said Terry L. Hall, chairman,
president and chief executive officer of GenCorp. "The renegotiation allows
for an increase in motor pricing for 14 motors to be delivered in 2006 and
2007. Pricing for an additional 21 motors in 2008 and beyond will be subject
to negotiation during the next year."
The Company also announced it will be taking a charge of $28 million to
$32 million in the same quarter for the previously disclosed payment of the
Olin judgment.
Management will be conducting an analyst teleconference to discuss these
announcements on Thursday, December 29, 2005 at 8:00 a.m. PST (11 a.m. EST).
The teleconference will be webcast live on the Companys web site,
http://www.GenCorp.com .
The webcast is anticipated to be about thirty minutes in length.
Participants will be in a listen-only mode and must have Windows Media(R)
Technologies loaded onto their computers. To hear the live or replayed
conference call, look for the link on the GenCorp web site and follow the
instructions provided there.
About GenCorp
GenCorp is a leading technology-based manufacturer of aerospace and
defense products and systems with a real estate business segment that includes
activities related to the development, sale and leasing of the Companys real
estate assets. Additional information about the Company can be obtained by
visiting the Companys web site at http://www.GenCorp.com .
NOTE: Windows Media is either a registered trademark or trademark of
Microsoft Corporation in the United States and/or other countries.
Forward-Looking Statements
This release may contain certain "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995.
Such statements in this release and in subsequent discussions with the
Companys management are based on managements current expectations and are
subject to risks, uncertainty and changes in circumstances, which may cause
actual results, performance or achievements to differ materially from
anticipated results, performance or achievements. All statements contained
herein and in subsequent discussions with the Companys management that are
not clearly historical in nature are forward-looking and the words
"anticipate," "believe," "expect," "estimate," "plan," and similar expressions
are generally intended to identify forward-looking statements. The Company is
under no obligation to (and expressly disclaims any such obligation to) update
or alter its forward-looking statements whether as a result of new
information, future events or otherwise. More detailed information about these
and other factors is set forth in the Companys Annual Report on Form 10-K for
the fiscal year ended November 30, 2004, and Quarterly Report on Form 10-Q for
the quarterly period ended August 31, 2005.
| |
|
|
 |
ski properties for sale in the alps les arcs |
|
|
|
|
|
|
|
|
|
Locations
