SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): April 2, 2004
RAYTHEON COMPANY
(Exact name of registrant as specified in its charter)
| Delaware | 1-13699 | 95-1778500 | ||
| (State of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
| 870 Winter Street | ||
| Waltham, Massachusetts | 02451 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (781) 522-3000
Item 9. Regulation FD Disclosure
We are filing this Form 8-K to disclose comparative historic results on a quarterly basis under our current segment structure.
The following information reflects our segment results in 2003 and 2002 consisting of Integrated Defense Systems, Intelligence and Information Systems, Missile Systems, Network Centric Systems, Space and Airborne Systems, Technical Services, Aircraft, and Other during those periods.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: April 2, 2004
| RAYTHEON COMPANY | ||
| By: |
/s/ Biggs C. Porter | |
| Biggs C. Porter | ||
| Vice President and Corporate Controller | ||
2003 Segment Results
Net Sales
(In millions)
| Q1 |
Q2 |
Q3 |
Q4 |
Total |
||||||||||||||||
| Integrated Defense Systems |
$ | 654 | $ | 701 | $ | 718 | $ | 791 | $ | 2,864 | ||||||||||
| Intelligence and Information Systems |
462 | 525 | 533 | 525 | 2,045 | |||||||||||||||
| Missile Systems |
857 | 833 | 905 | 943 | 3,538 | |||||||||||||||
| Network Centric Systems |
771 | 716 | 556 | 766 | 2,809 | |||||||||||||||
| Space and Airborne Systems |
894 | 886 | 930 | 967 | 3,677 | |||||||||||||||
| Technical Services |
491 | 465 | 447 | 560 | 1,963 | |||||||||||||||
| Aircraft |
361 | 540 | 470 | 717 | 2,088 | |||||||||||||||
| Other |
40 | 112 | 191 | 230 | 573 | |||||||||||||||
| Corporate and Eliminations |
(329 | ) | (349 | ) | (372 | ) | (398 | ) | (1,448 | ) | ||||||||||
| Total |
$ | 4,201 | $ | 4,429 | $ | 4,378 | $ | 5,101 | $ | 18,109 | ||||||||||
| Operating Income | ||||||||||||||||||||
| (In millions) |
||||||||||||||||||||
| Q1 |
Q2 |
Q3 |
Q4 |
Total |
||||||||||||||||
| Integrated Defense Systems |
$ | 74 | $ | 80 | $ | 82 | $ | 95 | $ | 331 | ||||||||||
| Intelligence and Information Systems |
41 | 46 | 54 | 53 | 194 | |||||||||||||||
| Missile Systems |
101 | 104 | 111 | 108 | 424 | |||||||||||||||
| Network Centric Systems |
62 | 20 | (138 | ) | 75 | 19 | ||||||||||||||
| Space and Airborne Systems |
104 | 127 | 131 | 130 | 492 | |||||||||||||||
| Technical Services |
36 | 34 | (2 | ) | 39 | 107 | ||||||||||||||
| Aircraft |
(35 | ) | 12 | (4 | ) | 29 | 2 | |||||||||||||
| Other |
(3 | ) | (5 | ) | (5 | ) | (21 | ) | (34 | ) | ||||||||||
| FAS/CAS Pension Adjustment |
(28 | ) | (27 | ) | (27 | ) | (27 | ) | (109 | ) | ||||||||||
| Corporate and Eliminations |
(39 | ) | (8 | ) | (34 | ) | (29 | ) | (110 | ) | ||||||||||
| Total |
$ | 313 | $ | 383 | $ | 168 | $ | 452 | $ | 1,316 | ||||||||||
| Free Cash Flow | ||||||||||||||||||||
| (In millions) |
||||||||||||||||||||
| Q1 |
Q2 |
Q3 |
Q4 |
Total |
||||||||||||||||
| Integrated Defense Systems |
$ | (13 | ) | $ | 196 | $ | 36 | $ | 99 | $ | 318 | |||||||||
| Intelligence and Information Systems |
(87 | ) | 61 | 43 | 71 | 88 | ||||||||||||||
| Missile Systems |
(219 | ) | (60 | ) | 196 | 327 | 244 | |||||||||||||
| Network Centric Systems |
(173 | ) | 46 | 111 | 131 | 115 | ||||||||||||||
| Space and Airborne Systems |
(50 | ) | 131 | 153 | 131 | 365 | ||||||||||||||
| Technical Services |
6 | 34 | 36 | 28 | 104 | |||||||||||||||
| Aircraft |
4 | 22 | (95 | ) | 89 | 20 | ||||||||||||||
| Other |
4 | (18 | ) | (4 | ) | (37 | ) | (55 | ) | |||||||||||
| Corporate and Eliminations |
14 | 237 | 59 | 67 | 377 | |||||||||||||||
| Total |
$ | (514 | ) | $ | 649 | $ | 535 | $ | 906 | $ | 1,576 | |||||||||
2002 Segment Results
Net Sales
(In millions)
| Q1 |
Q2 |
Q3 |
Q4 |
Total |
||||||||||||||||
| Integrated Defense Systems |
$ | 591 | $ | 599 | $ | 541 | $ | 635 | $ | 2,366 | ||||||||||
| Intelligence and Information Systems |
417 | 457 | 485 | 528 | 1,887 | |||||||||||||||
| Missile Systems |
727 | 729 | 792 | 790 | 3,038 | |||||||||||||||
| Network Centric Systems |
748 | 760 | 759 | 824 | 3,091 | |||||||||||||||
| Space and Airborne Systems |
707 | 798 | 803 | 935 | 3,243 | |||||||||||||||
| Technical Services |
528 | 505 | 556 | 544 | 2,133 | |||||||||||||||
| Aircraft |
468 | 499 | 413 | 660 | 2,040 | |||||||||||||||
| Other |
49 | 52 | 61 | 48 | 210 | |||||||||||||||
| Corporate and Eliminations |
(324 | ) | (304 | ) | (318 | ) | (302 | ) | (1,248 | ) | ||||||||||
| Total |
$ | 3,911 | $ | 4,095 | $ | 4,092 | $ | 4,662 | $ | 16,760 | ||||||||||
| Operating Income | ||||||||||||||||||||
| (In millions) |
||||||||||||||||||||
| Q1 |
Q2 |
Q3 |
Q4 |
Total |
||||||||||||||||
| Integrated Defense Systems |
$ | 71 | $ | 72 | $ | 70 | $ | 76 | $ | 289 | ||||||||||
| Intelligence and Information Systems |
37 | 41 | 46 | 56 | 180 | |||||||||||||||
| Missile Systems |
94 | 93 | 94 | 92 | 373 | |||||||||||||||
| Network Centric Systems |
73 | 58 | 63 | 84 | 278 | |||||||||||||||
| Space and Airborne Systems |
85 | 108 | 109 | 126 | 428 | |||||||||||||||
| Technical Services |
35 | 5 | 37 | 39 | 116 | |||||||||||||||
| Aircraft |
(49 | ) | 14 | (8 | ) | 4 | (39 | ) | ||||||||||||
| Other |
(4 | ) | (3 | ) | (4 | ) | (1 | ) | (12 | ) | ||||||||||
| FAS/CAS Pension Adjustment |
52 | 52 | 53 | 53 | 210 | |||||||||||||||
| Corporate and Eliminations |
(41 | ) | 14 | (5 | ) | (8 | ) | (40 | ) | |||||||||||
| Total |
$ | 353 | $ | 454 | $ | 455 | $ | 521 | $ | 1,783 | ||||||||||
| Free Cash Flow | ||||||||||||||||||||
| (In millions) |
||||||||||||||||||||
| Q1 |
Q2 |
Q3 |
Q4 |
Total |
||||||||||||||||
| Integrated Defense Systems |
$ | (125 | ) | $ | 59 | $ | 57 | $ | 203 | $ | 194 | |||||||||
| Intelligence and Information Systems |
(47 | ) | 11 | 46 | 111 | 121 | ||||||||||||||
| Missile Systems |
(100 | ) | 3 | 36 | 237 | 176 | ||||||||||||||
| Network Centric Systems |
(127 | ) | 43 | 49 | 123 | 88 | ||||||||||||||
| Space and Airborne Systems |
(77 | ) | 125 | 111 | (6 | ) | 153 | |||||||||||||
| Technical Services |
22 | 82 | 27 | 43 | 174 | |||||||||||||||
| Aircraft |
83 | (49 | ) | (82 | ) | 72 | 24 | |||||||||||||
| Other |
(47 | ) | (16 | ) | 6 | (4 | ) | (61 | ) | |||||||||||
| Corporate and Eliminations |
217 | 163 | 152 | 238 | 770 | |||||||||||||||
| Total |
$ | (201 | ) | $ | 421 | $ | 402 | $ | 1,017 | $ | 1,639 | |||||||||