General Dynamics Corp.
3190 Fairview Park Dr.
Falls Church, Va. 22042
www.generaldynamics.com Year founded: 1952 Industry: Aerospace/defense Revenue: $16.62 Billion Net Income/Loss: $1.00 Billion Earnings per share: $5.04 Dividend: $1.28 Stockholder equity: $5.92 Billion Auditor: KPMG LLP Stock: GD Assets: $16.18 Billion Market capitalization: $18.36 Billion 52-week high: 97 2/9/2004 52-week low: 53.83 4/14/2003 Chairman and CEO: Nicholas D. Chabraja CFO: Michael J. Mancuso Employees: 67600 Local employees: 7500 Description: General Dynamics' core business is defense contracts; it is the maker of M-1 Abrams tanks and submarines. Developments: Acquisitions and the growing defense budget continued to bolster General Dynamics last year as it grew 20 percent to $16.6 billion in revenue. Driving the company's growth were the Information Systems & Technology and Combat Systems units. The information technology business, which includes providing network security to the Pentagon, was boosted by the $1.5 billion purchase of Veridian. Revenue in that unit grew 35 percent to $4.9 billion in 2003. Combat Systems, which reported rising demand for ammunition and bombs, was helped by the $1.1 billion acquisition of General Motors Defense, a unit of General Motors Corp. Last year also marked the first deployment of General Dynamics' Stryker, a medium-weight armored vehicle that transports troops around the battlefield. That unit reported a 42.5 percent increase in revenue to $4.1 billion. The unit is expected to receive another boost from General Dynamics' March announcement that it intended to buy London-based armored-vehicle maker Alvis PLC for $556 million. The deal, if approved by shareholders and regulators, is expected to lift General Dynamics into a leading position in the European tanks and armored vehicles market. On the downside, the economic downturn continued to bedevil the company's aircraft business. Gulfstream reported a 51 percent drop in operating earnings to $218 million in 2003. In shipbuilding, General Dynamics celebrated an $8 billion submarine deal, but the unit's results continued to be hampered by commercial contracts to build oil tankers. Profits in that unit fell 25 percent to $216 million. General Dynamics also helped establish national precedent last year when the U.S. Supreme Court ruled that federal anti-age-discrimination law permits company benefit plans to favor older workers over younger ones. The lawsuit originated in General Dynamics' decision to change its health plan for retirees in 1997, saying it could afford to offer the future benefit only to workers older than 50. Executive Compensation
Chairman and CEO: Nicholas D. Chabraja
Total Cash: $3,600,000.00
Total Compensation: $12,384,234.00
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