Exhibit 99
L-3 Communications Corporation
600 Third Avenue
New York, NY 10016
212-697-1111 Fax: 212-682-9553
News
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Contact:
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L-3 Communications |
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Corporate Communications |
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212-697-1111 |
For Immediate Release
L-3 Announces a New $1 Billion Share Repurchase Program
NEW YORK, July 14, 2010 L-3 Communications Holdings, Inc. (NYSE: LLL) announced today that its
board of directors has authorized a new share repurchase program allowing the company to repurchase
up to an additional $1 billion of the companys common stock through December 31, 2012. This new
share repurchase authorization is effective immediately and represents L-3s fourth repurchase
program.
Returning cash to our shareholders is a central element of our disciplined capital deployment
strategy, and we are very pleased to reiterate L-3s commitment to delivering shareholder value
through this new repurchase authorization, said Michael T. Strianese, chairman, president and
chief executive officer. This authorization underscores our confidence in L-3s strong fundamental
business position, our growth and earnings prospects and our ability to continue to generate strong
cash flows for 2010 and beyond.
Repurchases under the program will be made from time to time at managements discretion in
accordance with applicable federal securities laws. The timing of repurchases and the exact number
of shares of common stock to be purchased will depend upon market conditions and other factors. The
program will be funded using the companys cash on hand and cash generated from operations. The
program may be extended, suspended or discontinued at any time without prior notice.
Headquartered in New York City, L-3 Communications employs approximately 67,000 people worldwide
and is a prime contractor in C3ISR (Command, Control, Communications, Intelligence,
Surveillance and Reconnaissance) systems, aircraft modernization and maintenance, and government
services. L-3 is also a leading provider of a broad range of electronic systems used on military
and commercial platforms. The company reported 2009 sales of $15.6 billion.
To learn more about L-3, please visit the companys website at www.L-3com.com. L-3 uses its website
as a channel of distribution of material company information. Financial and other material
information regarding L-3 is routinely posted on the companys Web site and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Except for historical information contained herein, the matters set forth in this news release are
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L-3 Announces a New $1 Billion Share Repurchase Program
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forward-looking statements. Statements that are predictive in nature, that depend upon or refer to
events or conditions or that include words such as expects, anticipates, intends, plans,
believes, estimates, will, could and similar expressions are forward-looking statements.
The forward-looking statements set forth above involve a number of risks and uncertainties that
could cause actual results to differ materially from any such statement, including the risks and
uncertainties discussed in the companys Safe Harbor Compliance Statement for Forward-Looking
Statements included in the companys recent filings, including Forms 10-K and 10-Q, with the
Securities and Exchange Commission. The forward-looking statements speak only as of the date made,
and the company undertakes no obligation to update these forward-looking statements.
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