8-K

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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): March 10, 2003

DRS TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)	1-8533 (Commission File Number)	13-2632319 (IRS Employer Identification No.)
5 Sylvan Way, Parsippany, New Jersey 07054 (Address of principal executive offices)

(973) 898-1500
(Registrant's telephone number, including area code)

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

(c)

Exhibits

Exhibit No.	Description
99.1	Slide presentation prepared for March 10, 2003 meeting with analysts and investors, discussing DRS Technologies, Inc.'s historical financial results, forecasts, strategic plans, and other business information.

ITEM 9. REGULATION FD DISCLOSURE

        On March 10, 2003, DRS Technologies, Inc. (DRS or the Company) will make a presentation to analysts and investors. The presentation will discuss DRS's historical financial results, forecasts, strategic plans, and other business information. The slides that the Company will use in the presentation are attached to this Current Report on Form 8-K as Exhibit 99.1.

        The information in this Current Report on Form 8-K is furnished pursuant to Item 9 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. This current report on Form 8-K will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.

        The slide presentation contains forward-looking information, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, that is based on DRS management's beliefs and assumptions, current expectations, estimates and projections. Such information, including information relating to the Company's expectations for future financial performance, is not considered historical facts and is considered forward-looking information under the federal securities laws. This information may contain words such as "believes," "anticipates," "plans," "expects," "intends," "estimates" or similar expressions. This information is not a guarantee of the Company's future performance and is subject to risks, uncertainties and other important factors that could cause the Company's actual performance or achievements to differ materially from those expressed or implied by this forward-looking information and include, without limitation, demand and competition for the Company's products and other risks or uncertainties detailed in the Company's Securities and Exchange Commission filings. Given these uncertainties, you should not rely on forward-looking information. All of the information in the presentation is prepared as of March 10, 2003, and DRS does not assume any obligation to update such information in the future, whether as a result of new information, future events or otherwise.

SIGNATURES

        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 hererunto duly authorized.

		DRS TECHNOLOGIES, INC. Registrant
Date:	March 10, 2003	/s/  RICHARD A. SCHNEIDER Richard A. Schneider Executive Vice President, Chief Financial Officer

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SIGNATURES

EX-99.1

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DRS TECHNOLOGIES, INC.
    Corporate Presentation

March 10, 2003

Safe Harbor

        This presentation contains forward-looking information, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, that is based on management's beliefs and assumptions, current expectations, estimates and projections. Such information, including information relating to the Company's expectations for future financial performance, is not considered historical facts and is considered forward-looking information under the federal securities laws. This information may contain words such as "believes," "anticipates," "plans," "expects," "intends," "estimates" or similar expressions. This information is not a guarantee of the Company's future performance and is subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to differ materially from those expressed or implied by this forward-looking information and include, without limitation, demand and competition for the Company's products and other risks or uncertainties detailed in the Company's Securities and Exchange Commission filings. Given these uncertainties, you should not rely on forward-looking information. The Company undertakes no obligations to update any forward-looking information, whether as a result of new information, future events or otherwise.

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DRS Technologies:

Who We Are
How We Are Growing

3

DRS Technologies:

Who We Are

4

DRS Technologies
A Dynamic Mid-Tier
Defense Technology Leader

•    Founded November 1968
•    Traded on New York Stock Exchange (symbol: DRS)
•    FY2003* revenues: $655-665 million
      Current run rate: >$800 million
•    3,700 employees worldwide




* Company guidance

5

Geographic Diversity

6

Management Team

Corporate Organization

7

Management Team

Operations Organization

8

Areas of Expertise

	Command & Control •  Tactical Workstations •  Rugged Computers &     Peripherals •  Display Software •  Power Distribution &     Control Systems •  Ship Propulsion		Surveillance •  Electro-Optic Systems •  Thermal Imaging Systems •  IR Detectors •  Radar and Sonar Systems •  UAV Systems
	Communications •  Shipboard Systems •  Data Links •  Secure Voice •  Signal Intelligence		Avionics •  Mission Recorders •  Flight Recorders •  High-Speed Cameras •  Weapons Alignment •  Flight Controls

9

Platform Applications

10

A Record of Growth

($ millions)

*

Company guidance; CAGR excludes FY2003 and FY2004

11

A Record of Growth

($ millions)

DRS has experienced strong growth in revenue and operating profit over the past five years.

Revenue	Operating Profit

*

Company guidance; CAGR excludes FY2003 and FY2004

12

Backlog

($ millions)

DRS calculates backlog using only funded amounts.

Funded Backlog	Funded Backlog At December 31, 2002
Fiscal Year Ended March 31,

13

FY04* Revenue Composition

	New Business
	•    CHS-3 •    FMC •    TWS •    DVE •    ITSS •    FCS •    ENVG	•    FEP •    DD(X) •    LCS •    Deepwater •    TISS •    CVN •    OFW •    JSF

Existing portfolio drives FY04 revenues.
New business pipeline is healthy.

*

Estimated

14

Revenues by Direct Customer

FY04*

*

Estimated

15

FY04* Revenue by Contract Type

*

Estimated

16

Business Organization

Electronic Systems Group (ESG)
Electro-Optical Systems Group (EOSG)
Flight Safety and Communications Group (FSCG)

17

Electronics Systems Group (ESG)

Leader in:
•    Naval tactical workstations •    Battlefield digitization systems •    Radar and sonar systems •    Naval power distribution and control systems •    Ship propulsion systems

18

ESG Product Applications

Naval Power	Naval Workstations

Battlefield Digitization

19

Electro-Optical Systems Group (EOSG)

•    Infrared (IR) sighting and targeting
•    Weapons guidance systems
•    Cooled and uncooled IR detectors

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EOSG Product Applications

Ground Vehicle Sighting System	Mast-Mounted Slight (MMS)	Thermal Imaging Sensor System (TISS)	Virtual Imaging System for Approach and Landing (VISUAL)
Long Range Advanced Scout Surveillance Systems (LRAS3)	Thermal Weapon Sight (TWS)	Remote Sensors	Directional Infrared Countermeasures (DIRCM)

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Flight Safety and Communications Group (FSCG)

•    Deployable flight recorders
•    Integrated shipboard communications systems
•    High-speed digital imaging systems
•    Weapons alignment systems

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FSCG Product Applications

Weapons Alignment System	Mission Recorders	Emergency Avionics System
Deployable Flight Recorder	Airborne Separation Video System	Secure Voice Communication System

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Growth Strategy

			Pursue Strategic Acquisitions & Alliances
		Expand Existing Customer Base
	Develop & Expand Existing Technologies
Leverage Incumbent Relationships

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Strategic Acquisitions

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History of Successfully Integrating Acquisitions

Proven track record of successfully integrating acquired companies.

($ in millions)

	12-Month Performance Prior to Acquisition						12-Month Performance After Acquisition
	Revenues		Op. Inc.		Margin		Revenues		Op. Inc.		Margin
SPAR Applied Systems	$	33.8	$	0.0	0.0	%	$	32.7	$	4.3	13.1	%
Raytheon EO	$	41.0	$	1.2	2.9		$	91.4	$	13.1	14.3
NAI Technologies	$	47.8	$	0.7	1.5		$	52.0	$	5.3	10.2
General Atronics	$	17.1	$	0.8	4.7		$	25.7	$	2.3	8.9
Boeing SES	$	108.3	$	(4.4)	(4.1)		$	81.9	$	10.0	12.2

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Proven Ability to Capture Value

Announced forward EBITDA acquisition multiples have ranged from 6x to 9x.

($ in millions)

	Acquisition Date	Transaction Value		Realized Forward EBITDA*		Actual Transaction Multiple
SPAR Applied Systems	October 1997	$	38.3	$	6.6	5.8x
Raytheon EO	October 1998	$	48.8	$	21.2	2.3x
NAI Technologies	February 1999	$	24.8	$	7.3	3.4x
General Atronics	June 2000	$	11.5	$	3.0	3.8x
Boeing SES	September 2001	$	61.0	$	12.7	4.8x

*

EBITDA for the twelve months post-acquisition

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AN/UYQ-70 Advanced Display Systems Program Status

•    Program Overview
•    FY03 Events
•    Outlook
•    Summary

28

Q-70 Program Overview

•    The Q-70 is a
    common architecture
    combat command &
    control display
    system
•    Used on numerous
    naval platforms
    (surface, air and
    submarine)
•    Sole-source IDIQ
    contract; teamed
    with Lockheed
    Martin since
    mid 1993
•    DRS provides
    system engineering
    services, software
    development and
    hardware production
•    Ongoing product
    improvement via
    customer funded
    R&D activities

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Typical AEGIS Q-70 Installation

30

FY03 Events

•

FY03 booking plan impacted by:



•

Cancellation of Navy Area Wide TBMD Program (funded part of planned DDG Modernization Program)



•

Reduction of DDG-51 SCN budget from 3 to 2 ships



•

Delay in the CG-47 Cruiser Conversion program




•

Partially compensated by:



•

Growth in submarine modernization



•

Introduction of new products




•

Net effect: FY03 Q-70 bookings will be approximately $80 M

Program Remains Healthy

31

Q-70 Outlook Is Positive

DDG-51 New Construction

•

Plan increases from 2 to 3 ships in FY04 & 05



•

Includes forward fit SQQ-89 funding

SSN-774

•

Plan increases from 1 to 2 ships in FY07

Cruiser Conversion (CG-47 AEGIS)

•

1st ship in FY04; 2 per year in FY05-07; 3 per year in FY08-09

Submarine Acoustics

•

Funds 688 class upgrades (total of 70 submarines over 5 years)

DDG Modernization (DDG-51 through -78)

•

Expected to increase when Navy decides on new system configuration

Ship Self Defense System (SSDS)

•

Funds Q-70s on carriers and amphibious combatants



•

FY04 request reflects 26% increase over FY03

President's Budget/FYDP Provides Ample Opportunities

32

Summary

DRS UYQ-70 revenue will continue to be $80-100M per year for next 5 years

•    Core drivers
    •    DDG forward & backfit
    •    Submarines
    •    Cruiser conversion
    •    Naval air
    •    Customer-funded engineering
•    Potential growth drivers
    •    International (Korean Aegis)
    •    Platform expansion (subs, carriers and amphibs)

UYQ-70 experience and legacy has positioned DRS to become Display
and processing system supplier for new combatant platforms

•

LCS

•

DD(X)

•

CVN-21

33

DRS Power Systems:

The Gold Oval Business

34

DRS Power Systems

Integrated Hull, Mechanical & Electrical Equipment for the U.S. Navy

35

Three Businesses—One Mission

Integrated Hull, Mechanical & Electrical Equipment for the U.S. Navy

36

DRS Power Systems Business Units

DRS Power & Control Technologies •    Navy nuclear products •    Ship control systems •    Propulsion systems •    Industrial systems
DRS Electric Power Technologies	DRS Power Technology
•    Electric drive systems •    Technology development •    Propulsion technologies •    Industrial systems	•    Electric drive systems •    Steam turbines •    Gas turbine systems •    Pump technology •    Fuel cells & other industrial systems

DRS Power Systems Has Installed Equipment in Every U.S. Navy Combatant Ship Propulsion Plant Since WW II

37

DRS Power Systems Business Major Customers

•    NAVSEA
•    Northrop Grumman Newport News
•    Northrop Grumman Ship Systems
•    General Electric
•    General Dynamics Electric Boat
•    General Dynamics Bath Iron Works
•    Bechtel Plant Machinery
•    Rolls-Royce Naval Marine

The U.S. Navy Shipbuilding Community Depends on DRS Power Systems

38

DRS Power Systems' Major Products

DD(X) Electric Drive System EDMs
    •    DRS equipment is the baseline ship design
    •    Gas turbine generator packages
    •    Permanent magnet motor
    •    Motor drive controls & power electronics
  
Navy Nuclear Instrumentation & Control
    •    Largest supplier of nuclear I&C equipment
 
Ship Control Systems
    •    Market leading motor controls, network and control stations
  
Industrial Products
    •    Extreme duty motors & drives
    •    Commercial nuclear plant safety-related distributed
          control systems
    •    Packaged gas turbine generators

39

Electric Warship Vision

Increasing Affordability and Military Capability

•    Electric Drive •    Reduce Number of Prime Movers •    Fuel Savings •    Reduced Maintenance	•    Reduced Manning •    Automation •    Electrify Auxiliary Systems	•    Advanced Weapons and Sensors •    Warfighting Capabilities     •    Enhanced Stealth     •    Increased Payload Volume     •    Reduced Logistics Dependency     •    Power Availability &           Reapportionment •    Technology Insertion

40

Surface Ship Design Trend

The Most Important Power on the Ship Is No Longer Propulsion

41

Excellent Fit Into The "Gold Oval" Strategy

42

GFY2004 President's Budget Request

($ millions)

Ship Construction Schedule—GFY

	04	05	06	07	08	09
DD(X)		1	1	1	2	3
LCS		1	1	—	3	4
Virginia class	1	1	1	2	2	2
CVN-21			1

DRS Power Systems Opportunity (Content per Hull)

DD(X)	$	100 M
LCS	$	30-40 M
Virginia class	$	100 M
CVN-21	$	100 M

Products: Integrated Propulsion, Electrical &
Control Equipment

43

DRS Technologies:

How We Are Growing

44

Defense Budget Is Growing

Recent President's Budget Request

DoD Budget by Major Appropriation Title

45

Growth Objectives

•

20%+ top line growth



•

5-7% organic growth



•

Balance from acquisitions




•

10%+ operating margin



•

Solid free cash flow conversion

46

Achieving Growth

Maintaining and extending leadership positions in:

•

Electro-optics



•

Soldier Systems components



•

EO Sensor Systems for UAVs, UGVs, Combat Vehicles




•

Battlefield Digitization



•

Integrated Propulsion, Electrical and Control Equipment



•

Next-generation Naval Combat Workstations and Voice Communications Systems

Significant growth potential through positioning on
transformational initiatives

47

Focused on Programs That Drive Growth

Soldier Systems

•

OFW, TWS, DVE, ENVG, HTSS, MFLS, LPUIR

EO Sensor Systems

•

UAVs, CETS, UGVs, USMC Combat Vehicles

Battlefield Digitization

•

FBCB2, CHS-3, Bowman

Integrated Naval power systems & components

•

DD(X), CVN-21, LCS, CG(X)

Next-generation Naval Combat Workstations and Voice Communications Systems

•

DD(X), CVN-21, LCS, SSGN Conversion, Deepwater

Well positioned on high-priority, military initiatives

48

Strong Program Portfolio

Core Programs			Future Programs
Q-70 IBAS LRAS CHS-2 FBCB2 BOWMAN SPS-67 AMP SHINCOM F/A-18	APACHE ITAS JAVELIN MTS VISUAL SADA-II DIRCM MMS LINK 11		HTI DD(X) LCS CVN-21 FCS JSF CHS-3 OFW AAAV SVS IBR	COMMANCHE SAFCS MFLS HTSS     TISS DEEPWATER ITSS/FEP CETS DVE/TWS LINK 16/22

Core programs support transition to future growth

49

Conclusion

•

Favorable macro defense budget environment



•

Strong portfolio of programs



•

Robust new business pipeline



•

Solid program performance



•

Disciplined acquisition track record



•

Excellent relationships with primes/government



•

Consistent overall financial performance

Focused on growing stockholder value

50

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QuickLinks

DRS Technologies: Who We Are How We Are Growing
DRS Technologies: Who We Are
DRS Power Systems: The Gold Oval Business
Products: Integrated Propulsion, Electrical & Control Equipment
DRS Technologies: How We Are Growing
DoD Budget by Major Appropriation Title
Significant growth potential through positioning on transformational initiatives
Well positioned on high-priority, military initiatives
Core programs support transition to future growth
Focused on growing stockholder value